Among the ways banks can respond to today’s quickly changing criminal activity is by incorporating flexible fraud-detection controls that allow them to create or adjust rules on the fly.
Speaking on a virtual panel at FT Live’s Global Banking Summit Wednesday, ABA President and CEO Rob Nichols addressed top risks and challenges facing the banking industry, including the shifting regulatory and policy environment.
Federal Reserve Chairman Jerome Powell told members of the Senate Banking Committee today that “the banking system is strong,” and that while “there are some issues to address in the capital markets, I wouldn’t say they rise to the level of grave systemic importance.” He did flag cyber risk as a key threat to financial stability.
With ransomware attacks increasing in frequency and sophistication, the FBI and the Cybersecurity and Infrastructure Security Agency yesterday issued a reminder to public and private organizations to remain vigilant and take precautions to reduce their susceptibility to ransomware during the holiday season.
The federal banking agencies today finalized a rule requiring banks to notify their primary regulator within 36 hours of becoming aware that a “computer-security incident” that rises to the level of a “notification incident,” has occurred.
The top cybersecurity concerns for consumers regarding their personal information are identity theft and stolen credit or debit card information, according to a recent survey conducted by core technology provider CSI.
With cyber incidents continuing to pose a threat to the financial system, the Basel Committee on Banking Supervision called on banks to improve cyber threat resilience.
In a joint letter to Senate Intelligence Committee leaders today, ABA and two financial trade groups said that several provisions in the Cyber Incident Notification Act of 2021 conflict with cybersecurity requirements already in place for financial institutions.
In the wake of the Colonial Pipeline ransomware attack in early May, U.S. financial regulators have been sending louder messaging about data protection for all financial entities, said Sheltered Harbor president Carlos Recalde on a recent episode of the Dell Technologies Power2Protect podcast.
With ransomware attacks on the rise, the Biden administration yesterday called on corporations to take several “highly impactful steps” to help address these “serious” and “increasing” threats.