The Federal Financial Institutions Examination Council today issued a statement alerting financial institutions to the increasing frequency and severity of cyberattacks involving extortion.

Cyberattacks against financial institutions to extort payment in return for the release of sensitive information are increasing, the council said in a press release.

FIs should address the threat with ongoing cybersecurity risk assessments, as well as monitoring of controls and information systems. These should be backed with business continuity plans to ensure the resiliency of operations should this type of cyberattack occur.

Today's statement describes in greatere detail the steps financial institutions should take to respond to cyberattacks and highlights resources FIs can use to mitigate the risks posed by such attacks. (Read the full statement.)

For more information about financial institution cybersecurity, including information about mitigating the effects of destructive malware and other threats, visit the FFIEC website.