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.
Browsing: Data breaches
New standards for vendors may ease banks’ due diligence responsibilities.
Almost half of data breaches in the financial services industry during 2020—44%—were the result of mostly accidental actions taken by internal actors, such as sending emails to the wrong people, which accounted for 55% of all error-based breaches, according to findings from Verizon’s latest global data breach investigations report.
A new proposal by the federal banking agencies requiring that banks notify their primary regulator within 36 hours after developing a good-faith belief of a “computer-security incident” or “notification” incident could impose a significant reporting burden, ABA and three other financial trades cautioned in a letter yesterday.
The American Bankers Association yesterday filed an amicus brief in the Texas state court case of Visa v. Sally Beauty Holdings.
As the scale of cyber breaches soars, banks are hiring their own specialty teams or contracting with vendors, all of whom have one mission: think like a constantly changing set of globally active bad actors.
New ABA/Morning Consult survey data shows that consumers trust banks most to keep their personal information safe.
When a breach occurs, a bank’s compliance unit can be a valuable resource to help execute the incident response plan. Here’s how.
In a letter to House Financial Services Committee Chairwoman Maxine Waters (D-Calif.) today, Ranking Member Patrick McHenry (R-N.C.) today called for a hearing on cybersecurity and data protection in the financial services sector in response to concerns raised by industry leaders and recent data breaches.