RBA steps up cyber security

Cyber security specialists have been drafted in by the Reserve Bank of Australia (RBA) as it vies to limit its exposure to online criminals and activists.

The bank, which has just decided to hold interest rates at 4.25 per cent, warned that hackers were becoming a menace to financial institutions around the globe and more needed to be done to protect both businesses and customers, the Australian reports.

In a tender statement on the Commonwealth AusTender, the bank claimed it was becoming increasingly reliant on the internet and need to step up security provisions to account for that increased reliance.

"Whilst existing firewall and other security controls provide protection against penetration threats, they are not able to safeguard the RBA against distributed denial of service attacks designed to interrupt the bank's connection to the internet," the bank said.

An increasing number of high-profile denial of service attacks have been perpetrated of late against financial institutions, media outlets, social networks, gaming firms and even government agencies.

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