With ransomware cyberattacks impacting oil pipelines and food companies just within the last few weeks, many Americans are finding themselves wondering: how safe is my bank?
The White House is now warning businesses and financial institutions to take urgent steps to secure their computer networks.
In a letter from the National Security Council, they warn that no company is safe from ransomware attacks, regardless of size or location, adding that institutions such as banks need to make sure their cyber defence systems "match the size of the threat."
Danny Jenkins, CEO of the cybersecurity firm ThreatLocker, tells FOX 5 that banks are a major target.
"You used to put an anti-virus on there and kind of pat yourself on the back," Jenkis says. "The smaller banks, your local credit unions, state banks, they did not use to be targeted as much. They’ve gotten more security conscious but certainly not as much as the big banks."
Jenkins says while most large banks have built up major cyber defences with hardened systems, that might not protect all financial accounts. ThreatLocker experts are warning that smaller banks and credit unions may not have the resources to deal with the threat.
The FDIC typically covers depositors up to $250,000, but you should check with your financial institution about their coverage levels.
Cybersecurity officials say the good news is because banks have a reputation of having robust cyber defence systems, hackers are less likely to target them and more likely to go after companies with less secure systems.