Fallout from the coronavirus pandemic consumed the industry this year, but other events, including a scandal at the National Credit Union Administration and a credit union under fire for lack of board diversity, also made waves.
Federal banking agencies want to give the industry a hard deadline for notifying their regulators about serious security breaches and failed system upgrades.
It has been 15 years since the federal banking agencies issued guidance on an institution’s obligation to inform its regulator about a cyberattack. A proposal to be unveiled this week could establish a more specific notification deadline.
Big banks and other financial firms predict the cost of warding off cybercriminals will keep climbing in 2021 as they work to secure digital financial services popularized by the pandemic.
In an open letter, industry veteran Thomas Vartanian outlines the steps the administration can take to encourage innovation, better detect cyber threats and modernize regulation.
Corporate breaches facilitated by employees — often accidentally — rose significantly this year, and banks have been particularly hard hit. Here's why.
While national banks have remained strong during the pandemic, they are still navigating risks from a murky credit environment and other potential warnings signs, according to a report by the Office of the Comptroller of the Currency.
