Federal Reserve Victim to Over 50 Cybersecurity Breaches

Federal Reserve Victim to Over 50 Cybersecurity Breaches

The U.S. Federal Reserve has detected more than 50 cybersecurity breaches between 2011 and 2015. The central bank’s staff suspected hackers or spies as several of the incidents were described internally as “espionage,” according to the records.

The Fed’s computer systems play a major role in global banking and hold confidential information on discussions about monetary policy that drives financial markets.

Reuters reported that the cybersecurity reports, obtained through a Freedom of Information Act request, were heavily edited by Fed officials to keep security procedures secret.

The records show only a small percentage of the cyber attacks on the Federal Reserve as they only include cases involving the Washington-based Board of Governors, a federal agency that is subject to public record laws. This suggests there could be more breaches that are not public record.

In eight information breaches between 2011 and 2013 the Fed staff wrote that the cases involved “malicious code.” Four of the incidents in 2012 were considered acts of “espionage” as information was disclosed in at least two of those incidents.

The disclosure of these breaches comes as banks around the world are battling with cyber and data security. Cyber criminals have targets large financial institutions worldwide, including America’s largest bank JPMorgan, as well as small players like Ecuador’s Banco del Austro and Vietnam’s Tien Phong Bank.

About the Author

Sydny Shepard is the Executive Editor of Campus Security & Life Safety.

Featured

New Products

  • Camden CV-7600 High Security Card Readers

    Camden CV-7600 High Security Card Readers

    Camden Door Controls has relaunched its CV-7600 card readers in response to growing market demand for a more secure alternative to standard proximity credentials that can be easily cloned. CV-7600 readers support MIFARE DESFire EV1 & EV2 encryption technology credentials, making them virtually clone-proof and highly secure.

  • EasyGate SPT and SPD

    EasyGate SPT SPD

    Security solutions do not have to be ordinary, let alone unattractive. Having renewed their best-selling speed gates, Cominfo has once again demonstrated their Art of Security philosophy in practice — and confirmed their position as an industry-leading manufacturers of premium speed gates and turnstiles.

  • Camden CM-221 Series Switches

    Camden CM-221 Series Switches

    Camden Door Controls is pleased to announce that, in response to soaring customer demand, it has expanded its range of ValueWave™ no-touch switches to include a narrow (slimline) version with manual override. This override button is designed to provide additional assurance that the request to exit switch will open a door, even if the no-touch sensor fails to operate. This new slimline switch also features a heavy gauge stainless steel faceplate, a red/green illuminated light ring, and is IP65 rated, making it ideal for indoor or outdoor use as part of an automatic door or access control system. ValueWave™ no-touch switches are designed for easy installation and trouble-free service in high traffic applications. In addition to this narrow version, the CM-221 & CM-222 Series switches are available in a range of other models with single and double gang heavy-gauge stainless steel faceplates and include illuminated light rings.