Data security

Traditional banks already have the tools they need to win back consumers’ confidence, but they need to be smart about deploying them.

Tuesday’s announcement provides clarity to institutions that are trying to stay ahead of quantum computing’s threat to data security.

Fraudsters sometimes target customers of credit unions and smaller banks because the institutions lack the cybersecurity resources of larger players.

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.

The data breach, which occurred over a two-day period last December, is the largest disclosure by a mortgage lender this year.

A recent survey indicated banks and other firms continue to grapple with the cybersecurity challenges of remote work. To defend their data, they’re looking far beyond the traditional VPN.

A recent campaign targeting Quickbooks users claimed customers had their accounts suspended because of problems verifying their business information. It’s the latest example of scams that slither through multiple lines of defense.

The credit union’s members are disproportionately targeted by cybercrime. Password managers are critical to helping them protect themselves, said data security chief Mike Newborn.

Widespread sharing of financial and other data creates enormous privacy risks for consumers, many of whom have no real understanding of the danger.

Researchers may now have more leeway in helping banks uncover vulnerabilities to their systems, but legal gray areas remain.

Several federal agencies have recently stepped up requirements on banks to notify regulators and the public when they fall victim to cybersecurity incidents.

David Reilly oversaw cybersecurity efforts at the bank for years and has learned how employees with access to sensitive information can be flipped, conned or extorted into cooperating with hackers.

While some American lenders have started to exit the region, the overall impact on their operations has been moderate, the central bank said in its semiannual Supervision and Regulation Report.

Financial institutions need to begin sharing profiles of fraudsters posing as legitimate customers. The technology to do it securely is already available.

Cryptocurrency firms, armed with cash and in need of regulatory experience, are poaching U.K. cybercrime cops with offers of double or triple pay.

Crypto exchange woes, third-party vendor hacks and the threat of theft of inside information are among the concerns keeping chief information security officers up at night, according to a new survey.

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

J.P. Morgan Chase Bank N.A. was sued by a unit of the French maker of Ray-Ban glasses, which claims the bank ignored red flags as international cybercriminals drained $272 million from its New York bank account.

Fraud has evolved to defeat existing federal Customer Identification Program requirements. It’s time for regulators to modernize them.

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