Banks in Canada call for ethical hackers to improve cybersecurity

Canadian banks are seeking ethical hackers to test and improve their cybersecurity systems as hacking in the country increases.

Toronto-Dominion Bank established its ‘red team’ last year – an in-house group of cybersecurity professionals to test the firm’s online network, CTV News reported.

The group conduct live attacks on the bank, according to it’s Vice President of Cyber Threat Management, Alex Lovinger.

“We're doing it exactly how our adversaries would do it... So if we find a weakness or something like that, we can close it or address it before a real attacker,” Lovinger stated.

The Bank of Montreal (BMO) has revealed its developing protection against security threats.

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“We are a lot smarter as every event goes on. And there are events every day, there are events every hour of every day... It's a continual improvement exercise,” Darryl White, CEO of BMO, stated after bank's investor day.

The Standing Senate Committee on Banking, Trade and Commerce released a report titled “cyber.assault: It should keep you up at night” in October this year, highlighting the risks institutions are currently facing.

“While some progress has been made federally in the past year, there is much more that the federal government and Canadians must do to protect ourselves,” read the Senate’s report.

“We must take the appropriate steps now, or soon we will all be victims.”