Banks are being targeted by cyber hackers

Cyber-criminals are increasing attacks on Australian banks and using more sophisticated methods, says a report by computer giant Dell, suggesting heightened cyber-security vigilance and spending by financial institutions and the federal government is justified.

Dell SecureWorks, the IT security subsidiary of Dell, found that Australia is the third-most-targeted country from 17 examined in a report on banking “botnets”. The term, which combines the words robot and network, refers to internet-linked computers that maliciously launch repetitive tasks designed to damage information systems.

“Threats are becoming more sophisticated, incorporating emerging technologies, advanced cryptography, and resilient infrastructure to resist surveillance and disruption,” says the report, published on Friday.

Dell says 80 per cent of global attacks are on financial institutions in the United States. The United Kingdom is the next-most-targeted market, then Australia. Attacks in Asia are increasing and cyber attackers are also targeting bank customers as banking moves to mobile. For the full article click here 

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