New incident response regulation clarifies, but the key is materiality
‘One of the hardest parts of this rule is trying to understand where the balance is.’
Browsing: Cyber crime
Study finds spike in cyberattacks targeting financial services
Cyberattacks targeting financial service web applications and application programming interfaces, or APIs, grew by 354% in North America over the past year, according to new research by cloud services company Akamai.
ABA, BPI urge FFIEC to embrace industry-developed Cyber Profile
In a letter to the Federal Financial Institutions Examination Council earlier this month, ABA and the Bank Policy Institute offered feedback on the FFIEC Cybersecurity Assessment Tool, a voluntary tool developed in 2015 to help financial institutions assess their cyber risk and preparedness.
Survey finds young people most likely to fall for phone scams
More than half of mobile subscribers reported losing money to phone scam calls in a recent survey on the prevalence of the problem, with young people the most likely to fall for the scams.
Verizon report: cyber incidents, breaches driven by external actors
A majority of data breaches during 2021—73%—were perpetrated by external actors, according to findings from Verizon’s latest global data breach investigations report.
Banking groups call for changes to SEC cyber incident reporting proposal
ABA and a coalition of financial services groups today called for extensive changes to a proposal by the Securities and Exchange Commission that would create new requirements for public companies regarding the disclosure of cybersecurity incidents.
ABA Foundation, FTC release consumer education infographic on payment app scams
The American Bankers Association Foundation and the Federal Trade Commission released an infographic with information to help consumers protect themselves when using mobile payment apps and services.
FDIC, FinCEN recognize digital identity proofing Tech Sprint teams
The FDIC and the Financial Crimes Enforcement Network recognized three teams for excellence in a recent “tech sprint” to develop solutions for banks and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate and verify information about a person.
OFAC sanctions Darknet market, virtual currency exchange
The Treasury Department’s Office of Foreign Assets Control today announced sanctions against Hydra Market, the world’s largest and most prominent darknet market, for being responsible or complicit in cyber-enabled activities against the United States.
The Post-Pandemic Fraud War: How to Play Offense
The pandemic has created many new challenges and changed the fraud risk landscape—perhaps permanently. It has also provided a training ground for a new generation of fraud attackers.