By Dan Auerbach – Business Insider A recent spate of bank hacks that affected more than 100 million customers could have been prevented had bank leaders taken the right steps to monitor their network, according to a new report from the cybersecurity firm F-Secure.
The hack, which compromised the login and credit card information of at least 1.3 billion people worldwide, may have been the largest and most sophisticated banking hack ever, according the report.
F-Secure analyzed data from security firm CrowdStrike that found hackers may have stolen the credit card numbers, login credentials and banking information of about a billion people.
This breach, which could have affected hundreds of millions of accounts, is the largest of its kind and could have compromised the personal information of up to 10 million people, the firm said.
CrowdStrike says that bank networks are designed to detect malware and attack systems, but it says it has not yet verified any specific attacks that were performed.
F-Security said it believes hackers accessed the banking systems of some of the world’s largest banks by exploiting flaws in the banking industry’s infrastructure.
Security breaches have become increasingly common in the financial sector as the economy continues to recover from the recession and the government grapples with the aftermath of a deadly cyberattack that occurred in November 2016.
The Federal Reserve, which is responsible for maintaining the U.S. financial system, said in a statement that it was “deeply troubled” by the attack and urged banks to strengthen their systems.
The latest hacks, which occurred as banks grappled with a wave of bad credit, may not have impacted everyone.
However, they may have affected a large number of people, who are vulnerable to having their bank accounts accessed, according for the firm.