Analecta Cyber Company Blog: Banking Group Marks Cyber Security Month by Disclosing Hack


Banking Group Marks Cyber Security Month by Disclosing Hack

The American Bankers Association, a Washington, DC-based trade association for the U.S. banking industry,  is pushing for laws that force retailers in all industries across the U.S. to improve their data protection. And as the ABA observes National Cybersecurity Awareness Month, association officials are announcing that hackers were able to break into their own system.

In an e-mail sent to people who’ve used their online checkout system, the ABA confirmed that e-mail addresses and passwords used to make purchases or register for events through the shopping cart were compromised. The association said it was taking data security seriously and admitted that despite significant security measures, breaches can and do occur in any industry with today’s available technology.

The ABA said at least 6,400 records containing shopping cart usernames and passwords were posted online. An investigation found no evidence that the hacker also accessed credit card or other personal financial information.

Tougher penalties

The ABA hack may be viewed as relatively minor when compared to the numerous large-scale hacks and data breaches that have happened just within the last couple of years.

The association said it aims to raise consumers’ and entrepreneurs’ awareness of cyber security by providing tips and other resources for preventing, identifying and reporting breaches. It also has a web page focused on its policy positions for improving safeguards for shoppers. ABA representatives ultimately want Congress to pass legislation holding retailers and others to a high and uniform nationwide standards for safeguarding sensitive customer information, similar to what banks have had in place for years.

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