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Cybercriminals alarm US banks

Financial services firms are panicking over cybercriminal attacks amidst the ever-growing technological advancements. The U.S. financial industry Information Technology policy arm, BITS is partnering with the banking industry to create highly secure domains that will provide more secure features to financial service firms.

Domains like “.bank”, “.invest” and “.insure” are among the plans to present sites that are more protected from malware and phishing among other cybercriminal attacks.

BITS has announced that the email security and authentication expert, Paul Smocer is its new administration head. According to Smocer, the concept of sharing public and private information is among the Group’s most pressing issue. He pointed out the importance of creating a better environment for information sharing between financial institutions and others sectors.

In an interview, Smocer shared his sentiments regarding the plan of adopting finance-specific domains for financial institutions. He acknowledges that the implementation of such domains would present both opportunity and challenge. These domains present an opportunity to create safer and more secure areas for information exchange especially among bank-to-bank transactions. The challenge is the pace of acceptance for such changes. Moreover, BITS believes that the new domain name system security standard plays an important role in getting stronger against spoofing attacks.

However, the security expert also expressed how troubling it is not only for his division but also for the financial industry to have a swift and organized cybercriminal community. The movements of these cybercriminals are so fast-paced that it poses great difficulty for the “good guys” to keep up. As an example, Smocer made mention of the conficker worm wherein as people started reacting towards the first version, cybercriminals instantaneously make a second version and then a next one, even before the public has fully understood the effects of the virus’s first version. Smocer added that the quickly evolving technology can also be a source of trouble cybercrime-wise.

Collaboration is key, according to Smocer. In order to solve this issue with cybercriminals, financial institutions should work together in order to resolve problems that are beneficial for the entire industry. And also, this collaboration should not be limited to institutions within the same industry considering that various sectors overlap one another. Therefore effective communication among industry players is vital.

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