The BrusselsTimes reports: A data leak at Belgian merchant bank Degroof Petercam has compromised the data of hundreds of the bank’s clients, including major Belgium companies and corporations, Le Soir reports. An employee of the bank is reported to have abused his access to customer information and illegally downloaded client files. Le Soir learned of the leak…
Category: Financial Sector
ECB Fines Spain’s Abanca for Delay in Reporting Cyber Hack
Reuters reports: The European Central Bank said on Friday it had fined Spanish bank Abanca for its delay in reporting a cyber attack that forced it to suspend its main means of payment in 2019. “The bank’s omission hindered the ECB’s ability to properly assess Abanca’s prudential situation and to react in a timely manner…
Cyber-enabled financial crime: USD 130 million intercepted in global INTERPOL police operation
Press Release: LYON, France – An INTERPOL police operation to tackle online fraud has seen almost 1000 suspects arrested and the seizure of USD 129,975,440 worth of virtual assets. Fraud investigators around the world worked together over five months (28 June – 23 November) to intercept money and virtual assets linked to a wide range…
FTC Announces Six-Month Extension for Compliance with Some Changes to Gramm-Leach-Bliley Safeguards Rule
Hunton Andrews Kurth writes: On November 15, 2022, the Federal Trade Commission announced a six-month extension for companies to comply with certain updated requirements of the Gramm-Leach-Bliley Act’s Safeguards Rule, a set of data security provisions covered financial institutions must implement to protect their customers’ personal information. The new deadline is June 9, 2023. The FTC announced updates to…
Taking down a ransomware hacker
An FBI investigation into a criminal ransomware gang believed to be tied to Russia led to a Canadian government employee in Gatineau, the largest cryptocurrency seizure in Canadian history and hundreds of victims around the world. Roxanna Woloshyn, Marie-Maude Denis and Linda Guerriero report: In the early morning hours of Jan. 27, 2021, two police…
Ransomware cost US banks $1.2 billion last year
Dan Robinson reports: Banks in the US paid out nearly $1.2 billion in 2021 as a result of ransomware attacks, a marked rise over the year before though it may simply be due to more financial institutions being asked to report incidents. The figures come from the most recent Financial Trend Analysis report [PDF] on ransomware from…