Hackers Financial Institutions

News & Analysis as of

DOJ Unseals Indictment Against Individuals for Alleged Involvement in Hacks Against Various U.S. Institutions

On November 10, the DOJ unsealed an indictment against three individuals, Gery Shalon, Joshua Samuel Aaron and Ziv Orenstein, for allegedly orchestrating and committing computer hacking crimes against U.S. financial...more

Financial Institutions Council Publishes Statement On Hacker Extortion

Amid the recent increase in hacker extortion cases, the Federal Financial Institutions Examination Council (“FFIEC”) issued a statement on November 3 (the “Statement”) describing steps financial institutions should take to...more

SEC Freezes Hacker’s Assets

Federal oversight related to hacking recently made headlines when a federal court in New Jersey granted the Securities and Exchange Commission’s (SEC’s) motion to freeze assets connected to a hedge fund manager accused of...more

Hacker arrests and prosecutions update

We previously reported that alleged Ukranian hacker Sergey Vovnenko, also known as “Flycracker,” “Fly” and “Darklife” was extradited from Italy, arrested and charged in New Jersey federal court for his part in disbursing the...more

Response Plan Rewind: The Essentials of Data Breach Response Plans

From the financial sector to the healthcare industry, and even the security business itself, hackers are creeping their way into business data systems and pilfering personal information. For financial institutions, security...more

Illinois to Host Cyber Risk and Security Conferences; CSBS to Co-host

On October 14, the Illinois Division of Banking announced that it would host two Cyber Risk and Security Conferences on November 9 and November 16. With the growing number of threats to financial data systems, cyber and data...more

A Shift in Liability for Credit Card Fraud

For too long, “swiping” a credit card has had at least one meaning too many. There was “swiping” as it pertains to running the magnetic strip of your credit card inside the groove of a small payment terminal to make an...more

DOJ Disables Malware Designed for Bank-Theft; Unseals Indictment Against Botnet Administrator

On October 13, the DOJ unsealed an indictment against a Moldovan citizen for his alleged involvement in a criminal conspiracy to steal confidential financial information by distributing malware software through phishing...more

Alphabet Soup and Data Security

In the span of two days, mobile device users learned of two data breaches that could compromise their personal data. In one, Experian (a credit reporting agency) reported that it was hacked, potentially putting 15 million...more

US China Trade War

The October blog post will be broken up into two parts. This October 15th post will comment on the TPP Agreement signed today and well as President Xi Jinping’s recent trip to the US and my impressions from Beijing, China...more

Feds continue to prosecute hackers

Sergey Vovnenko, a Ukrainian hacker, was charged in New Jersey federal court this week for wire fraud conspiracy, unauthorized computer access and aggravated identity theft for allegedly hacking into networks of financial...more

“My, what beautiful eyes you have . . .” – Biometric Data and Privacy

Biometric data – obviously not in just the movies anymore. It is alive, well, and increasingly being used in our everyday society. But, on September 23, 2015, when the Office of Personnel Management revealed that fingerprint...more

6,400 American Bankers Association members’ usernames and passwords compromised

Late last week, the American Bankers Association disclosed that its computer systems had been compromised exposing thousands of members’ personal information. The hacking occurred through its website’s shopping cart tool,...more

CFPB Information Security Remains a Challenge

The Office of the Inspector General (OIG) has released the “2015 list of major management challenges” faced by the CFPB that the OIG believes will hamper the CFPB’s ability to accomplish the CFPB’s strategic objectives. Like...more

FFIEC Weighs in on Cybersecurity in Light of Unprecedented Risk of Cyber Threats

As financial institutions of all sizes continue to face unprecedented cybersecurity risk, the Federal Financial Institutions Examination Council (FFIEC) released its Cybersecurity Assessment Tool. The Assessment is...more

SEC’s Increased Cybersecurity Enforcement and How to Reduce Your Risks

The SEC announced last week that an investment adviser had agreed to settle charges that it failed to take required steps to protect against and respond effectively to a cybersecurity breach. The action comes on the heels of...more

The SEC OCIE Announces Increased Scrutiny of Broker-Dealers’ and Investment Advisers’ Cybersecurity Programs

On September 15, 2015, the Securities and Exchange Commission’s Office of Compliance Inspections and Examinations (OCIE) issued a National Exam Program Risk Alert (2015 Risk Alert) to provide broker-dealers and investment...more

U.S. Attorney General Discusses DOJ’s Global Cybercrime Initiatives at Europol

On September 16, U.S. Attorney General Loretta Lynch addressed the European Cybercrime Center at Europol, where she highlighted recent and planned DOJ initiatives related to global cybercrime and cyber threat efforts and...more

Financial Services Companies Seek Larger Payout in Target Data Security Suit

Attorneys for certain banks and other financial institutions that are caught up in Target’s 2013 data breach are objecting to the $67 million deal struck last week between the retailer and Visa Inc. The banks and credit...more

Bitcoin Week in Review 09.12.15 – 09.18.15

Below is a summary of some of the significant legal and regulatory actions that occurred over the past week. This alert is not intended to be a comprehensive list of all such developments, but rather a selection of...more

Still a Target: Court Certifies Bank Class Claims Against Retailer Following Data Breach

Although Target has tentatively settled consumer data breach class action claims, the retailer remains in the crosshairs of the plaintiffs’ class action bar. On September 15, a Minnesota federal district court certified a...more

SEC Shows It’s Serious About Cyber Security

A week after OCIE announced it would conduct a second round of cyber-security exams, the Commission emphasized the issue by bringing an enforcement action against a non-custodial investment-adviser over a remediated data...more

Class In Session: Minnesota Federal Court Certifies Class In Target Corporation Data Breach Suit

On September 15, 2015, a federal district court in Minnesota granted a motion for class certification of hundreds of credit unions and banks in an action against Target Corporation for damages stemming from the breach of...more

Checking In on Sanctions Enforcement

The Department of Treasury’s Office of Foreign Asset Control continues to ramp up sanctions enforcement. Even with the likely relaxation of the Iran and Cuba sanctions, OFAC has been continuing its aggressive enforcement...more

Banks Win Class Certification in Target Data Breach Case

A federal court recently granted class certification to a group of financial institutions (the “Banks”) in the data breach case against Target Corporation (“Target”) arising from the December 2013 hacking of its computer...more

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