With global tensions rising over Ukraine, the US financial sector’s cutthroat competitiveness is giving way to collaboration in the belief that a cyberattack against even a small group of minor banks – or a third-party service provider – could endanger everyone in a highly connected system. Some of the nation’s largest banks are now collaborating… Continue reading Wall Street Banks Quietly Test Cyber Defenses at Treasury’s Direction
Tag: cyberattacks
Ransomware Threat Rises: Verizon Report
The Verizon Business 2022 Data Breach Investigations Report (2022 DBIR) examines an unprecedented year in cybersecurity history, and sheds light on some of the leading issues affecting the international cybersecurity landscape. Of particular concern is the alarming rise in ransomware breaches, which increased by 13 percent in a single year – representing a jump greater… Continue reading Ransomware Threat Rises: Verizon Report
Cyber Insurers Face Large Ukraine War-Related Claims, Despite Fine Print
Insurers face potential multi-billion dollar claims for cyberattacks related to Russia’s invasion of Ukraine, despite policy wording designed to get them off the hook for war, industry sources say. Following the Feb. 24 attack on Ukraine and Western sanctions against Moscow, the U.S. government said last week it had seen “preparatory” Russian hacking activity aimed… Continue reading Cyber Insurers Face Large Ukraine War-Related Claims, Despite Fine Print
U.S. Companies to Face New Cyber Reporting Requirements
According to new rules approved by Congress, companies critical to US national interests will now be required to report when they are hacked or pay ransomware. The rules are part of a larger effort by the Biden administration and Congress to strengthen the country’s cyberdefenses following a series of high-profile digital espionage campaigns and disruptive… Continue reading U.S. Companies to Face New Cyber Reporting Requirements
Top Regulator Calls for Banks to Amp Up Cyber Security As Ransomware Attacks Rise
A top U.S. banking regulator is warning firms to ensure they have robust policies in place to protect themselves from cyberattacks, citing an increase in ransomware attacks in a report issued Monday. According to the Office of the Comptroller of the Currency, banks must have “robust” systems in place to identify threats and vulnerabilities in… Continue reading Top Regulator Calls for Banks to Amp Up Cyber Security As Ransomware Attacks Rise
Russia Renews Broad Cybersurveillance Operation, Ignoring Sanctions
Russia’s premier intelligence agency has launched another campaign to pierce thousands of U.S. government, corporate and think-tank computer networks, Microsoft officials and cybersecurity experts warned on Sunday, only months after President Biden imposed sanctions on Moscow in response to a series of sophisticated spy operations it had conducted around the world. The new effort is… Continue reading Russia Renews Broad Cybersurveillance Operation, Ignoring Sanctions
Gang Linked to Colonial Pipeline Ransomware Impersonates Real Company to Recruit Tech Talent
A criminal organization believed to have built the software that shut down a U.S. fuel pipeline has set up a fake company to recruit potential employees, according to researchers at the intelligence firm Recorded Future and Microsoft Corp. The fake company is using the name Bastion Secure, according to the researchers. On a professional-looking website,… Continue reading Gang Linked to Colonial Pipeline Ransomware Impersonates Real Company to Recruit Tech Talent
Suspected Ransomware Payments Nearly Doubled This Year, Treasury Says
The volume of suspected ransomware payments flagged by U.S. banks has surged this year, on pace to nearly double last year’s, the Treasury Department said Friday, highlighting the scale of a problem that governments across the world have described as a critical national security threat. Nearly $600 million in transactions were linked to possible ransomware… Continue reading Suspected Ransomware Payments Nearly Doubled This Year, Treasury Says
Lockton Launches Silent Cyber Property Solution for Businesses
Lockton, the world’s largest privately-owned independent insurance broker, today launches its Silent Cyber Property Solution, a standalone policy that covers businesses against property damage and ensuing time element losses resulting from cyber-attacks or cyber terrorism. The broad form policy is unique in the market, blending the standard wording found in both property and cyber policy… Continue reading Lockton Launches Silent Cyber Property Solution for Businesses
U.S. to Work with Big Tech, Finance Sector on New Cybersecurity Guidelines
The U.S. government on Wednesday said it would work with industry to hammer out new guidelines to improve the security of the technology supply chain, as President Joe Biden appealed to private sector executives to “raise the bar on cybersecurity.” At White House meetings with Biden and members of his Cabinet, executives from Big Tech,… Continue reading U.S. to Work with Big Tech, Finance Sector on New Cybersecurity Guidelines