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
The televised “thud” of explosions in Ukraine has an ominous but deceptively distant tone. For many organizations the hostilities are closer at hand, in the form of cyberattacks that could spread beyond the Russian-Ukrainian...more
Recent industry feedback published by the UK Financial Conduct Authority shares insights on the identification and management of cybersecurity challenges and mitigation strategies for financial services firms. The feedback...more
The Internet Society’s Online Trust Alliance just released its 2018 Cyber Incident & Breach Trends Report, which says “2018–Some Better, Some Worse, All Bad.” That’s our experience, too. Below are our highlights from the...more
The FBI’s Internet Crime Complaint Center, better known as IC3, released its 2018 Internet Crimes Report. For those unfamiliar with the IC3, it was established by the FBI in May 2000 as a central repository for public...more
Cryptocurrency Exchanges Move Closer to Live Trading, New Stablecoins Announced - More cryptocurrency exchanges are going live. ErisX announced the launch of its spot market, saying it will immediately support dollar...more
In an apparent effort to fight the kinds of cyberattacks like the massive distributed denial-of-service (DDoS) attack that crippled much of the American internet in October 2016, the Department of Homeland Security (DHS)...more
Two actions in the past few weeks reflect the continuing government involvement in and concern over the security of Internet of Things (IoT) devices. Attacks using connected devices have highlighted security vulnerabilities...more
The recent distributed denial of service (“DDOS”) attack on domain name service provider Dyn is likely to result in greater scrutiny by regulators and lawmakers of the potential risks associated with the increasing use of the...more
On November 16, 2016 the House Committee on Energy and Commerce’s Subcommittee on Commerce, Manufacturing, and Trade and the Subcommittee on Communications and Technology held a hearing on “Understanding the Role of Connected...more
Baker Donelson's Data Protection, Privacy and Cybersecurity attorneys are pleased to introduce a series of client alerts that will address significant cyber-threats to your business and how you can protect yourself by...more
On Oct. 21, 2016, an extremely large distributed denial-of-service (DDoS) attack on Dyn prevented many internet users on the East Coast of the U.S. from accessing websites such as Netflix, PayPal, Spotify and Twitter for...more
Last week, FinCEN (Financial Crimes Enforcement Network) issued a formal Advisory to Financial Institutions and published FAQs outlining specific cybersecurity events that should be reported through Suspicious Activity...more
The recent massive distributed denial of service (DDoS) attack that caused major internet outages was led by an army of security cameras, digital video recorders, and other Internet of Things ("IoT") devices that had been...more
Beginning early on October 21, 2016, Dyn, a New Hampshire based internet service company, was the victim of three distributed denial of service (DDoS) attacks. The first attack began at 7am ET and was resolved within about...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
On April 2, 2014 the members of the Federal Financial Institutions Examination Council (“FFIEC”) issued two joint statements: the first joint statement regards distributed denial-of-service (“DDoS”) attacks, and the second...more
Throughout 2013, financial institutions continued to face serious threats from cybercriminals targeting the personal information of banking customers and their financial assets through the use of malicious software and denial...more
We’re not in e-Kansas anymore. And there’s no denying that present day internet Oz, while extraordinary, is increasingly scary. Cyber attacks of various types continue to escalate across the globe. As aptly stated by one...more
Earlier this month, the Department of Justice announced the indictment of 13 individuals associated with the hacker organization Anonymous for a widespread scheme to disrupt and shut down commercial and government websites....more