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Hackers Financial Institutions

Your Daily Dose of Financial News

by Robins Kaplan LLP on

With oil markets again in free fall, Saudi Arabia and Russia have agreed to cut production, and industry experts expect that the rest of OPEC may soon follow suit....more

SWIFT Shores Up Network Security With Real Time Cybersecurity Tools

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

Home Depot Settles with Financial Institutions

A federal judge has preliminarily approved a proposed settlement of $25 million between Home Depot and financial institutions that issued payment cards that were affected by the Home Depot data breach in 2014. This proposed...more

Sony Cyber-Attackers Lurking at Financial Supervisor “Watering Hole” Target Banks and Others

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

The Supreme Court’s Broad Interpretation of the Bank Fraud Statute May Provide a Potent Tool in Combatting Cybercrime

The Supreme Court in Shaw v. United States recently held that the federal bank fraud statute does not require that defendants cause, or intend to cause, an actual financial loss to the financial institutions they seek to...more

Federal Regulators Seek Comments on Proposed Cybersecurity Rulemaking

The Federal Reserve Board, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) released joint Advanced Notice of Proposed Rulemaking addressing enhanced cybersecurity...more

Tesco Bank Cyber-Robbery—Some Implications for U.S. Banks—and their Depositors

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

Does Your Insurance Cover Phishing Attacks and Business Email Compromise? The Uncertainty Continues…

by Orrick - Trust Anchor on

The coverage landscape for “Business E-mail Compromise” (BEC) scams remains somewhat tenuous, as organizations and carriers continue to battle in court over the extent of coverage. Although recent positive,...more

Lessons from the Wells Fargo Scandal

by Robins Kaplan LLP on

Financial institutions must meet standards for safeguarding customer data given the particularly sensitive information they hold, and regulators have been stepping up their efforts to provide guidance on just how they must do...more

Federal Banking Regulators Propose Cyber Risk Management Standards

by Wilson Elser on

In the midst of growing concerns over cyber-attacks on U.S. companies, federal banking regulators announced a proposal to enhance and standardize cyber risk management standards across the banking industry. The Advance Notice...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - Agencies Issue Advanced Notice of Proposed Rulemaking on Enhanced Cyber Risk Management Standards - On October 19, 2016, the Federal Reserve Board, the Federal Deposit Insurance...more

G-7 Leaders Establish Cybersecurity Best Practices for Financial Sector

by McGuireWoods LLP on

Businesses and financial entities continue to grapple with the increasing frequency and sophistication of hacking, displayed by the recent botnet attack that affected numerous websites on October 21, 2016, as well as the...more

Federal Banking Agencies Propose New Requirements for Managing Cyber Risk

by Ballard Spahr LLP on

Three federal banking agencies have announced plans to develop new rules that would establish cyber risk management and resiliency standards for large interconnected entities under the agencies' supervision, as well as those...more

Aravind Swaminathan Weighs in on Proposed Cybersecurity Regulations for Financial Institutions

Aravind Swaminathan, global co-chair of Orrick’s Cybersecurity & Data Privacy team, recently spoke with Global Investigations Review regarding new plans proposed by New York’s Department of Financial Services that will...more

Cyber Alert: Security Vulnerabilities: You Don’t Need a Breach to Face Regulatory Scrutiny

by Alston & Bird on

Those who track newsworthy data breaches and other cybersecurity incidents know what type of fallout to expect from these events. Class action lawsuits from consumers, shareholders and financial institutions are now not an...more

Privacy & Cybersecurity Update: New York State Proposes Cybersecurity Regulation for Financial Institutions

New York state has proposed a new regulation — to go into effect January 1, 2017 — that would require banks, insurance companies and other financial services institutions regulated by the New York State Department of...more

In Wake of Cyber-Attacks, Regulators Focus on SWIFT as Senators Urge Obama to Press G20 to Combat Cybercrime

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

Your daily dose of financial news - The Brief – 8.25.16

by Robins Kaplan LLP on

US regulators are “ramping up oversight” of Swift—the financial messaging system used throughout global finance that’s been a key conduit for hackers in recent attacks of Bangladeshi and Ecuadorian banks....more

FFIEC Provides Banks with Guidance Following the SWIFT Hacks

by McGuireWoods LLP on

On June 7, 2016, the Federal Financial Institutions Examination Council (FFIEC) reminded banks of the cyber risks associated with interbank messaging and wholesale payment networks. FFIEC made its announcement after hackers...more

Dude, Where’s My Bitcoin?

by McGuireWoods LLP on

Somewhere in a lavish Mediterranean villa a drug lord wearing an off-white suit had a heart attack. Elsewhere a tech whiz in Silicon Valley refreshed his browser multiple times as his heart sank further with each reloaded...more

Cybersecurity Response to Recent Wholesale Payment Systems Breaches

by Davis Wright Tremaine LLP on

In February 2016, hackers stole $81 million from the Bangladesh central bank by sending fraudulent messages through the Society for Worldwide Interbank Financial Telecommunication (SWIFT) messaging system. Three months...more

Federal Regulators Focus on Minimum Cyber Standards For Banks

A new set of federal banking regulations are on the horizon aimed at helping financial institutions put in place minimum compliance standards to prevent future cyber-attacks. Bloomberg Law has reported that the Federal...more

Home Depot Challenges Banks’ Standing to Recover Losses Related to Data Breaches

In the aftermath of major data breaches at deep-pocketed retailers and other businesses, there is typically no shortage of litigants who move quickly to seek compensation from the business at which the breach occurred. But...more

Ukrainian bank loses $10 million in latest SWIFT cyber-attack

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

New Appointment Underscores SEC’s Focus on Cybersecurity Threats

On June 2, 2016, the SEC announced the appointment of Christopher Hetner as Senior Advisor to the Chair for Cybersecurity Policy. Hetner, who was formerly the Cybersecurity Lead for the Technology Control Program within the...more

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