Arab Today, arab today bank regulator eyes tougher rules to fight hacking
Last Updated : GMT 15:44:46
Arab Today, arab today
Arab Today, arab today

Bank regulator eyes tougher rules to fight hacking

Arab Today, arab today

Arab Today, arab today Bank regulator eyes tougher rules to fight hacking

Online password systems
New York - AFP

Banks could be required to beef up their online password systems under new regulations designed to avert a so-called "cyber 9/11," a top financial regulator said Wednesday.
Benjamin Lawsky, who leads New York state's Department of Financial Services, said more steps were needed to prevent what he called an "Armageddon-type cyber event" that disables the financial system.
The current password system for online accounts is "very vulnerable," said the regulator, who rose to prominence with big financial settlements negotiated with the US against BNP Paribas and other financial heavyweights.
"I am deeply worried that we are soon going to see a major cyber attack aimed at the financial system that is going to make all of us to shudder," he said.
"Indeed, we are concerned that within the next decade or perhaps sooner we will experience an Armageddon-type cyber event that causes a significant disruption in the financial system for a period of time  -- what some have termed a 'cyber 9/11.'"
Lawsky said such an event could create "a run or panic that spills over into the broader economy."
He said the department is considering mandating banks and other financial institutions to establish a "multifactor authentication" system whereby users would log in with a randomly generated password sent to a smartphone in addition to a conventional password.
The agency is weighing whether such new password requirements would fall on bank employees or consumers who do online banking, a Lawsky spokesman said.
Other proposals under consideration include rating banks and insurers on their cybersecurity as part of regular oversight of the banks used to determine if banks can pay dividends or make acquisitions.  
Lawsky is also considering forcing financial institutions to require certifications of cybersecurity controls from third parties working in a bank, such as a law firm or a company brought in to do maintenance.
Cybersecurity was spotlighted at a summit two weeks ago in California at which President Barack Obama, Apple chief executive Tim Cook and others called for closer collaboration between government and the private sector to hold hackers at bay.
The biggest hacking episode on a bank came last year when contact details were taken for some 76 million households and seven million businesses in an attack on JPMorgan Chase.
However, JPMorgan said there was no evidence that critical account information such as account numbers, user identities or social security numbers were stolen by the hackers.
While the Treasury and Federal Reserve are main US bank regulators, New York is important because it is home to many large banks. Lawsky's office has the authority to revoke the charters of banks and insurance companies operating in the state.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank regulator eyes tougher rules to fight hacking Arab Today, arab today bank regulator eyes tougher rules to fight hacking

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today bank regulator eyes tougher rules to fight hacking Arab Today, arab today bank regulator eyes tougher rules to fight hacking

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Sheraton Grand Hotel reveals its deals

GMT 12:20 2017 Monday ,25 September

Sheraton Grand Hotel reveals its deals
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iraq Kurds in historic independence vote

GMT 15:20 2017 Monday ,25 September

Iraq Kurds in historic independence vote
Arab Today, arab today North Korea 'more opaque'

GMT 10:50 2017 Sunday ,24 September

North Korea 'more opaque'
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today 'Lady Beast' fights for girl gamers

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers
Arab Today, arab today Conditions growing dire    

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Psychologists help Mexico deal

GMT 05:05 2017 Sunday ,24 September

Psychologists help Mexico deal

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 18:11 2017 Saturday ,23 September

Doctor provides advices to families

GMT 11:11 2017 Sunday ,24 September

The dark side of new tourism hope

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday