Lydia Beyoud reports: The CFPB is ready to shape the next phase of open banking in the U.S. as it develops standards for how vast amounts of consumer financial data is shared among banks, fintech apps, and data transfer companies. Financial data sharing has been largely left in private-sector hands, but the Consumer Financial Protection…
Category: Financial Sector
State Financial Regulators Issue Ransomware Mitigation Tool
Kimberly Peretti, Amy Mushahwar, and Alysa Austin of Alston & Bird write: On October 13, 2020, state financial regulators in partnership with the Bankers Electronic Crimes Taskforce and the U.S. Secret Service, released the Ransomware Self-Assessment Tool (R-SAT) to help financial institutions mitigate the risks of ransomware. The R-SAT is a detailed questionnaire designed to evaluate the…
OH: 11 charged in conspiracy to steal account information, money from bank customers
October 9 — A federal grand jury has charged 11 Cincinnatians in a conspiracy to steal bank customers’ information in Greater Cincinnati and Northern Kentucky in an indictment unsealed here today. According to the indictment, five of the defendants were employed as customer service representatives at Fifth Third Bank in Cincinnati, and in conspiracy with…
Office of the Comptroller of the Currency fines Morgan Stanley $60 million for 2016 data breach
Brendan Pedersen reports: Morgan Stanley was slapped with a $60 million fine by regulators Thursday for risk management problems tied to a 2016 data breach. The consent order by the Comptroller of the Currency cited failures at both Morgan Stanley Bank, N.A., and Morgan Stanley Private Bank, N.A. related to the shutdown of two wealth…
AL: Some Pell City utility customers may have suffered data breach
Taylor Mitchell reports: Some customers who pay the city of Pell City via paper check for their utility bills may have had their data breached according to the municipality and Valley Bank. City Manager Brian Muenger said the municipality has been informed by Valley Bank that some of the city’s customers may have had their…
Hungarian banks, telecoms services briefly hit by cyber attack: Magyar Telekom
Anita Komuves and Marton Dunai report: Some Hungarian banking and telecommunication services were briefly disrupted by a powerful cyber attack on Thursday launched from computer servers in Russia, China and Vietnam, telecoms firm Magyar Telekom MTEL.BU said on Saturday. The event was a distributed-denial-of-service (DDoS) attack, a cyber attack in which hackers attempt to flood a…