A new ransomware reporting bill introduced to the House of Representatives proposes putting new requirements on financial institutions, some of which are likely to be controversial. Any payment of over $100,000 would require the victim to first obtain special permission from the US Treasury.
The financial sector, state and federal government agencies, as well as consumers are being targeted with various types of fraud, identity theft and data security breaches during the pandemic.
$1.3 million BEC attacks on three large financial services companies in U.K. and Israel shows how far cyber criminals are willing to go and what they are capable of.
Study shows the lack of protection mechanism against privacy risks hinders both the financial services companies and customers from benefiting from data-centric value-added services.
Recent survey on 200 banks worldwide found 4 in 5 of them had experienced at least one SWIFT fraud attempt since 2016, and the problem appears to be growing.
Sharing of financial data in the Google-Citi deal quickly attracted the attention of consumers, lawmakers and regulators concerned about the potential privacy implications.
The biennial cyber exercise for the first time brings the U.S., Asia and Europe financial industry together for a sort of "war game" that simulates a major financial institution being taken out by a ransomware attack.
The need for more data sharing amongst financial institutions to combat anti-money laundering does not have to clash with the growing movement to enforce stringent data privacy standards.
UniCredit suffered a recent data breach which exposed PII of nearly 3 million customers. The bank said there is no stolen banking account information that enables hackers to make unauthorized transactions.