Tag: data breach

Capital and Risk, Insurance

Majority of Underwriters Predict Cyber Risks Grow ‘Greatly’ in 2024: Survey

January 18, 2024

Via: Insurance Journal

Underwriters who thought the growing cyber risk landscape of the past several years would level off soon might want to think again. Woodruff Sawyer’s annual survey of cyber insurance carriers found all underwriters surveyed believe cyber risk will increase in […]

Capital and Risk, Insurance

Carnival Cruise Pays $5M, Gives Up Insurance Licenses in New York Over Data Breach

June 24, 2022

Via: Insurance Journal

New York’s financial services regulator has fined Carnival Corp. $5 million for violations of the state’s cybersecurity regulations that the state says caused four cyber breaches and the exposure of personal data belonging to its customers, including New York consumers. […]

Capital and Risk, Operational

Breach at Flagstar Bank impacts more than 1.5M customers

June 22, 2022

Via: Banking Dive

Flagstar said it has no evidence that any of the information obtained in the breach has been misused. The bank has hired the global consultant Kroll in the aftermath of the breach. “Nevertheless, out of an abundance of caution we […]

Capital and Risk, Operational

Small New York bank reports data breach

March 14, 2022

Via: American Banker

Lake Shore Savings Bank in Dunkirk, New York, disclosed in a financial statement to investors that it had suffered a data breach after hackers gained access to customers’ personal information. The bank, which recently reported it has just under $600 […]

Capital and Risk, Operational

Morgan Stanley falls prey to lingering effects of Accellion breach

July 12, 2021

Via: Banking Dive

While there was no breach of Morgan Stanley applications, the bank was still subject to an incident through a supply chain attack. In this case, a compromise further up the supply chain, the vendor of a Morgan Stanley vendor, led […]

Capital and Risk, Operational

Financial organisations require a new cybersecurity “playbook” for the post-pandemic era

September 29, 2020

Via: FinTech Futures

In its report, Verizon reveals that the financial sector ranks fourth among all sectors (1,509 incidents), and at second overall just behind healthcare (448 breaches) in its analysis of more than 32,000 security incidents and 3,950 breaches. In addition, these […]

Capital and Risk, Operational

Capital One fined $80m for 2019 data breach

August 10, 2020

Via: Banking Technology

The fine relates to a July 2019 data breach which exposed the records of more than 100 million customers. A hacker accessed American and Canadian Capital One customers’ data hosted on Amazon Web Services (AWS). The breach exposed names, addresses, […]

Capital and Risk, Operational

Equifax to Pay $18M Over Data Breach Affecting Nearly Three Million Mass. Residents

April 20, 2020

Via: Insurance Journal

One of the largest consumer credit reporting agencies in the country has agreed to pay $18.2 million and undertake significant injunctive relief following a massive data breach in 2017 that compromised the personal information of nearly three million Massachusetts residents, […]

Activity, Corporate Banking, Insurance

Only 2% of the Equifax data breach victims have signed up for free credit monitoring so far

November 1, 2019

Via: Market Watch financial

Months after class-action attorneys and regulators unveiled a $700 million dollar settlement with Equifax for a massive data breach affecting 147 million people, new court papers say approximately 3 million consumers have chosen the deal’s free credit monitoring services. The […]

Retail Banking

Capital One reveals huge data breach by hacker

July 30, 2019

Via: Banking Technology

An external security investigator notified Capital One on 17 July and the breach was confirmed on 19 July. The FBI has arrested the alleged hacker and taken them into custody. The Financial Times reports that the suspect is Paige Thompson, […]

Capital and Risk, Operational

The newest way to combat fraud: A one-time credit-card number you can throw away

April 2, 2018

Via: Market Watch

Is there a solution to credit-card fraud? Hackers have potentially breached the credit- and debit-card data of more than 5 million customers from the parent company of Saks Fifth Avenue, Saks Off Fifth and Lord & Taylor stores, according to […]


Equifax’s Smith goes to Washington to face Senate hearing on data breach

October 4, 2017


Equifax’s former CEO, Richard Smith, is likely to face heated questioning from members of the Senate Banking Committee Wednesday as he returns to Capitol Hill for a second day of testimony. He is scheduled to appear in the Banking and, […]

Capital and Risk, Macroeconomic

Why the United States was wide open to a disaster like Equifax

September 21, 2017


More than sloppy cybersecurity measures, the massive data breach uncovered at Equifax revealed inherent flaws in the U.S.: the over-reliance on Social Security numbers credit reporting system in need of reform. The Social Security number is a “chief means” of […]