News Topic: Cyber security

Seven trade associations — including those representing banks and credit unions — sent a joint letter to Congress outlining data security standards for entities that handle financial data. ... Read full article

The Federal Deposit Insurance Corp. approved a $2.09 billion budget for 2018, a 3% reduction from 2017, with cuts to receivership funding and nonpermanent staff. ... Read full article

Key efforts for banks include developing AI applications, adding fintech allies and strengthening cyberdefenses. ... Read full article

Mary Mack adds mortgage and auto units to her already large portfolio; futures price dips but volume up compared to Cboe’s first day of trading. ... Read full article

A Russian cybersecurity software company reported last week that a new group of cybercriminals had stolen $10 million from 16 community banks. But there's no hard evidence that actually happened. ... Read full article

Bank of Canada governor says digital currencies could cause “significant disturbance”; JPM testing quantum computing's abilities. ... Read full article

The Trump administration's first interagency assessment of systemic risk highlighted many of the same worries as previous reports, but added a new emphasis on economic growth and regulatory tailoring. ... Read full article

Departing central bank chief says colleagues are committed to strict bank regulation; marketplace lending not living up to promises as delinquencies continue to rise. ... Read full article

Banks are looking at using the powerful number-crunching technology to make risk calculations, analyze portfolios and protect their systems against sophisticated cyberattacks. ... Read full article

Interactive Brokers says it will allow customers to bet against the cybercurrency; aides to Alabama senator drafted for key regulatory positions to ease banking rules. ... Read full article

A previously unknown ring of Russian-speaking hackers has stolen as much as $10 million from U.S. and Russian banks in the last 18 months, according to a Moscow-based cyber-security firm that runs the largest computer forensics laboratory in eastern ... Read full article

In a rare show of public support for a security technology, the banks are leading a $40 million funding round for Menlo Security, provider of browser technology that keeps malware at bay — and they’re using it, too. ... Read full article

Tether's $31 million hack gave bitcoin skeptics plenty to crow about. But experts say bad security is to blame, not digital assets. ... Read full article

A whistleblower charges that during the Obama administration, Treasury's Office of Financial Research manipulated information that it provided during a review by the Governmental Accountability Office. ... Read full article

The Office of Financial Research warned that a cyberattack could "disrupt the operations of one or more financial companies and markets and spread through financial networks and operational connections to the entire system." ... Read full article

An ex-regulator’s stern warning about the risks of sharing consumer information with fintechs has prompted debate over common security standards for banks and nonbanks, better data tracking and new liability insurance products. ... Read full article

Describing cybersecurity as the biggest risk facing the financial sector, Vice Chairman for Supervision Randal Quarles said regulators should more actively facilitate conversations between banks and national security agencies to boost digital security. ... Read full article

The trade group wants Equifax to reimburse community banks for costs tied to the massive data breach at the credit bureau this year. The ICBA also wants a court to order Equifax to improve its security measures. ... Read full article