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Cyber Attacks on US Banks Fuel Safety Concerns

Cyber Attacks on US Banks Fuel Safety Concerns

According to reports in the US, the FBI is investigating what appears to be a series of co-ordinated cyber-attacks on financial institutions.

The attacks have fuelled concerns about the online vulnerability of banks - which a top US expert has predicted will be the next evolution of cyber-attacks.

JP Morgan and at least four other financial institutions were affected in the attack.

Several security firms conducted forensic investigations however it remains unclear whether the attackers were financially or politically motivated.

Amichai Shulman, chief technology officer at security firm Imperva, said the fact that there has been no financial loss indicates the attacks could be politically motivated.

He said: "I find it odd that someone who was actually able to break into a bank is not using it for making immediate profit."

JP Morgan said in a statement that it was normal for large companies to experience cyber-attacks every day.

The statement added: "We have multiple layers of defence to counteract any threats and constantly monitor fraud levels."

Philip Lieberman, chief executive of security firm Lieberman Software said: "JP Morgan and similar entities employ sufficient technology to protect themselves from criminals, but typically fail to invest enough in technology and processes to shield themselves from nation states' ability to access their systems at will."


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