Cyber attacks

A board member of the National Credit Union Administration urges vigilance against threats that many institutions ignore at their peril.

The breach was quickly followed by fake text and app messages to customers that appeared to come from the challenger bank.

The state's disclosure laws generated data that indicated millions of consumers had their personal details potentially compromised.

With global tensions rising over Ukraine, the cutthroat competitiveness of the U.S. financial sector is yielding to partnership over the conviction that a cyberattack against even a group of minor banks — or a third-party service provider — could imperil everyone in a highly connected system.

Financial losses stemming from sanctions and the threat of cyberattacks are just some of the major concerns from across the industry.

Whether state-sponsored or masterminded by a 16-year-old, data breaches have become a major cause for concern across the banking world.

From the threat of cyberattacks to discriminatory lending practices, banks need to pay close attention to a number of significant challenges.

The annual event, while not specifically tied to the war in Ukraine, could prove to be opportune for financial institutions.

The suspects, ages 16 to 21, were apprehended in connection with an investigation into a hacking group called Lapsus$, which has said it’s responsible for a rash of recent cyberattacks against companies including Microsoft and Nvidia.