Banks on Alert After Sweep Finds No Evidence of Major Hack

So far, no evidence has emerged that Wall Street was a victim of the attack, which also hit Microsoft Corp.’s systems. Still, experts say it will take many months, at a minimum, to determine the extent of the infiltration, a stark reminder of the risk that hangs over an industry that’s spent billions to bolster its defenses in recent years.

“Based on what we have seen as of today, there has not been specific focus against the financial sector, nor have we seen reports indicating negative impact amongst our members,” the Financial Services Information Sharing and Analysis Center, a network of financial firms sharing information about cyber threats, said in an emailed statement.

FS-ISAC said it’s been working around the clock with banks and its thousands of members, offering “strategic and tactical reports detailing the attack vectors and offering best practices to mitigate risk.”

Representatives of the biggest U.S. banks declined to comment on the attack, deferring to FS-ISAC.

Banks, brokers, insurers and other finance companies have ramped up spending on cybersecurity for at least four years as services move online and attacks escalate. Cyber spending jumped 15% this year, according to a Deloitte & Touche LLP survey. That equates to almost $1 billion for each of the largest U.S. banks.

(Bloomberg) — Bank executives have said for years that their worst nightmare is a successful cyberattack against the industry. Now they’re watching one unfold across government agencies in what could be one of the biggest hacks in U.S. history.

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Source: MSN