Jimi Aki reports: KuCoin, a major cryptocurrency exchange, has been hit with a $297 million settlement after admitting to a regulatory breach in the United States. The settlement includes a criminal fine of $112.9 million and a forfeiture of $184.5 million, and KuCoin will be required to exit the U.S. market for at least two…
Category: Financial Sector
PayPal to pay NYS $2M for violating DFS’s Cybersecurity Regulation
January 23, 2025 New York State Department of Financial Services Superintendent Adrienne A. Harris today announced that PayPal, Inc. (PayPal) will pay a $2 million penalty to New York State for violations of DFS’s Cybersecurity Regulation. An investigation determined PayPal failed to use qualified personnel to manage key cybersecurity functions and failed to provide adequate training…
Securities and Exchange Commission Settles Charges Against Flagstar for Misleading Investors About Citrix Data Breach
ADMINISTRATIVE PROCEEDING File No. 3-22360 December 16, 2024 – The Securities and Exchange Commission today filed settled charges against Flagstar Bancorp, Inc. (now known as “Flagstar Financial, Inc.”), for making materially misleading statements regarding a cybersecurity attack on Flagstar’s network in late 2021 (the “Citrix Breach”). The SEC’s order finds that Flagstar negligently made materially misleading…
Dutch people advised to carry cash in case of cyberattack by Russia
Sarah McKenna Barry reports: The Dutch Central Bank has issued an unprecedented warning to the public to keep cash at home due to the risk of cyberattacks from Russia. Officials are concerned that cyberattacks have the potential to cause massive disruption to digital banking systems and want citizens to have some cash on them as an insurance…
Cyberattack on debt acquisition firm Cabot involved theft of 394,000 data files, court hears
The Irish Times reports: A cyber attack targeting acquisition and credit servicing firm Cabot involved theft of some 394,000 data files, including material related to its direct customers and its loan book, the High Court has heard. Cabot Financial (Ireland) Ltd, Cookstown Court, Old Belgard Road, Tallaght, Dublin, claims there are “persons unknown” behind the attack along with a…
Fintech Giant Finastra Investigating Data Breach
Brian Krebs reports: The financial technology firm Finastra is investigating the alleged large-scale theft of information from its internal file transfer platform, KrebsOnSecurity has learned. Finastra, which provides software and services to 45 of the world’s top 50 banks, notified customers of the security incident after a cybercriminal began selling more than 400 gigabytes of data purportedly…