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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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.
The Office of the Comptroller of the Currency will make credit risk and cyber risk a focus over the coming months, the agency said in its Semiannual Risk Perspective report released today.
The FDIC today updated its suite of cybersecurity resources with additional online educational tools to help bank executives and directors address the growing threat of cyber crime.
Cyber vulnerability is not going away. We need to work together, and stay vigilant and focused in order to protect ourselves and our customers.
Testifying before the Senate Judiciary Committee today, ABA SVP Doug Johnson called on Congress to act swiftly to enhance the penalties faced by cyber criminals.
ABA SVP Doug Johnson will testify tomorrow before a Senate Judiciary subcommittee hearing on cyber crime and the legal framework for information security. The Senate Banking Committee will meet tomorrow to discuss the role of the Basel, Switzerland-based Financial Stability Board in U.S. bank regulation.
Meanwhile, the House Financial Services Committee will hold several bank-related hearings this week. Tomorrow, the panel will discuss the designation and regulation of systemically important bank holding companies; former ABA Chairman Harris Simmons, chairman and CEO of Zions Bancorporation in Salt Lake City, will testify.
On Thursday, the House panel will also hold a five-year retrospective on Dodd-Frank. The House Judiciary Committee will meet on Thursday to examine financial institution bankruptcy.
On April 26, Romanian law enforcement authorities reported the arrest of 25 suspects believed to be members of a sophisticated international gang of cybercriminals responsible for stealing more than $15 million from banks in Puerto Rico and Muscat, Oman.