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Cybersecurity › Banking Sector › Cyber Attacks

Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk... more +
Follow this channel for advisories on one of the biggest threats to businesses today. Read a morning brief of fresh guidance and commentary by leading lawyers on security, privacy, risk management, global regulations, data protection, leaks, hacking, cyber insurance, compliance, HIPAA, and every other aspect of cybersecurity of import to corporate readers right now.   less -
Orrick, Herrington & Sutcliffe LLP

OCC provides an update on its security breach given institutional risk

Orrick, Herrington & Sutcliffe LLP on

On April 14, the OCC released a letter providing more details on the recent security breach involving its email systems. The breach — identified as a major incident under the Federal Information Security Modernization Act...more

Orrick, Herrington & Sutcliffe LLP

OCC announces major information security incident

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On April 8, the OCC announced it had notified Congress of a major information security incident, as required by the Federal Information Security Modernization Act. The incident involved unauthorized access to emails and their...more

Kilpatrick

AI Cybersecurity Guidance Summary - NYDFS and Singapore CSA

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As regulators worldwide continue to scrutinize the impact of AI on industries within their respective purviews, two key global agencies issued guidance in October 2024 that highlighted AI-based cybersecurity risks and best...more

HaystackID

Santander Faces Major Cyber Attack Compromising Millions of Customers’ Data

HaystackID on

In May, Santander Bank faced a significant cybersecurity breach that affected millions of its customers and employees worldwide. The hacking group ShinyHunters claimed responsibility for the attack, which also targeted...more

American Conference Institute (ACI)

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

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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

Hogan Lovells

Security Snippets: New trojan Coyote

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Coyote, a new Brazilian malware, is currently hunting down credentials for sixty-one (61) different banking applications. Researchers expect the malware to spread internationally. Russian cybersecurity firm Kaspersky has...more

Katten Muchin Rosenman LLP

New FTC Rule Requires Certain Financial Institutions to Report Loss of Unencrypted Customer Data

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On October 27, the Federal Trade Commission (FTC or Commission) published a final rule expanding data breach notification requirements for certain financial institutions (Final Rule). Federal Register, will require entities...more

Morgan Lewis

How Financial Services Companies Can Prepare for and Comply with New Federal Cybersecurity Requirements

Morgan Lewis on

US regulators have increased their focus on cybersecurity issues impacting financial services companies, with a host of guidance documents recently released by the US Securities and Exchange Commission (SEC), the three...more

American Conference Institute (ACI)

[Event] 22nd Annual Canadian Forum on Anti-Money Laundering and Financial Crime - June 7th - 8th, Toronto, Ontario, Canada

American Conference Institute (ACI) on

AML compliance for reporting entities has never been of greater critical importance than it is today. With the growing sophistication of criminals and the methods and technologies that they employed, combined with the...more

EDRM - Electronic Discovery Reference Model

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

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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

Foley Hoag LLP - Security, Privacy and the...

As If Bank Failures Aren’t Enough – Hackers Are Exploiting the Chaos to Breach Security

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The Massachusetts State Police Commonwealth Fusion Center (CFC) believes that cyber actors may use the current bank failures for future phishing and business email compromise (BEC) attacks. Cyber actors often use current...more

Faegre Drinker Biddle & Reath LLP

Federal Court Holds Bank Liable For Business Email Compromise Losses

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We have written on previous occasions about the rise in frequency and severity of Business Email Compromise (BEC) cyberattacks. As explained in other posts, BEC attacks are a type of phishing scam typically targeting...more

American Conference Institute (ACI)

[Event] 7th Annual Legal, Regulatory and Compliance Forum on FinTech & Emerging Payment Systems - April 18th - 19th, New York, NY

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Join American Conference Institute at the 7th Annual Legal, Regulatory and Compliance Forum on FinTech & Emerging Payment Systems on April 18-19, 2023, in New York! Gain key insights into the hurdles arising amid...more

Goodwin

SEC Proposes Rules to Include Certain Significant Market Participants as “Dealers” or “Government Securities Dealers”

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed rules to include certain significant market participants as “dealers” or “government securities dealers” to essentially eliminate the trader exclusion...more

Goodwin

SEC Proposes Short Sale Disclosure Rule and Reopens Comment Period for Reporting on Securities Loans

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed a new rule to increase market transparency regarding short selling and extended the comment period for its proposed rule requiring reporting on...more

Goodwin

SEC Proposes Changes to Private Fund Regulation

Goodwin on

In This Issue. The U.S. Securities and Exchange Commission (SEC) proposed changes to private fund regulation; the Office of the Comptroller of the Currency (OCC) succeeded in validating its “valid-when-made” rulemaking; the...more

Holland & Knight LLP

The Impact of Cybersecurity Regulations on the Financial Services Industry in 2022

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Following the SolarWinds and the Colonial Pipeline cyberattacks, the Biden Administration emphasized a shift toward mandatory cybersecurity requirements. Throughout 2021, government agencies issued new cybersecurity guidance,...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

Cozen O'Connor

Federal Agencies Announce a New 36-Hour Cybersecurity Incident Rule Reporting Requirement

Cozen O'Connor on

On November 18, 2021, the Office of the Comptroller of the Currency (“OCC”), the Board of Governors of the Federal Reserve System (“Board”), and the Federal Deposit Insurance Corporation (“FDIC”) (collectively, the...more

Benesch

Federal Agencies Issue New Breach Notification Rules for Banking Organizations and Banking Service Providers

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Banking organizations must notify the appropriate agency within 36 hours of certain computer-security incidents; and banking service providers must notify affected banking organizations as soon as possible in the event of an...more

Cooley LLP

36-Hour Breach Notification Rule to Go into Effect for Banking Organizations

Cooley LLP on

On November 18, 2021, three US agencies – the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board (FRB) and the Federal Deposit Insurance Corporation (FDIC) – issued a joint rule concerning...more

Steptoe & Johnson PLLC

Computer-Security Incident Rule Creates New Notification Requirements for Banking Organizations and Bank Service Providers

Steptoe & Johnson PLLC on

On November 18, 2021, the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal Reserve System (FRB), and the Office of the Comptroller of the Currency (OCC) issued a joint final rule (the...more

Balch & Bingham LLP

Financial Regulators Issue New Cyber Incident Reporting Rule for U.S. Banks and Service Providers

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On November 18, 2021, the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC) approved a new final rule regarding reporting of cyber incidents for U.S. banks...more

Goodwin

FDIC Seeks Comment on Supervisory Approach to Examinations During Pandemic

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In This Issue. The Federal Deposit Insurance Corporation (FDIC) is seeking information and comment regarding the FDIC’s supervisory approach to examinations during the pandemic; the FDIC’s tech lab, FIDTECH, announced a “tech...more

McDermott Will & Emery

[Virtual Conference] McDermottTech 2021 - September 21st, 3:30 pm - 5:45 pm BST

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We invite you to attend McDermottTech 2021, a virtual conference exploring the latest global trends impacting the technology industry. Please join us for this complimentary program on September 21, 2021, for the opportunity...more

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