#CyberFLASH: Heartbleed bug highlights banks’ severe cyber security headaches

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Shortly after news of the Heartbleed bug hit the media this week, the Canadian Bankers Association put out a statement declaring that their members were secure and that Canadians could rest easy. Their financial information was safe.

But while there is no question that banks in this country are sophisticated players that spend big money to ensure that their online systems are protected, they are far from impregnable.

Losses due to cybercrime have been on the rise for years in Canada, topping $3-billion in 2013, up from $1.4-billion the previous year, according a report by Symantec Corp., the anti-virus software company. Financial institutions such as banks don’t generally disclose the cost of online crime on their operations but observers say it is substantial.

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