Katherine Lofthouse reports: UK banks will now have to publish complaints and security breach data as part of efforts to shake up Britain’s heavily consolidated industry. This means that it is vital for banks to be transparent in order to increase customer trust says Fujitsu UK & Ireland, responding to the news. Sarah Armstrong-Smith, head of continuity…
Category: Financial Sector
‘Cyber heist’: 600 bank accounts hacked for Rs 10million
It’s hard to tell, but it sounds like skimmers were involved in this one? Dunya News reports: Cyber hackers have stolen at least Rs 10million in a development that was reported Monday from some 600 bank accounts of multiple banks. One of the victims of the hack, Habib Bank has informed State Bank of Pakistan…
Poor incident response? Bad PR, Monday edition
If you can’t prevent a breach, can’t you at least fake genuine concern? You know, the “At <blahblahblah>, we take your privacy and security very seriously” bit? Mark Flamme reports on a Key Bank breach where the bank’s response to notification of a problem is at least as problematic as the breach itself. After a…
Leader of Russian computer hacker gang who stole £2m from British firms’ bank accounts jailed for nine years
Darren Boyle reports: A Russian man who ran a sophisticated computer hacking network which stole at least £2 million from the bank accounts of UK businesses has been jailed for nine years. Vugar Mollachiev, 37, of Berkeley Gardens, north London, was sentenced to nine years imprisonment at Southwark Crown Court for conspiracy to defraud and…
Malaysia’s CIMB says backup tapes with customer data lost
Malaysia’s CIMB Group Holdings said some magnetic tapes containing back-up customer data were lost during routine operations, but added that there has been no evidence that any data has been compromised, Reuters reported on Monday. Malaysia’s second biggest lender said the tapes do not contain any authentication data such as pin numbers, passwords or credit…
Reserve Bank of India Fines Yes Bank $1 Million for Tardy Breach Reporting
Suparna Goswami reports: The Reserve Bank of India has slapped a $1 million (U.S.) penalty on Yes Bank for failing to promptly notify the central bank of a 2016 data breach of its ATM network. This is reportedly the first such penalty imposed on a bank. OK, this was a breach of the Yes Bank…