A common consumer of news might assume that financial services hacking incidents are just a big-bank problem. Cyberintrusions of the largest institutions by sophisticated criminals and potentially foreign governments are well documented.

But community banks of every stripe should be on alert for a genus of attacks meant more for smaller institutions than bigger ones. On Nov. 3, the Federal Financial Institutions Examination Council issued a joint statement intended for community banks warning of the "increasing frequency and severity of cyberattacks involving extortion."

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access