Regulators ask banks to double check their cybersecurity

Regulators ask banks to double check their cybersecurity
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The Federal Reserve and other banking regulators are asking financial institutions to shore up their cybersecurity to prevent another heist on the scale of February’s $81 million attack on Bangladesh's central bank.

Regulators sent a notice to banks on Tuesday telling them to review their cybersecurity, Reuters reports.

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The Bangladesh Bank burglary took place over the SWIFT bank transactions network, with transactions routed through the New York Federal Reserve. Similar attacks struck targets in Ecuador, the Philippines and Vietnam. The SWIFT network is collectively owned by more than 3,000 financial institutions. 

The FBI sent a similar letter asking banks to be vigilant last month, and last week the House Science Committee began an investigation into the New York Fed's actions during the heist.

For its part, SWIFT has threatened to begin cutting off access to banks with substandard security.