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09:08 AM
Bryan Yurcan
Bryan Yurcan
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Cybersecurity is Paramount in the Digital World

The recent discovery of a Stuxnet-like virus in the Middle East once again brings to light the vigilance banks must have.

Cybersecurity for banking institutions has never been more important than in the current day. Some polls have found that online banking is by far the most used channel and mobile's popularity grows more by the hour.

With so many customers interacting with their banks by electronic means, the opportunities for cybercriminals have never been higher.

That reality was underscored again recently by the discovery of Gauss, a cyber virus unearthed in the Middle East that surveilled online banking transactions to steal users' credentials.

Gauss targeted a number of Lebanese banks as well as Citibank and PayPal. And the Moscow-based lab that uncovered the virus reported an unnerving detail - that it was probably made by the same laboratories that produced the infamous Stuxnet, which attacked Iran's nuclear program a couple of years ago.

With new threats appearing seemingly every day, financial institutions must be on their highest guard when it comes to cybersecurity. With that in mind, the upcoming September digital issue of Bank Systems & Technology explores in depth the greatest security threats facing banks today.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

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