IMF calls Mythos a systemic risk
Three senior officials say attackers will eventually breach bank defenses, and supervisors should plan for it — while U.S. regulators stay nearly silent.
Cyber Security
Bankers most worried about cybersecurity, economy: Survey
Fintech firm IntraFi's most recent quarterly survey of bank executives showed rising pessimism among bankers related to "instability in Washington," as well as growing concerns about technology-enabled fraud.
Trump tariffs spook markets, but investor confidence grows
The looming initial public offering from Swedish payments firm Klarna comes in the foreground of tariff uncertainties and inflationary pressures.
Chinese hackers accessed Yellen’s computer in U.S. Treasury breach
The attackers also hacked the computers of two of Yellen's lieutenants, Deputy Secretary Wally Adeyemo and Acting Under Secretary Brad Smith.
US Treasury says it was breached by Chinese-backed hackers
Treasury was notified on Dec. 8 by a third-party software provider that a hacker had gained access "to a key used by the vendor to secure a cloud-based service."
FSOC flags commercial real estate, cyber and stablecoins
The Financial Stability Oversight Council's annual report underscores mounting challenges in commercial real estate, escalating cyber threats, and regulatory gaps in third-party services and stablecoins, urging stronger oversight and legislative action.
Treasury, banking groups band together to fight cyberattacks
The federal Project Fortress initiative provides defensive tools for banks. Community banking groups and regulators' associations say small banks in particular need the free and accessible help.
Poor testing allowed CrowdStrike error to crash millions of computers
The cybersecurity company promised more rigorous tests for software updates after a widespread IT outage last month.
CrowdStrike hints at root cause of Friday’s sweeping IT outage
While the company is still analyzing the error that caused many Windows systems to crash, it said a logic error in a channel file was the cause. Here's what that means.
Loandepot hack leaked almost 17 million customers’ SSNs
The lender had previously revealed that personally identifying information from 16.6M customers had leaked, but hadn't offered these details.
Loandepot faces class action over PII exposure during breach
16.6 million former and current Loandepot customers had their data leaked, the lender and servicer announced Monday.
UWM, Guaranteed Rate, Loandepot roll out new initiatives
Also, Wells Fargo, Finance of America entered into partnerships affecting real estate tax and cybersecurity solutions.
What banks need to know about Snatch ransomware
Two federal agencies recently released a warning about a strain of ransomware called Snatch, which has adopted the successful tactics of other variants.
Federal agencies warn of rising deepfake threats
The FBI, NSA and CISA highlighted the emerging dangers of AI-powered deepfakes in phishing campaigns and cataloged protections companies can deploy.
Pennymac, RoundPoint clients exposed to global data breach
The customers were affected by an incident involving a Progress Software program used by Sovos Compliance.
Banks must publicly disclose data breaches under new SEC rule
The new rule sets a nationwide standard for disclosing all "material" breaches within four days — much sooner than many state-level disclosure rules.
FTC investigation of OpenAI scrutinizes AI data security
In a data breach at OpenAI, some ChatGPT users were able to see other users' financial data. In other cases, users have invoked their dead grandmothers to access information that should have been sealed off.
How worried should banks be about the dangers of quantum computing?
Experts say banks should start stepping up their encryption now, because hackers can steal it now and decrypt it with quantum computing later.
Banks detected a record $886 million in ransomware payments in 2021
The increases may simply reflect better detection and reporting, but banks continue to facilitate large ransom payments to sanctioned individuals.
Breach data from Maine shows scope of bank, credit union exposures
The state's disclosure laws generated data that indicated millions of consumers had their personal details potentially compromised.
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