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In a statement, the FFIEC also stressed that financial institutions should review risk-management practices and controls related to information technology systems and wholesale payment networks, including risk assessment; authentication, authorization and access controls; monitoring and mitigation; fraud detection; and incident response. The joint statement notes that recent cyber attacks have targeted interbank messaging and wholesale payment functions at financial institutions to originate unauthorized transactions. These unauthorized transactions may subject a bank that originates such transactions to losses and compliance risk.

 

Source(s):

https://www.ffiec.gov/press/PDF/Cybersecurity_of_IMWPN.pdf

http://www.ffiec.gov/press/pr060716.htm

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