Banking task force issues best practices for banks to mitigate cyber threats

The United States Secret Service and the Bankers Electronic Task Force, a group of state bank regulators, recently issued a series of industry best practices for managing risks related to cyber threats.

The recommendations were made after recent reports of a new international ransomware cyberattack which has affected computer systems in more than 60 nations.

The release of industry best practices is part of a larger overall effort by state and federal authorities to combat cybercrime. Previously, state and federal officials have hosted webinars, conducted cybersecurity assessments, and held executive briefings to inform bank executives about emerging cyber threats and where vulnerabilities may lie in existing systems.

The areas marked for scrutiny by banks include large-value funds transfers, which are vulnerable to unauthorized wire transfers; ransomware, which uses malicious software to extort funds from unsuspecting users; distributed denial-of-service attacks, which attempt to prevent users from accessing their files; and ATM jackpotting, which are illegitimate attempts to dispense cash at ATMs.

Facilitated by 13 state banking departments, the Conference of State Bank Supervisors, and modeled after the U.S. Secret Service’s Electronic Crimes Task Force, the Bankers Electronic Crimes Task Force was developed to identify and mitigate cyber threats as they emerge.

Members of the task force include Berkshire Bank, PeoplesBank,Texas Bank & Trust, Lewis and Clark, Bank of Utah, Mainstreet Bank, First Northern Bank, Orrstown Bank, Happy State Bank. First Savings Bank, The Commercial and Savings Bank of Millersburg, Ohio, RCB Bank, Community Bancshares of Mississippi, Bank of Oak Ridge, and the Farmers and Trust Company.