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FFIEC to Banks: Brace for Extortion Cyber Attacks



Cyber attacks against financial institutions to extort payment in return for the release of sensitive information are increasing. Financial institutions should address this threat by conducting ongoing cybersecurity risk assessments and monitoring of controls and information systems. In addition, financial institutions should have effective business continuity plans to respond to this type of cyber attack to ensure resiliency of operations. 

Financial institutions are also encouraged to notify law enforcement and their primary regulator or regulators of a cyber attack involving extortion. 

More information about financial institution cybersecurity, including information about mitigating the effects of destructive malware and other threats, is available from the FFIEC at 

Attachment: FFIEC Statement on Cyber Attacks Involving Extortion (PDF)

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