Nelson says in 2011 banks were known to have lost $64 million through commercial bank account takeovers, and the 2012 numbers are expected to be made available shortly.
Criminals typically go about cyberattacks by installing banking-specific malware, such as the Zeus Trojan, on the victim's computer to hijack it in order to remotely initiate a fraudulent funds transfer, typically through wire transfers, Nelson points out. Banks are getting more adept in preventing these fraudulent transfers from actually being completed, but there remains a significant amount of difficulty in retrieving stolen funds on behalf of the business that was victimized.
"When it goes to the receiving bank, you may get the money back, but it's a hit and miss type of thing," Nelson concludes.
Ellen Messmer is senior editor at Network World, an IDG publication and website, where she covers news and technology trends related to information security. Twitter: @MessmerE. Email: email@example.com.
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