Aaron Nicodemus reports: The Securities and Exchange Commission (SEC) will require broker-dealers and registered investment advisers to adopt written policies and procedures for handling data breaches of customer data and notify affected customers within 30 days. On Thursday, the SEC approved amendments to Regulation S-P, known as the safeguards rule. The rule requires covered entities to…
Category: Financial Sector
‘Got that boomer!’: How cybercriminals steal one-time passcodes for SIM swap attacks and raiding bank accounts
Here’s your “definitely want to read this one today” piece. Zack Whittaker reports: The incoming phone call flashes on a victim’s phone. It may only last a few seconds, but can end with the victim handing over codes that give cybercriminals the ability to hijack their online accounts or drain their crypto and digital wallets….
Au: Shock for customers as personal details leaked in worrying breach
Zak Wheeler reports: Hackers have cracked a popular mortgage lender’s servers and gained access to the personal information of its clients. Firstmac, an Australian non-bank mortgage lender, sent out a round of emails to customers this week alerting them to the fact that their data may have been breached. Information accessed by hackers included bank accounts, passport…
J.P. Morgan Sued For Data Exposure
Remy Samuels reports: A participant in a retirement plan managed by J.P. Morgan Chase & Co. has initiated legal action against the company following recent reports of a data breach where over 451,000 plan participants’ personal details were exposed, According to the lawsuit filed in the U.S. District Court for the Southern District of New York on May…
On Q Financial announces data breach, law firm feeding frenzy follows
On April 2, Arizona-based On Q Financial notified the Maine Attorney General’s Office of a breach the mortgage lender experienced. Within days, law firms announced investigations into the breach and sought potential class action members. Was there anything particularly unique that would trigger a legal feeding frenzy? No. But On Q Financial holds financial data…
Too Speculative’: US Judge Throws Out Data Breach Suit Against Ally Financial
Jane Wester reports: U.S. District Judge Nelson Román of the Southern District of New York on Monday dismissed a proposed class action lawsuit against Ally Financial, finding that the plaintiff failed to establish the injury suffered by a data breach incident. Named plaintiff David De Medicis sued the bank in 2021, arguing that the security…