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.
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.
With projected economic growth expected to create a positive environment for bank performance in the remainder of 2021 and 2022, according to the OCC’s newly released Semiannual Risk Perspective, newly appointed Acting Comptroller Michael Hsu today said “it’s critical that bankers and their regulators guard against complacency.”
Ransomware attacks are becoming more numerous, sophisticated and costly, especially during the COVID-19 pandemic.
A global pandemic, a struggling economy and a new administration throw wrenches into risk managers plans for the year ahead.
When asked about threats specifically targeting banks, Federal Bureau of Investigation Director Christopher Wray urged banks to be wary of “cyber criminals targeting the vulnerabilities in third-party services” as a way in to financial institution data.