News & Analysis as of

Hackers Financial Institutions

The evolving cyber insurance market: How IT companies, financial institutions, and other nontraditional players can offer cyber...

by Hogan Lovells on

In this hoganlovells.com interview, Hogan Lovells counsel Robert Fettman discusses the evolution of cyber insurance, the level of regulatory oversight applied to covered entities, and ways that noninsurance companies can...more

Data Privacy + Cybersecurity Insider - October 2017

by Robinson & Cole LLP on

McAfee Report Lists Health Care Sector as Most Targeted Industry for Cyber-Attacks - In its cybersecurity incident report outlining vulnerabilities for the second quarter of 2017, security firm McAfee lists the health care...more

Client Alert: FTC Gives Guidance in Slaying the Data Breach Dragon

The FTC has recently provided specific guidance on what it considers appropriate data breach protection activity by financial institutions. Such guidance came by virtue of a proposed consent order, dated August 29, 2017,...more

Follow the Money and Beware the Extra “L”: First Department Sustains Claims against Fund Administrator After Hackers Grab Millions

A legal feud is underway between the world’s biggest hedge fund administrator and a former client over an email scam that resulted in hackers stealing millions in client funds. And not surprisingly, the time-honored...more

Eleventh Circuit to Weigh in on ‘Business Email Compromise’ Coverage Under Fidelity Bond

by Carlton Fields on

Banks have historically been at the forefront of technological advances in commerce. So it should be no surprise that they and other financial institutions were also among the first to suffer losses related to computer fraud...more

Hacker Steals Millions from Virtual Currency Exchange Bithumb

A cyber-attack against–Bithumb–one of South Korea’s largest cryptocurrency exchanges and one of the five largest in the world—has reaped access to the data of 30,000 users and drained their accounts in the process. Bithumb is...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Tesla’s rise to the top of the US car heap in terms of market value raised a lot of eyebrows a few months ago. GM bumped it back down yesterday, but its three months as #1 marked what felt like a serious shift in the auto...more

Banks Settle Data Breach Suit for $5.2M

In the latest settlement agreement reached in a lawsuit brought by banks following a retailer’s data breach, an Illinois federal court judge signed off on a $5.2 million deal involving a major U.S. retailer....more

SEC Urges Investment Firms to Better Prepare for Ransomware Attacks

by Nossaman LLP on

On May 17, 2017, the SEC’s Office of Compliance Inspection and Examination (“OCIE”) issued a risk alert urging broker-dealers, investment advisors and investment companies to safeguard themselves against ransomware in light...more

SEC Warns of Ransomware Attacks

The U.S. Securities and Exchange Commission is asking broker-dealers, investment advisers and funds to redouble their cybersecurity efforts in wake of the global cyber-attack of the WannaCry virus that has spread to more than...more

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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A series of cyberattacks featuring ransomware rocked the world this weekend, and the aftershocks “could linger” for a while....more

SEC Hints that Enforcement Actions on Lax Cybersecurity Might Be Coming

by Nossaman LLP on

With the confirmation of Jay Clayton as the Chair of the Securities and Exchange Commission, comments made last month by the Acting Enforcement Director, Stephanie Avakian, regarding the importance of accurate reporting in...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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Financial transaction provider Euronet Worldwide’s made an unsolicited bid to acquire MoneyGram for about $1 billion in cash, throwing a wrench into Ant Financial’s plan to use MG as a way to break into the US market and...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

FINRA Focus on Cybersecurity Continues

by Carlton Fields on

On November 14, the Financial Industry Regulatory Authority (FINRA) imposed a $650,000 fine against Lincoln Financial Securities Corporation (Lincoln Financial) for its failure to implement adequate data security measures to...more

The State of Cybersecurity in 2016 and the (potential) Great Cyber Fire

Cybersecurity hit the news hard in 2016. The number of high profile, and troubling, cyber incidents increased significantly. The Democratic National Committee and one of Clinton’s top advisor’s being hacked, with leaked...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

Your Daily Dose of Financial News

by Robins Kaplan LLP on

So, it turns out that all of the Brexit-style market freefalling was reserved for overnight trading. US markets actually closed up yesterday after modest opening losses....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

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Cybersecurity

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