Banks and businesses face a growing threat from malicious cyber actors seeking to hold critical systems hostage.
Banks should have a step-by-step plan on how to handle cyber-attacks, including securing whatever data possible and quickly notifying law enforcement.
Members of the Federal Reserve’s Community Depository Institution Advisory Council flagged cybersecurity threats—particularly related to ransomware—as a top threat facing community banks during a recent meeting, and noted that “a framework needs to be put in place that encourages cooperation and reduces risks of transparency (which currently is seen as leading primarily to punishment and reputational damage).”
Five key factors for risk managers and C-suites in the year ahead.
Confronting the disconnect between the law enforcement experts who understand how the criminals commit crimes and the financial industry experts who understand how the money moves.
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.
In remarks at an industry event in Washington today, Acting FinCEN Director Himamauli Das addressed the growing threat of ransomware.
In the first six months of 2021, the Financial Crimes Enforcement Network identified $590 million in ransomware-related Suspicious Activity Reports, a 42% increase compared to the 2020 total of $416 million.
With ransomware attacks increasingly targeting significant infrastructure providers, it’s critical for banks to be prepared.
The FBI recently released an alert warning that ransomware attacks targeting the food and agriculture sector are disrupting operations, causing financial losses and harmfully impacting the food supply chain.