Cybersecurity

ABA Partners in Release of Cyber Insurance Purchaser’s Guide

As cybersecurity continues to rank among top concerns of CEOs and board members across the industry, ABA, in partnership with the Financial Services Sector Coordinating Council, has released a Purchaser’s Guide to Cyber Insurance to help organizations weigh their insurance options.

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Report: Costs of Cybercrime on the Rise

The median cost of cybercrime has increased by nearly 200 percent over the past five years -- costing the global economy approximately $450 billion each year -- and will likely continue to grow, according to a report released yesterday by Hamilton Place Strategies.

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Fed Issues Update on Faster Payments Initiative

Having convened stakeholders from across the public and private sectors and outlined criteria for effectiveness, the Federal Reserve’s “faster payments” initiative will in 2016 begin assessing proposals for improvement, begin implementing the ISO 20022 standard for wire transfers and facilitate the transition to universal same-day ACH, according to a Fed report today.

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FDIC Publication Covers Cybersecurity, Lending Topics

The lead story in the winter 2015 issue of the FDIC’s Supervisory Insights publication focuses on how banks can enhance their information security programs to address evolving cybersecurity threats and gives an overview of the regulatory response to the recent rise in cybercrime.

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