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The Real Deal: State to do Banking Safety Checks
ALBANYWe've seen how hackers can breach credit card processing systems in stores like Target, Michaels and TJ Maxx, New York State is now worried about them trying to breach our banks. State Regulators from the Department of Financial Services will soon start conducting new, targeted cyber-security assessments on banks to ensure they are doing everything they can to protect our personal information.
After the big breaches last year, most consumers started paying closer attention to bank statements and the security of our information, banks and credit unions have been stepping it up too. "We have a real-time, intrusion detection solution so it's instantaneous, if anyone would ever try to penetrate our network or penetrate our system it's not going to let them in, it's real time, it's constantly taking a look, we monitor 24/7, it's really become a full time job and that's all you can do," says Julie Hughes who is the Director of Risk Management at Cap Com.
A recent study done by state regulators shows that the most frequent challenges to keeping hackers out of banking systems are the increasing sophistication of the threats and emerging technologies. The state says intrusions into financial institution databases do happen though and hackers normally get in by using malware or phishing scams.