News & Analysis as of

Hackers Financial Services Industry Cyber Attacks

Maynard Nexsen

Urgent Cybersecurity Briefing: Scattered Spider Attacks

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Several insurance companies have been targeted this month by cyberattacks, including AFLAC, Erie Insurance, and Philadelphia Insurance. The threat actor, Scattered Spider, is now focusing on the insurance industry. We want to...more

Troutman Pepper Locke

The Supreme Court of Virginia Provides Needed Cybercrime Guidance

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On November 21, the Supreme Court of Virginia entered a published order reversing a 14-3 en banc decision of the Court of Appeals of Virginia addressing the applicability of Virginia’s criminal laws regulating cybercrime. The...more

NAVEX

DORA: Exploring Finance Compliance Requirements

NAVEX on

Numbers never lie. The second most targeted industry in terms of hacking and breaches is Finance, which was the victim somewhere in the realm of 2,306 to 2,792 cyberattacks in 2023 (depending on the source). With each data...more

Katten Muchin Rosenman LLP

New FTC Rule Requires Certain Financial Institutions to Report Loss of Unencrypted Customer Data

On October 27, the Federal Trade Commission (FTC or Commission) published a final rule expanding data breach notification requirements for certain financial institutions (Final Rule). Federal Register, will require entities...more

Foley Hoag LLP - Security, Privacy and the...

As If Bank Failures Aren’t Enough – Hackers Are Exploiting the Chaos to Breach Security

The Massachusetts State Police Commonwealth Fusion Center (CFC) believes that cyber actors may use the current bank failures for future phishing and business email compromise (BEC) attacks. Cyber actors often use current...more

BakerHostetler

U.S. Bank Acquires Blockchain Infrastructure; SEC Approves Blockchain-Based Exchange; FTC Warns on Crypto Scams; NFT Threats,...

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U.S. Bank Seeks to Launch Stablecoin; New Crypto Payments Data Released - A well-known digital payments consortium sold its technology platform this week to a U.S.-based bank known for its cryptocurrency-related offerings....more

Torres Trade Law, PLLC

FinCEN Crypto & Ransomware Guidance: Will 2022 Bring More Changes?

Torres Trade Law, PLLC on

The Financial Crimes Enforcement Network (“FinCEN”) of the U.S. Department of the Treasury (“Treasury”) has made clear that businesses engaging in certain activities involving virtual currencies are subject to registration,...more

Bilzin Sumberg

Recent Settlements and Penalties Show Perils of Data Breaches

Bilzin Sumberg on

Two major U.S. financial institutions, Morgan Stanley and Capital One, recently agreed to resolve separate class action lawsuits by paying, in the aggregate, hundreds of millions of dollars in compensation for massive data...more

Burr & Forman

Cybersecurity & Data Privacy E-Note - December 2021

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Please see full Infographic for more information....more

Polsinelli

Federal Banking Regulators Issue Rule Requiring 36 Hour Notice of Ransomware and Other Disruptive Cybersecurity Incidents

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On November 18, 2021, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Office of the Comptroller of the Currency issued a joint final rule to require banking...more

Bennett Jones LLP

OSFI Cybersecurity Guidance and Notification Requirements

Bennett Jones LLP on

OSFI, the Canadian Federal Office of the Superintendent of Financial Institutions, on August 13, 2021, issued new guidance on Technology and Cyber Security Incident Reporting, replacing prior guidance of March 2019....more

Fisher Phillips

Financial Services Employers Face Significant Increase In Cybersecurity Threats

Fisher Phillips on

Employers in the financial services sector are facing an unprecedented number of cybersecurity attacks during the pandemic crisis. To put this in perspective, the Financial Industry Regulatory Authority (FINRA) has issued...more

Goodwin

Federal Reserve Proposes Rules To Modernize Regulations That Implement CRA

Goodwin on

In the News. The Board of Governors of the Federal Reserve System (Federal Reserve) proposed rules to modernize the regulations that implement the Community Reinvestment Act (CRA); the Conference of State Bank Supervisors...more

Patterson Belknap Webb & Tyler LLP

Capital One to Pay $80 Million Fine for 2019 Data Security Hack

As we previously reported, Capital One Financial Corporation announced in July 2019 a major data security breach when an individual gained unauthorized access to personal information about Capital One credit card customers. ...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - August 2020

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CYBERSECURITY - Maze Continues to Strike Companies - It is being reported by ZDNet that the Maze ransomware group has attacked two companies that, apparently, refused to pay the requested ransom, so Maze, as it...more

Robinson+Cole Data Privacy + Security Insider

Capital One Settles with Bank Regulator for $80M for Data Breach

The U.S. Office of the Comptroller of the Currency (OCC) announced this week that it has entered into a Consent Order and fined Capital One $80 million for the data breach the company experienced last year....more

Robinson+Cole Data Privacy + Security Insider

Financial Services Information Sharing Group Warns of Increased Phishing Attacks

The Financial Services Information Sharing and Analysis Center (FS-ISAC) has warned that financial services firms, and in particular smaller ones, are being attacked at an increased rate during the coronavirus pandemic....more

Hogan Lovells

(Discussion Recap) A Perfect Storm? Panel Discussion on Handling a Cybersecurity Incident

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Using a hypothetical case study, revealed in a series of short animations, Hogan Lovells partners Philip Parish, Arwen Handley, Nicola Fulford and Peter Marta considered topics such as good cyber incident preparedness, board...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - January 2020 #2

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Department of Homeland Security Warns of Cyber-Attacks by Iran - The Department of Homeland Security (DHS) issued a grave warning to U.S. businesses and critical infrastructure operators on January 6, 2020, alerting the...more

Robinson+Cole Data Privacy + Security Insider

New York DFS Issues Risk Alert Concerning Possible Iran Cyber-Attacks

In view of Iran’s vows to retaliate against the United States for the death of Quassem Soleimani, the NYDFS has issued an industry letter  to all regulated entities regarding the need for heightened cybersecurity precautions....more

Robinson+Cole Data Privacy + Security Insider

Privacy Tip #220 – Identity Theft Still in Top Three Frauds Reported to FTC

Three million fraud cases were reported to the FTC in 2018, and 444,602 of them involved identity theft. These reported cases (just think of how high the statistic would be if all cases were reported) amounts to the third...more

Robins Kaplan LLP

Financial Daily Dose 11.14.2019 | Top Story: Fed Chair Talks Economy and Rates During Congressional Testimony

Robins Kaplan LLP on

Fed Chair Powell was far from the main attraction on the Hill yesterday, but hey, let’s keep it on topic here and note his belief that the U.S. economy is performing well even as certain risks—including “sluggish growth...more

Robinson & Cole LLP

Data Privacy + Cybersecurity Insider - September 2019

Robinson & Cole LLP on

The Wolcott school system in Wolcott, Connecticut has been recovering for four months from a ransomware attack that hit its system at the end of the school year. Last week, it was hit with a second attack. According to...more

Robinson+Cole Data Privacy + Security Insider

Privacy Tip #201 – Capital One Suffers Massive Data Breach

Many readers have reached out to learn about the Capital One data breach and how it affects us. If you haven’t been watching the story unfold as closely as I have, here is a summary of what happened, what information was...more

Ballard Spahr LLP

Equifax Reaches Historic $575 Million Settlement Agreement Arising from 2017 Data Breach

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Equifax has agreed to pay $575 million to settle consumer as well as state and federal regulatory claims for its 2017 data breach. This is the largest data breach settlement to date. ...more

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