The cover story of the latest issue of the ABA Banking Journal features an unprecedentedly transparent look into what happens inside a financial institution during and after a ransomware attack.
Inside one community bank’s cybersecurity nightmare scenario.
Keeping up with changing regulations was the top concern for U.S. financial services firms, according to Wolters Kluwer’s annual Regulatory and Risk Management Indicator survey.
‘One of the hardest parts of this rule is trying to understand where the balance is.’
The value of ransomware-related BSA filings in 2021 approached $1.2 billion—a 188% increase compared to the previous year.
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.