New Year’s is a time to look back on the happenings of the year and focus on the lessons and reminders those events have provided. For our final newsletter of the year, we’d like to share with you our top 10 most read posts...more
12/31/2018
/ Banking Sector ,
Blockchain ,
Connected Items ,
Cryptocurrency ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Distributed Ledger Technology (DLT) ,
Drones ,
Federal Aviation Administration (FAA) ,
Financial Conduct Authority (FCA) ,
Hackers ,
Initial Coin Offering (ICOs) ,
Investment Opportunities ,
Personally Identifiable Information ,
Popular ,
Wells Fargo
The Federal Energy Regulatory Commission (FERC) announced on July 19, 2018, that it is directing the North American Electric Reliability Corporation (NERC) “to develop and submit modifications to the NERC Reliability...more
7/30/2018
/ Banking Sector ,
Bitcoin ,
Blockchain ,
Bulk Electric System ,
Cyber Attacks ,
Cyber Incident Reporting ,
Cybersecurity ,
Dark Web ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Drones ,
Electricity ,
Energy Sector ,
FERC ,
Final Rules ,
Financial Fraud ,
Financial Institutions ,
Financial Services Industry ,
Hackers ,
LifeLock ,
Malware ,
National Security ,
NERC ,
Phishing Scams ,
Popular ,
Reliability Standards ,
Reporting Requirements ,
Sensitive Business Information ,
US Air Force ,
Utilities Sector ,
Virtual Currency
CYBERSECURITY -
Financial Conduct Authority Warns Banking Industry of ICOs and Cryptocurrency -
Writing a “Dear CEO” letter to banking executives, the Financial Conduct Authority (FCA) warned executives on June 11,...more
6/18/2018
/ Banking Sector ,
Bitcoin ,
Cryptocurrency ,
Currency Exchange ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Privacy ,
Drones ,
Energy Sector ,
False Claims Act (FCA) ,
Fidelity Investments ,
Initial Coin Offering (ICOs) ,
Legislative Agendas ,
North Korea ,
Popular ,
Risk Management ,
Shipwrecks ,
Trading Platforms ,
Unmanned Aircraft Systems ,
Wells Fargo ,
Wire Fraud
We previously reported that the FBI has warned consumers about a nasty malware, known as VPNFilter and believed to have been launched by a Russian government hacking group, which is infecting hundreds of thousands of small...more
6/12/2018
/ Artificial Intelligence ,
Banking Sector ,
Certification Requirements ,
Cyber Attacks ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Drones ,
Event Tickets ,
FBI ,
Federal Aviation Administration (FAA) ,
Federal Trade Commission (FTC) ,
Financial Regulatory Reform ,
Hackers ,
LabMD ,
Malware ,
Network Security ,
Personally Identifiable Information ,
Popular
President Trump recently signed into law the Economic Growth, Regulatory Relief and Consumer Protection Act, which is already making waves in the financial sector for its repeal of certain Dodd-Frank provisions that were...more
6/5/2018
/ Bank Accounts ,
Banking Sector ,
Consumer Financial Products ,
Cybersecurity ,
Deregulation ,
Dodd-Frank ,
Economic Growth Regulatory Relief and Consumer Protection Act ,
Financial Institutions ,
Financial Regulatory Reform ,
Financial Services Industry ,
New Legislation ,
Online Banking ,
Popular ,
Risk Assessment ,
Risk Management ,
Vulnerability Assessments
On April 10, the Federal Financial Institutions Examination Council (FFIEC) members issued a joint statement discussing cyber insurance and its potential role in the risk management programs of financial institutions. ...more
4/24/2018
/ Banking Sector ,
Cyber Attacks ,
Cyber Crimes ,
Cyber Insurance ,
Cybersecurity ,
Data Breach ,
Data Protection ,
FFIEC ,
Financial Institutions ,
Hackers ,
Popular
Cybersecurity Task Force Launched in Arizona -
Arizona Governor Doug Ducey launched the Arizona Cybersecurity Team (ACT) by Executive Order on March 1, 2018. The ACT is comprised of 22 members representing officials from...more
3/9/2018
/ Banking Sector ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Data Protection ,
Drones ,
Federal Agency Taskforce ,
Financial Services Industry ,
Hackers ,
Healthcare ,
Information Technology ,
Insurance Industry ,
Medicare ,
NYDFS ,
Personally Identifiable Information ,
Phishing Scams ,
Popular ,
Risk Management ,
State and Local Government ,
Unmanned Aircraft Systems
On March 1, 2018, the New York Department of Financial Services (NYDFS) “cybersecurity regulations” (23 NYCRR Part 500) took effect, placing a number of cybersecurity requirements on banks, insurance companies, and other...more
3/6/2018
/ Banking Sector ,
Chief Information Security Officer (CISO) ,
Covered Entities ,
Cybersecurity ,
Cybersecurity Framework ,
Data Protection ,
Financial Institutions ,
Financial Services Industry ,
Information Technology ,
Insurance Industry ,
NYDFS ,
Risk Management
On March 1, 2018, the one year transition period within which banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (“Covered Entities”)...more
2/27/2018
/ Banking Sector ,
Chief Information Security Officer (CISO) ,
Corporate Counsel ,
Cybersecurity ,
Cybersecurity Framework ,
Data Protection ,
Financial Institutions ,
Financial Services Industry ,
Information Technology ,
Insurance Industry ,
NYDFS ,
Personally Identifiable Information ,
Risk Management
As of February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) are required to file their first certification of...more
2/16/2018
/ Banking Sector ,
Bitcoin ,
Blockchain ,
Chief Information Security Officer (CISO) ,
Cybersecurity ,
Cybersecurity Framework ,
Data Privacy ,
Data Protection ,
Digital Currency ,
Distributed Ledger Technology (DLT) ,
Drones ,
Extortion ,
Financial Institutions ,
Financial Services Industry ,
Health Insurance Portability and Accountability Act (HIPAA) ,
HITECH Act ,
Information Technology ,
Insurance Industry ,
Medical Records ,
No-Fly Zones ,
NYDFS ,
Olympics ,
Popular ,
Risk Management ,
Virtual Currency
On February 15, 2018, banks, insurance companies, and other financial services institutions and licensees regulated by the New York Department of Financial Services (DFS) will be required to file their first certification of...more
2/15/2018
/ Banking Sector ,
Chief Information Security Officer (CISO) ,
Cybersecurity ,
Cybersecurity Framework ,
Data Protection ,
Financial Institutions ,
Financial Services Industry ,
Information Technology ,
Insurance Industry ,
NYDFS ,
Popular ,
Risk Management
The Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of the Treasury issued an advisory on September 20 warning U.S. financial institutions of “money laundering schemes used by corrupt Venezuelan...more
10/9/2017
/ Banking Sector ,
Bribery ,
Corruption ,
Cybersecurity ,
Embezzlement ,
Financial Institutions ,
FinCEN ,
Money Laundering ,
Risk Management ,
Suspicious Activity Reports (SARs) ,
U.S. Treasury ,
Venezuela ,
White Collar Crimes
Italy’s top bank, UniCredit SpA, is yet another victim in a series of cyberattacks exploiting vulnerabilities in the financial services industry. Criminals made off with biographical and loan data from 400,000 UniCredit loan...more
In an effort to combat an increasing number of fraudulent transfers carried out using its network, SWIFT, the international bank transfer network, announced this month that it is adding new tools and controls designed to...more
4/18/2017
/ Banking Sector ,
BSA/AML ,
Cyber Attacks ,
Cyber Crimes ,
Financial Institutions ,
Fraudulent Transfers ,
Hackers ,
Money Transfer ,
Popular ,
Risk Management ,
SWIFT
Cybersecurity specialists at BAE Systems and Symantec announced last week new evidence suggesting that the criminals behind the notorious 2014 attack on Sony Corp. are also responsible for recent cyber-attacks involving 104...more
2/22/2017
/ Bangladesh ,
Banking Sector ,
Banks ,
Cyber Attacks ,
Cyber Crimes ,
Cybersecurity ,
Data Breach ,
Data Security ,
Financial Institutions ,
Hackers ,
Malware ,
Mexico ,
Personally Identifiable Information ,
Poland ,
Popular ,
Sony ,
Symantec ,
Uruguay ,
Websites
The New York Department of Financial Services announced last week that it will revise and delay the effective date of its proposed cybersecurity regulation. The announcement came two days after New York bankers brought up a...more
UK-based Tesco Bank froze online transactions on Monday after discovering that cyber-criminals stole money from 20,000 different customer accounts. The exact method used by the perpetrators is still under review, but...more
11/11/2016
/ Bank Accounts ,
Banking Sector ,
Banks ,
Cyber Attacks ,
Cyber Crimes ,
FDIC ,
Financial Institutions ,
Hackers ,
Online Payments ,
Tesco ,
UK
As cyber-attacks involving the global payment system SWIFT increase in frequency abroad, U.S. regulators are discussing steps designed to protect against similar attacks on U.S. financial institutions. The Federal Reserve,...more
An unnamed bank in Ukraine is the most recent victim in a series of cyber-attacks exploiting vulnerabilities in the international banking communications system. According to an independent IT monitoring organization, hackers...more
7/7/2016
/ Banking Sector ,
Banks ,
Cyber Attacks ,
Cyber Crimes ,
FFIEC ,
Financial Institutions ,
Hackers ,
Money Transfer ,
Risk Assessment ,
Risk Mitigation ,
SWIFT
In order to better address both the opportunities and risks associated with the innovative use of consumer data by financial institutions, the European Banking Authority (EBA) released a discussion paper last week seeking...more
In an era of cyberwarfare, financial institutions can find themselves in the crossfire. The U.S. government indicted seven Iranian hackers last week, charging the individuals for their roles in a 2011 series of cyber-attacks...more
The Federal Financial Institutions Examination Council (FFIEC) has recently developed a new tool to help U.S. financial institutions combat the increasing volume and sophistication of cyber attacks. To blunt threats to a...more
8/24/2015
/ Banking Sector ,
Banks ,
Consumer Financial Protection Bureau (CFPB) ,
Cyber Attacks ,
Cyber Crimes ,
Cyber Threats ,
Cybersecurity ,
Data Breach ,
Data Privacy ,
Data Protection ,
Data Security ,
FDIC ,
Federal Reserve ,
FFIEC ,
Financial Institutions ,
Hackers ,
NCUA ,
OCC ,
Popular