The bankers association is "strongly recommending" that banks review existing controls, such as their anti-money laundering tools, to determine whether features can be added to fulfill the recommendations, said Doug Johnson, senior policy advisor at the ABA. The ABA is also advising members to implement multiple layers of security for detecting fraud in much the same way that credit card companies have been doing for years, he added.
"Cybersecurity is always an arms race. It is incumbent upon financial institutions to be vigilant. If the exploits change the defenses have to change with them,' said Johnson who is the ABA's representative on Financial Services Sector Coordinating Council. "We are obviously very much concerned about the potential for these exploits to really damage the relationship between the customer and the bank and we will do everything in our power," to alleviate the situation he said.
Sign up for CIO Asia eNewsletters.