Data security

The new rules also expand the use of "proven protections," such as multifactor authentication, according to Adrienne Harris, superintendent of the New York State Department of Financial Services.

The U.K. Information Commissioner's Office concluded that the former chief executive officer of NatWest Group breached data-protection laws when she discussed the closure of former British politician Nigel Farage's bank account with a reporter. 

The global clearinghouse inked the deal with Securrency as part of its push to expand the use of the emerging technology in capital markets.

The bank suffered its third breach in three years, this time by virtue of a vulnerability in Progress Software's file-transfer system. But Flagstar is only one of many such victims.

The Federal Reserve vice chair for supervision said advancements in technology could put banks in a "constant struggle" to stay ahead of hackers and other bad actors.

In a Wednesday Congressional hearing, an assistant superintendent explained why her school district decided to pay a ransom to cyber criminals. It's a cautionary tale for banks, which are often targets.

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

The move to create data consortia and proprietary information networks is creating exactly the kind of information silos that money launderers exploit today.

Two federal agencies recently released a warning about a strain of ransomware called Snatch, which has adopted the successful tactics of other variants.

Ongoing disruptions and a reported ransom payment highlight the complexity of cybercrime networks and the pitfalls of paying ransoms.

The FBI, NSA and CISA highlighted the emerging dangers of AI-powered deepfakes in phishing campaigns and cataloged protections companies can deploy.

The botnet of 700,000 computers — many in the U.S. — had assisted in major ransomware attacks, with the financial sector as its primary target.

Following six years of development, the National Institute of Standards and Technology has released draft standards for three algorithms that can resist future attacks by quantum computers.

There is an urgent need for a new class of security solutions that will allow people to retain control of their decentralized financial lives with confidence and safety.

The latest draft emphasizes integrating cybersecurity into core governance functions and broadens its scope beyond just critical infrastructure sectors. It also offers guidance on dealing with novel threats, such as newer strains of ransomware.

A pair of recently launched products use generative AI to actively train people on cybersecurity through the use of live simulations of real attacks.

The release of two malicious language models — WormGPT and FraudGPT — demonstrate attackers' evolving capability to harness language models for criminal activities.

The new rule sets a nationwide standard for disclosing all "material" breaches within four days — much sooner than many state-level disclosure rules.