A majority of the nation’s small business owners—78%—say they are concerned about the threat of a Russian cyberattack in light of recent news coverage, according to new survey data released by Provident Bank.
Cyberattack rates across financial services increased 20% in the second half of 2021 from the same period a year earlier and increased 41% from the first half of 2021, according to a recent report from LexisNexis Risk Solutions.
Banks should have a step-by-step plan on how to handle cyber-attacks, including securing whatever data possible and quickly notifying law enforcement.
With a joint agency final rule requiring banks to notify their primary regulatory within 36 hours of becoming aware of computer security incidents that are considered “notification incidents” taking effect on May 1, the OCC today issued a bulletin reminding banks of their notification responsibilities and specifying points of contact.
The Cyber Risk Institute—a coalition of financial institutions and trade associations including the American Bankers Association—has added an extension to its Cybersecurity Profile to address cloud security.
President Biden today reiterated the call for the private sector to remain vigilant against the threat of Russian cyberattacks targeting critical infrastructure entities, noting that “we need everyone to do their part.”
Since the start of the pandemic, banks have reported more sophisticated cyber attacks, said Lisa Arquette, associate director of the FDIC’s anti-money laundering and cyber fraud division at an industry event today.
A new proposal by the Securities and Exchange Commission today would create new requirements for public companies regarding the disclosure of cybersecurity incidents.
Cybersecurity and Infrastructure Security Agency Deputy Director Nitin Natarajan told bankers today at the American Bankers Association’s Washington Summit that the U.S. financial sector is not seeing any rise in cyberattacks from Russia, but urged bankers to report any suspicions of cyberattacks.
Financial counterterrorism expert discusses what Russia’s invasion of Ukraine and sanctions mean for U.S. banks.