From the we-tried-to-notify-you dept. Brian Krebs reports: Notifying people and companies about data breaches often can be a frustrating and thankless job. Despite my best efforts, sometimes a breach victim I’m alerting will come away convinced that I am not an investigative journalist but instead a scammer. This happened most recently this week, when I told a California credit…
Category: Financial Sector
Restitution amount must reflect complete accounting of intended loss: court
There’s an update to an insider breach case previously noted on this site involving a former employee of Citadel LLC and Tradeworx Inc. An opinion out of the 7th Circuit Court of Appeals may offer some small measure of hope to defendants in CFAA cases when it comes to restitution for theft of proprietary information and costs of…
Letter to New York State Banks and Insurance Companies: New Cybersecurity Regulations Likely (Part 2 of 2)
Randall J. Collins writes: In my previous post, I reviewed the New York State Department of Financial Services’ (NYDFS) findings and conclusions of survey results of financial institutions and insurers’ programs, costs, and future plans related to cybersecurity. Anthony J. Albanese – Acting Superintendent of Financial Services – writes in a November 9, 2015 letter to Financial and…
MasterCard Set for Global ‘Pay-by-Selfie’ Launch
Phil Muncaster reports: Credit card giant MasterCard is set to extend its ‘pay-by-selfie’ facial recognition technology to 14 countries including the UK this summer as part of its ongoing attempt to crack down on identity fraud. The firm told the FT that the decision was made after trials of the system in the US and the Netherlands…
Scottrade Faces Consolidated Data Breach Class Action Lawsuit
There’s an update to the Scottrade breach previously reported on this blog. The breach, potentially impacting 4.6M customers, was disclosed in October 2015 but had reportedly occurred between late 2013 and early 2014. Three individuals were indicted in November, 2015. Now Top Class Actions reports that a consolidated data breach class action lawsuit was filed in…
Ca: Class action launched against auto lender for data breach
I know litigation can take a long time, but wow, this case is dragging on… and on…. The breach that forms the basis for this suit pre-dates this blog. Sarah Rubenoff reports: Quebec law firm Lex Group Inc. announced Monday it has gained authorization to move forward with a data breach class action dealing with…