Confidential Bank Industry Memo Warns Eastern European cyber gangs stealing millions from small to mid-sizes businesses through online banking fraud

What's happening: The Financial Services Information Sharing and Analysis Center (FS-ISAC) — a banking industry association — is warning member banks of a serious cybertheft problem targeted towards small and medium sized businesses.

What it means: Banks have finally begun to acknowledge that there is a cybercrime problem. Hello!

What to do: Management must be prepared to get on top of this problem themselves. The bank's don't have the problem fixed. Implement a strong security management program. Check bank transactions daily. Consider a separate PC used only for on-line banking. Train staff. Check your cyber-insurance. Be prepared to sue your bank.

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Brian Krebs; Washington Post: A confidential alert sent on Friday by a banking industry association to its members warns that Eastern European cyber gangs are stealing millions of dollars from small to mid-sizes businesses through online banking fraud. Unfortunately, many victimized companies are reluctant to come forward out of fear of retribution by their bank.

http://voices.washingtonpost.com/securityfix/2009/08/businesses_reluctant_to_report.html