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cybersecurity

Apr. 24, 2018

CFPB Not Clear on Data Collection and Security

Acting Consumer Financial Protection Bureau (CFPB) Director Mick Mulvaney has testified on numerous occasions about the risk of data breaches; in December he helped put a freeze on data collection, though collection resumed a few weeks later without much talk or solutions; Mr. Mulvaney has not been clear on the types of breaches that have occurred and what has been done to plug the holes; experts believe this could be more about politics so the bureau is cast in a bad light. Source.

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May. 21, 2018

Banks Begin Using Military Style Tactics for Cybersecurity

More than $445bn was lost to cyber crime last year, a 30 percent increase from three years earlier; banks have...
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Jan. 25, 2019

Security Lapse Causes Exposure of Millions of Mortgage Documents

More than 24 million mortgage loan documents were exposed online after the vendor OpticsML, who works with banks, had their server...
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Feb. 14, 2019

Supply Chain Vendor Risk Continues to be a Growing Problem

The recent exposure of more than 24 million mortgage documents has brought to light an issue that has plagued financial...
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Feb. 22, 2019

Kennebunk Bank Partners with Biometrics Firm to Fight Growing Fraud

Community banks have found it increasingly hard to fight the growing fraud problem as they are unable to build their...
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May. 14, 2018

Digital Banking Exposes Financial Firms to Increased Cyber Crime

Digital banking has been a big positive for the financial services industry, though it has opened companies to greater cyber...
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May. 29, 2018

Outage at TSB Will Cost the Bank Millions

It has been fascinating to watch the TSB saga unfold in the UK. The challenger back had an embarrassing outage...
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Jan. 31, 2019

AI is Helping Banks to Fight Elder Abuse

U.S. based banks reported a 12 percent increase in elder abuse from 2017 to 2018, a number thought to be...
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Feb. 14, 2019

Senators Eye Legislative Action for Data Breaches

Top Senators on the Senate Banking Committee have asked stakeholders to provide information on breaches so they can consider legislative...
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Feb. 26, 2019

UK Financial Services Cyber Attacks Rise Significantly

UK based financial services companies saw a significant rise in cyber attacks in 2018, the industry as a whole saw...
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