The Jakarta Post reports: A network of credit card salespeople and bank employees have been trading the personal information of bank customers and credit card holders with each other in an effort to make quicker sales, as reported by Kompas daily in a recent investigation. Personal information sold by the salespeople comprised a customer’s name,…
Category: Financial Sector
FirstBank Canceling Debit Cards Due To ‘Possible External Security’ Incident; Accounts May Have Been Compromised, The Bank Warns
FirstBank, whose presence in the U.S. Virgin Islands is second only to Banco Popular’s, is canceling debit cards as soon as Monday because of what the bank described as a “possible external security” incident that affected the bank. The debit cards are being canceled, FirstBank said in emails sent to account holders, because accounts may…
SEC Warns Advisers Over Privacy Compliance Issues
Craig A. Newman of Patterson Belknap writes: The Securities and Exchange Commission is warning investment firms to step up their game when it comes to following the agency’s privacy rules. In a Risk Alert issued by the Office of Compliance Inspections and Examinations (OCIE), a laundry list of compliance “deficiencies or weaknesses” were identified in…
Marcus Hutchins’ plea leaves unsettled whether writing certain types of code is illegal – Ekeland
In May, 2017, a young man from the U.K. became known as an “accidental hero” for saving the world from the further spread of WannaCry ransomware. But months later, this same hero, Marcus Hutchins, known online as @MalwareTech, was arrested in the U.S. as he tried to fly home after attending the Black Hat and…
SEC Issues Privacy and Data Security Risk Alert
Joseph Lazzarotti of JacksonLewis writes: Following recent examinations of SEC-registered investment advisers and broker-dealers, the Securities and Exchange Commission’s (SEC) Office of Compliance Inspections and Examinations (OCIE) published a privacy risk alert on April 16, 2019. OCIE is hoping to remind advisers and broker-dealers about providing compliant privacy and opt-out notices, and adopting and implementing effective policies and…
Ottawa should impose cyber obligations on banks, says national security expert
Howard Solomon reports: Ottawa has to give Canadian banks more pointed direction to improve their ability to withstand cyber attacks, says the country’s former national security advisor. “Government legislatively has to impose obligations on financial institutions, much in the same way they have done with money laundering,” Richard Fadden told parliament’s Public Safety committee on…