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Federal Reserve to Send $1.8 Trillion Over the Web
Federal Reserve to Send $1.8 Trillion Over the Web

Internet security analysts believe that more hackers will attempt to infiltrate Web-based financial systems, now that the Federal Reserve has decided to use the Internet as a way to transfer money.

Currently, the Fed uses a closed network through which about $1.8 trillion is moved per day. Proponents of the new Web-based monetary transfer, called FedLine Advantage, say the old system is antiquated and not efficient. Not everyone is sold on the new protocol.

"The Fed is now going to be vulnerable in two distinct ways. A hacker could break in to the Fed's network and have full access to the system, or a hacker might not have complete access but enough to cause a denial or disruptions of service," said George Kurtz, CEO of Foundstone, an Internet security company.

Patti Lorenzen, a spokeswoman for the Federal Reserve, said "We feel confident that this system adheres to the highest standards of security. Without disclosing the specifics, it is important to note that our security controls include authentication, encryption, firewalls, intrusion detection and Federal Reserve conducted reviews."

The use of cyber terrorism has become more of a mainstream issue, since the effects are not just localized to events within a system. On July 22, the Department of Homeland Security released an internal report saying a cyber attack could result in "widespread disruption of essential services ... damag(ing) our economy and put(ting) public safety at risk."

The Fed, however, remains undaunted, saying, "Our strategy is to move to Web-based technology because there are inherent limitations with DOS based technology."

About Security News Desk
SYS-CON's Security News desk trawls the world of security for news of software, hardware, products, and services that seems likely to be of interest to infosec professionals and summarizes them for easy assimilation by busy IT managers and staff.

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