Ransomware

The market stayed open four extra hours to allow participants to reroute trades Thursday after an attack by cybercrime group Lockbit.

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 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.

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.

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

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.

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.

A consortium of financial companies said premiums are rising despite a relatively low level of overall risk, causing some banks to reconsider their policies.