Banks face cyber security overhaul as $1bn heist marks 'new era'
The Carbanak cyber attacks on at least 100 banks, mostly in Russia and the US, will require costly changes to the firms’ security systems and enhanced training of staff, cyber experts say
Banks hit by the $1 billion cyber theft disclosed last week now face the added costs of replacing computers and changing passwords, algorithms and other security procedures, as well as strengthening defences against the new trend in cyber crime.
Those costs could run into tens of millions of dollars for each institution, estimates Joram Borenstein of Nice Actimize, a supplier of risk, compliance
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