BankThink

Receiving Wide Coverage ...

Cyberattack Targets: JPMorgan Chase was one of at least a baker's dozen of financial firms targeted by a recent cyberattack, the Journal reports, citing unnamed sources. Others in the hackers' crosshairs may have included mutual fund giant Fidelity Investments, onine brokerage E*Trade Financial, payroll giant Automatic Data Processing and banks Citigroup, Regions Financial and HSBC. However, investigators don't know yet if the attacks on some of these other firms are related to...

The FSOC must provide well-reasoned justifications as to why it chooses to designate a firm as systemically important Â-- and provide a clear outline of the steps that companies can take to rid themselves of the SIFI label.

While the Volcker Rule has been in the works since 2009, the final rule is new to professionals at both banks and regulatory agencies. Everyone involved faces a steep learning curve.

Receiving Wide Coverage ...

Hacked Off: More details about the JPMorgan Chase cyberattack were leaked, although it's somewhat alarming how many unanswered questions remain. Anonymice told the Journal hackers tried to breach the data systems of other banks or financial institutions but were unsuccessful. It's unclear what, exactly, the hackers were trying to do. Bill Nelson of the Financial Services Information Sharing and Analysis Center, said, "It is like the equivalent of a robber walking around...

As data breaches become more common, bank board members need to make sure that senior management is familiar with the latest cybersecurity developments and has a crisis communications plan in place.