News Topic: Cyber security
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'It's very scary': Small banks quietly hit by ransomware attacks
The cyber threat looming over virtual currencies
Bank of America tech chief says cyberattacks have surged ‘dramatically’
First Horizon discloses data security breach
NCUA outlines cybersecurity focus for remainder of 2021
Report: Nearly half of all credit unions at increased risk of cyberattack
A new study from Black Kite outlines a variety of threats facing the industry and pinpoints the average cost of a breach at large and small institutions alike. ]] ... Read full article
Flagstar’s data breach, and what banks can learn from it
The Michigan bank is the latest company to have customer data compromised through a software vulnerability. The incident reinforces the importance of attack simulations, constant searches for intrusions and exchanges of intel with peers. ... Read full article
House lawmaker proposes new restrictions on credit bureaus
The bill introduced by Rep. Patrick McHenry, the top Republican on the Financial Services Committee, would expand CFPB authority to the credit reporting industry and require that certain adverse information be removed from a consumer’s credit history. ... Read full article
Databits: Fear, malaise, and eroding trust
How consumer attitudes toward privacy threaten to overturn long-standing industry assumptions about customer data and personalization. ... Read full article
Country, banking long overdue for cyberdefense upgrade
The latest cyberattacks pointing to the Russian government show that U.S. federal agencies and banks still lack a clear, collaborative game plan. ... Read full article
Our most read credit union stories from 2020
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. ... Read full article
Banks would have 36 hours to report cyberattacks under proposed rules
Federal banking agencies want to give the industry a hard deadline for notifying their regulators about serious security breaches and failed system upgrades. ... Read full article
Bank regulators mull stricter rules for reporting of data breaches
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. ... Read full article
Banks see billion-dollar cyber costs soaring even higher in 2021
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. ... Read full article
What President-elect Biden can do to fix outdated financial system
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. ... Read full article
5 ways banks can guard against internal cyber threats
Financial institutions are using behavioral analytics, imposing tighter controls and taking other steps to prevent employee-caused security lapses. ... Read full article
Data-security lapses surge in work-from-home era
Corporate breaches facilitated by employees — often accidentally — rose significantly this year, and banks have been particularly hard hit. Here's why. ... Read full article
Loss provisions, low interest rates could threaten profits, OCC says
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. ... Read full article
Can credit unions keep up with COVID's evolving phishing threats?
Fraudsters have increased their attempts to steal data through email scams since much of the financial services sector moved to remote work when the pandemic began. ... Read full article