News & Analysis as of

Banks Cyber Attacks

BakerHostetler

Weekly Blockchain Blog - September 2024

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Crypto Payments Firms Announce New Integrations and Initiatives - According to reports, fintech bank Revolut recently announced a partnership with Ledger, a major crypto hardware wallet provider, to make it easier for...more

BCLP

Navigating Legal Challenges In French Civil Fraud Cases: An In-depth Analysis

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In recent years, banking fraud in France has surged, driven by advanced technology and the integration of payment methods and mobile banking. We do a deep dive into the legislation to help our clients stay informed and...more

Woodruff Sawyer

The Growing Cyber Risks in Fintech and How to Mitigate Them

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The fintech revolution has reshaped the financial world, creating new opportunities to borrow, save, transact, and invest like never before. With no signs of slowing, fintech revenues are projected to grow sixfold from $245...more

American Conference Institute (ACI)

[Event] 8th Forum on FinTech & Emerging Payment Systems - April 9th - 10th, New York, NY

ACI’s 8th Annual Legal, Regulatory, and Compliance Forum on Fintech & Emerging Payment Systems will provide in-depth guidance on the latest regulatory developments at the Federal and State Level that you need to be aware of....more

Troutman Pepper

OCC’s Semiannual Report Highlights Emerging Risk of AI in Banking

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On December 7, the Office of the Comptroller of the Currency (OCC) published the fall edition of its Semiannual Risk Perspective, which discusses key issues facing banks. From the OCC’s perspective, the overall strength of...more

EDRM - Electronic Discovery Reference Model

[Webinar] Banks in the Crosshairs: Cyberattacks and Aggressive Regulators - May 25th, 1:00 pm - 2:00 pm ET

Financial institutions are in a tough spot- caught between the “bad guys” (state-sponsored cyberattacks and cyber criminals) and “good guys” (ever more aggressive regulators)- what’s a bank to do??? Tune in to find out!...more

Ballard Spahr LLP

OCC Highlights Risks Associated with Compliance Staffing Concerns, Russia Sanctions, Environmental Crimes, Cyber Attacks and...

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On June 23, 2022, the Office of the Comptroller of the Currency (OCC) released its Semiannual Risk Perspective (SRP) for spring 2022. In the SRP, the OCC opines on its current safety and soundness concerns for banks under...more

Ballard Spahr LLP

Financial Institutions Face Increasingly Stringent Federal Breach Reporting Requirements

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The last few months have seen a flurry of new federal cybersecurity incident reporting requirements and proposals impacting private entities in the financial sector. As the number and frequency of cyber attacks continue to...more

Miller Nash LLP

[Webinar] Panic! at the Firewall: Cyber Incident Response and the Role of Insurance - May 17th, 9:00 am - 10:30 am PDT

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Cyber incidents are increasing in frequency and severity across all businesses and industries. As the saying goes, it’s not a matter of IF but WHEN an incident will occur. In this webinar we will explore ways that you can...more

Woods Rogers

Banks Will Have 36 Hours to Report Cyberattacks Under New Rule

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The federal banking agencies recently issued a final regulation that will require a bank to notify its primary federal regulator of a cyberattack, or computer-security incident, no later than 36 hours after the bank...more

WilmerHale

Federal Financial Regulators Propose Requiring Banks Report Cyber Incidents Within 36 Hours

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On December 17, 2020, the Office of the Comptroller of the Currency, Treasury (OCC); the Federal Reserve; and the Federal Deposit Insurance Corporation (FDIC) issued a Notice of Proposed Rulemaking that would require...more

Robins Kaplan LLP

Financial Daily Dose 2.11.2020 | Top Story: DOJ Indicts Four from Chinese Army Over 2017 Equifax Cyberattack

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-The DOJ has announced charges against four members of China’s military related to the 2017 cyberattack on credit-reporting agency Equifax, the breach that revealed “trade secrets and the personal data of about 145 million...more

Robins Kaplan LLP

Financial Daily Dose 8.16.2019 | Top Story: : Cathay Pacific CEO Resigns Amidst Turmoil in Hong Kong

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Hong Kong-based Cathay Pacific Airways CEO Rupert Hogg has resigned in order to “take responsibility” a week “after the carrier was rebuked by China for staff involvement in the anti-Beijing protests rocking Hong Kong.” Hogg...more

Dechert LLP

FCA Enforcement Risk: The Year Ahead

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Firms will need to ensure their systems and controls to prevent financial crime and money laundering are working effectively: this is just part of the message contained in the FCA’s Business Plan for 2019/20. The Business...more

Skadden, Arps, Slate, Meagher & Flom LLP

Privacy & Cybersecurity Update - November 2018

In this month's edition of our Privacy & Cybersecurity Update, we examine a declaration on ethical considerations for artificial intelligence, the annual joint review of the Privacy Shield, a new lawsuit from a snack food...more

Katten Muchin Rosenman LLP

Bridging the Week - October 2018 #2

An international bank settled an enforcement action brought by the Commodity Futures Trading Commission for spoofing. However, in the process, the CFTC went out of its way to laud the bank for self-reporting the incident, as...more

A&O Shearman

UK Conduct Regulator Fines Retail Bank for Failures During a Cyber Attack

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The UK Financial Conduct Authority has published a final notice issued to a UK Retail Bank for breaches of Principle 2 of the FCA's Principles for Businesses. Principle 2 requires authorized firms to conduct their business...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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More on the rather shocking departure of John Flannery from GE, the Board that didn’t want to give him any more leash for his turnaround plans, and the future of the embattled corporate giant under Larry Culp....more

Patterson Belknap Webb & Tyler LLP

Study Shows Banks Block 80% of Cyberattacks … But is that Enough?

In Accenture’s 2018 State of Cyber Resilience for Banking & Capital Markets study, the consulting firm reported the rate at which cyber-attacks on banking and capital markets firms are successful dropped from 36 percent in...more

Mitchell, Williams, Selig, Gates & Woodyard,...

FBI Warns of Impending Multimillion Dollar Global ATM Cashout, $13.5 Million Taken Already

According to a confidential FBI alert reported upon by Krebs on Security last Friday, the FBI issued an alert to banks concerning what is called an Unlimited ATM Cashout, attacks of which are expected in the near future....more

Robinson+Cole Data Privacy + Security Insider

FBI Issues Private Warning to Banks about Unlimited ATM Cashouts

On August 10, 2018, the Federal Bureau of Investigation (FBI) issued a private warning to banks warning them that cybercriminals are planning to “conduct a global Automated Teller Machine (ATM) cash-out scheme in the coming...more

Robinson+Cole Data Privacy + Security Insider

Virginia Bank Hacked Twice with Phishing Schemes Losing $2.4 Million

In a lawsuit against its insurance company requesting reimbursement for close to $2.4 million from two different hacking incidents, National Bank of Blacksburg detailed the intrusions, which are instructive of a sophisticated...more

Foley & Lardner LLP

Are ATMs safe? Probably not since Black Box ATM attacks are mounting which is costing banks millions!

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Bankinfosecurity.com report that “Fraudsters are now gingerly testing the waters in central and Western Europe with attacks that drain cash machines of their funds, according to a trade group that studies criminal activity...more

Robinson+Cole Data Privacy + Security Insider

HaoBao Malware Hitting Banks Scans for Bitcoin Activity

Lazarus, the well-known hacking group responsible for the WannaCry ransomware attack from last year, as well as the attack on the Bangladesh Central Bank and Sony, is now targeting global financial firms and Bitcoin adopters...more

Fox Rothschild LLP

Comptroller Sounds Alarm About Banks’ Vulnerability To Cyberattacks

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The U.S. Treasury’s Office of the Comptroller of the Currency is out with its first Semiannual Risk Perspective report under Trump appointee Joseph Otting. It’s not terribly rosy from a cybersecurity perspective, reports...more

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