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Category: Operational


Capital and Risk, Operational

FSB consults on effective practices for cyber incident response and recovery

April 27, 2020

Via: Banking Technology

The toolkit of effective practices aims to assist financial institutions in their cyber incident response and recovery activities. Cyber incidents pose a threat to the stability of the global financial system. In recent years, there have been a number of […]


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, Capital and Risk, Insurance, Operational

Putting a price on protection: the importance of cyber insurance

March 23, 2020

Via: Finextra

For almost as long as businesses have been subject to risk, some form of insurance has existed to mitigate their exposure. The first recorded commercial insurance policies date back to Babylonian times, and in the thousands of years since, the […]


Capital and Risk, Operational

FCA issues coronavirus cryptocurrency scam warning

March 13, 2020

Via: Banking Technology

In a warning published on its website, the regulator says criminals and scammers are trying to take advantage of confusion and market instability in the wake of the virus’ spread across the globe. “Watch out for scams related to coronavirus […]


Capital and Risk, Operational

Wells Fargo agrees to pay $3bn fine for fraudulent account furore

February 25, 2020

Via: Banking Technology

The bank, fourth-largest in the US, will pay the hefty fine to both the US Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). The SEC will receive around $500 million of the total figure, which it plans […]


Capital and Risk, Operational

U.S. Charges Four Chinese Military Hackers in Huge Equifax Data Breach in 2017

February 11, 2020

Via: Insurance Journal

The United States has charged four Chinese military hackers in the 2017 breach of the Equifax credit reporting agency that affected nearly 150 million American citizens, Attorney General William Barr said on Monday. “This was a deliberate and sweeping intrusion […]


Capital and Risk, Operational

Canada puts security at top of open banking review

February 3, 2020

Via: Finextra

The Department of Finance Canada set up an Advisory Committee on Open Banking in 2018 to investigate whether the country should follow the UK in making it easier for people to let third party financial services providers access their banking […]


Capital and Risk, Operational

Bank cyberattack could hit whole financial system – NY Fed research

January 20, 2020

Via: Finextra

The report models how a cyberattack on a single large bank, a group of smaller banks or a common service provider can be transmitted through the wholesale payments network. The researchers estimate that a hit on a big five bank […]


Capital and Risk, Operational

Banks must improve cyber risk culture, says MAS panel

October 1, 2019

Via: Banking Technology

The Cyber Security Advisory Panel (CSAP) convened in late September, in a discussion chaired by MAS managing director Ravi Menon. It found that risk culture was often a contributing factor during cyber incidents. According to MAS, CSAP members highlighted that […]


Capital and Risk, Operational

Volkswagen Bank choose OneSpan for cybersecurity

September 3, 2019

Via: Banking Technology

The partnership will see Volkswagen use OneSpan’s mobile application security to protect its financial transactions and secure compliance with the Second Payments Services Directive (PSD2). OneSpan, which works with half of the top 100 global banks, has created a bespoke […]