Cyber attacks

A bipartisan bill to establish a federal security framework follows a string of efforts beset by congressional turf battles.

The finance sector had the highest number of breaches of all industries, with 471 in 2016, according to a report issued Friday by the White House's Council of Economic Advisers.

The best course of action would be seek a policy, or an endorsement to your policy, that specifically includes coverage for all PCI fee, according to Karin Scherner Aldama, a partner at Perkins Coie's Insurance Recovery Law Practice.

S&P lowers the bank’s rating to A-minus following Federal Reserve sanctions on growth; 13 are arrested after alleging defrauding banks of $530 million over seven years.

Sen. Elizabeth Warren released a scathing report Wednesday on Equifax's handling of the data breach last year, part of an effort to gain backing for legislation to rein in the credit bureaus.

The U.S. charged 36 people in a takedown of an international cybercrime ring that prosecutors say used the slogan “In Fraud We Trust” and stole $530 million with the help of pilfered identities and malware.

While bank-run ATMs don’t appear to be affected so far, older, front-loaded cash machines are vulnerable to the attack, according to an alert from the Secret Service.

To date, the vast majority of security investment has focused firmly on keeping the bad guys out. It only ever works to a certain extent. This is because there is much greater impetus for the hackers to devise new methodologies to gain access and the security industry at large is only ever playing catch up, writes James Barham, chief commercial officer at PCI Pal.

The two senators are set to introduce a bill that would force such firms to pay $100 per customer whose personal information was compromised.

The widespread nature of the threat (most computer chips are vulnerable) and the reality that banks are always juicy targets mean bank officials must take a series of protective actions as soon as possible.