“Glitch” Impairs Lloyds’ Customer Account Access
Due to a technology glitch, Lloyds Banking Group customers have been unable to access their accounts for a couple of days, the Financial Times reported.
Cyber Risks Used to Short Stocks
Computer breaches of companies, famous people and political entities became mind-numbingly common in 2016. A few hacks, however, were notable for the financial turmoil they wrought. Source: Several Financial Hacks Made Big Waves In 2016 : NPR
OCC Risk Report Cites Cyber and FinTech
The Office of the Comptroller of the Currency yesterday released its Semiannual Risk Perspective for Fall 2016 discussing risks facing national banks and federal savings associations. Other key risk areas include fintech, cybersecurity, anti-money laundering, and the easing underwriting practices. American Banker breaks down the report, highlighting the “new focus of ‘governance over sales’ as…
Hackers Program Bank ATMs to Spew Cash – WSJ
The attacks mark a new technique for cybercriminals, who traditionally stole money from consumer banking accounts or hit ATMs with fraudulent cards or other tricks on a single machine. Over the past 18 months, some criminals have turned to bank networks, breaking in and then finding ways to make dozens of machines unload their cash…
U.S. regulators announce new proposed cyber rules
The FRB, FDIC, and OCC jointly issued an advance notice of proposed rulemaking on “enhanced cyber risk management standards” for large banks and their affiliates [full text]. Among other things, the rule would mandate that all covered entities develop a cyber risk management framework for their businesses.
Regulatory Ambiguity Is Slowing Bank Adoption of Cloud Services | Bank Think
Banks need more specific guidance that clarifies requirements around vendor contracts, risk assessments, data management and other issues. Source: Regulatory Ambiguity Is Slowing Bank Adoption of Cloud Services | Bank Think
This Boring Service Is Suddenly a Big Concern for Treasurys – WSJ
But the move could inflame concerns that there already weren’t enough options for traders, potentially exposing the market to a shutdown in the event of an outage at a large settlement firm. When evaluating at systemic risk, regulators look at (among other factors) whether there are alternatives available for market participants if a service becomes…
FFIEC: Review Risk Management Practices and Controls Over IT and Wholesale Payment Systems Networks
The [FFIEC], on behalf of its members, today issued the attached statement in light of recent cyber attacks, to remind financial institutions of the need to actively manage the risks associated with interbank messaging and wholesale payment networks. Financial institutions should review their risk management practices and controls over information technology (IT) and wholesale payment…
Why the World Is Drawing Battle Lines Against American Tech Giants – The New York Times
“What’s happening right now is the nation-state is losing its grip,” said Jane K. Winn, also a professor at the University of Washington School of Law, who studies international business transactions. “One of the hallmarks of modernity is that you have a nation-state that claims they are the exclusive source of a universal legal system…
The Danger from Within – Harvard Business Review
The Danger from Within – Harvard Business Review. A good read.
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