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Join the Cybersecurity and Incident Response Group on LinkedInHackers Breached Virginia Bank Twice in Eight Months, Stole $2.4M — Krebs on Security
Hackers used phishing emails to break into a Virginia bank in two separate cyber intrusions over an eight-month period, making off with more than $2.4 million total. Now the financial institution is suing its insurance provider for refusing to fully cover the losses. via Hackers Breached Virginia Bank Twice in Eight Months, Stole $2.4M — […]
How a hacker’s typo helped stop a billion dollar bank heist — Reuters
A spelling mistake in an online bank transfer instruction helped prevent a nearly $1 billion heist last month involving the Bangladesh central bank and the New York Fed, banking officials said. Unknown hackers still managed to get away with about $80 million, one of the largest known bank thefts in history. The hackers breached Bangladesh […]
Could a cyberattack take down a bank? — CNBC
Could the devastating cyberattack that hit Sony also destroy the systems of the nation’s largest banks? It’s Bill Nelson’s job to make sure it doesn’t. Nelson is the CEO of a little-known, 15-year effort by the financial services industry to stop cybercrime by sharing information about attacks in progress throughout the sector. via Could a […]
Will Banks Be Required to Have Cyber-Insurance? — Bank Info Security
In addition to a focus on C-level cybersecurity awareness and mitigation strategies aimed at third-party risks, it now seems likely that the new cybersecurity guidance expected from federal banking regulators in 2015 also will include recommendations for investments in cyber-insurance. via Will Banks Be Required to Have Cyber-Insurance? — Bank Info Security
States, U.S. Beef Up Cybersecurity Training for Bank Examiners – WSJ
Federal and state regulators are ramping up plans to train bank examiners about cybersecurity risks at a time when the financial institutions they oversee face growing threats from hackers. via States, U.S. Beef Up Cybersecurity Training for Bank Examiners – WSJ
After JPMorgan Chase breach, push to close Wall St security gaps | Business Standard News
This summer’s huge cyberattack on JPMorgan Chase and a dozen other financial institutions is accelerating efforts by federal and state authorities to push banks and brokerage firms to close some gaping holes in their defenses. Top officials at the Treasury Department are discussing the need to bolster fortifications around a critical area of cybersecurity: outside […]
Major Data Breach at an M&A Target of BNY Mellon – American Banker
MBIA, the municipal bond insurance giant, suffered a major customer data breach that exposed customer data of an asset-management subsidiary that Bank of New York Mellon has agreed to buy. via Major Data Breach at an M&A Target of BNY Mellon – American Banker
Regulator sees cyber attacks on banks causing ‘Armageddon’ | New York Post
A rise in sophisticated cybersecurity attacks on banks will lead to a cataclysmic event in financial markets, a top financial regulator said on Monday. “I worry that we’re going to have some major event in the financial system that’s going to cause us all to shutter,” Ben Lawsky, superintendent of the New York Department of […]
Why $250M didn’t protect JPMorgan from hackers – CBS News
JPMorgan reported to shareholders that it will have spent $250 million on cybersecurity by the end of 2014. It employs more than 1,000 people for these efforts, according to the annual shareholder letter from Chairman and CEO Jamie Dimon. That makes this defeat particularly bitter. via Why $250M didn’t protect JPMorgan from hackers – CBS […]
FBI Probing Reported Cyber Attacks on J.P. Morgan, Other Banks | Compliance Week
The FBI confirmed last night that it is working with the U.S. Secret Service “to determine the scope of recently reported cyber attacks against several American financial institutions.” According to the WSJ, federal investigators are primarily focused on a possible “significant breach of corporate computer security” at J.P. Morgan and up to four other banks. J.P […]
How Much Cybersecurity Is Enough? – American Banker
When can an organization rest assured that it’s done enough to secure itself and its customers or constituents against cyberattacks? It’s a question bank chief executives and boards ask themselves when wire-transfer fraud occurs, when new malware strains like Svpeng emerge, when denial-of-service attacks take place, and when data breaches happen. The question cropped up […]