Cyber attacks

The attack knocked out online banking, mobile banking and the call center at Patelco Credit Union.

In a simulation exercise hosted by the Global Resilience Federation on Tuesday, banks and credit unions tested their ability to withstand an industrywide wiperware attack.

The attack is one of three major incidents the lender has suffered in the past three years.

The criminal hacking gang LockBit said it was behind a ransomware attack that shut down some of the operations of EquiLend, a financial technology firm that processes trillions of dollars of securities-lending transactions every month.  

The roundup of top banking tech news for 2023: Ally Bank's path into the world of generative artificial intelligence, JPMorgan Chase's fallout from its deal with the college financial-planning website, banks across the U.S. increasingly fell victim to cyber attacks and more.

The credit card company is creating avenues for their staff, veterans and talent outside their organization looking to upskill.

While ransomware group Alphv/Blackcat claims to have orchestrated the incident, title insurance company Fidelity National Financial has not yet stated whether confidential data was compromised.

At the Sibos conference, cybersecurity leaders at banks and other experts debated how to train employees to thwart threats that AI has intensified.

Ransomware gang Cl0p is currently threatening 50 companies with releasing data it stole from them late last month.

Experts say banks should start stepping up their encryption now, because hackers can steal it now and decrypt it with quantum computing later.

The Consumer Financial Protection Bureau alerted staff this week that text messages had been sent to employee personal phone numbers claiming to be from Director Rohit Chopra.

The attack on AvidXchange, which the company said it learned about in early April, exposed its bank account numbers and some embarrassing security practices. It's part of a growing trend of data exfiltration attacks.

Security researchers discovered the compromise in Trading Technologies software while looking into the cause of a compromise in 3CX phone conferencing software.

Alphv developers claimed responsibility for an attack that started last week against the payments and digital banking software maker. The ransomware is more sophisticated than many of its peers.

On Thursday, a ransomware group published data apparently stolen from Tri Counties Bank, which suffered an outage to its ATM network last month.

Derivatives markets were hobbled for several days by hackers using malware from LockBit, who said ION paid the ransom.

The top U.S. derivatives watchdog wants new cybersecurity rules as a recent attack on the software company ION Trading U.K. continues to roil the industry.

While most distributed denial-of-service attacks against U.S. banks and credit unions result in little to no disruption, they can chip away at reputations if left unchecked.

Banks worried about similar attacks against their own customers can use multifactor authentication and suspicious login detection to reduce risk.