Infosec products of the month: February 2022

Here’s a look at the most interesting products from the last month, featuring releases from: Arista Networks, Blueshift Cybersecurity, Bugcrowd, Cato Networks, Cofense, CoSoSys, Cybellum, Cymulate, Darktrace, DataStax, F5 Networks, Federal Reserv… Continue reading Infosec products of the month: February 2022

New infosec products of the week: February 11, 2022

Here’s a look at the most interesting products from the past week, featuring releases from Cofense, Cybellum, DataStax, Federal Reserve, Gigamon, Qualys, Runecast, and Spin Technology. Runecast adds OS analysis to help CIOs find and resolve issues with… Continue reading New infosec products of the week: February 11, 2022

Federal Reserve releases Synthetic Identity Fraud Mitigation Toolkit to help businesses fight fraud

The Federal Reserve released a Synthetic Identity Fraud Mitigation Toolkit to provide financial institutions, consumers and businesses with an online repository of insights and resources on synthetic identity fraud. “Synthetic identity fraud, where fra… Continue reading Federal Reserve releases Synthetic Identity Fraud Mitigation Toolkit to help businesses fight fraud

Banks must report major cyber incidents within 36 hours under finalized regulation

Banks must report major cybersecurity incidents to federal officials within 36 hours under a rule that U.S. financial regulators finalized on Thursday. Beginning in May 2022, financial executives will need to be more forthcoming about computer system failures and interruptions, such as ransomware or denial-of-service attacks that have the potential to disrupt customers’ ability to access their accounts, or impact the larger financial system. The rule, dubbed the Computer-Security Incident Notification Requirements for Banking Organizations and Their Bank Service Providers, was cemented by the Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve System and the Federal Deposit Insurance Corporation. There is currently no specific window that banks must repot such incident to the agencies in question. The final approval comes as Congress weighs broader reporting rules for critical infrastructure owners and operators, and as the Transportation Security Administration has begun imposing reporting requirements on […]

The post Banks must report major cyber incidents within 36 hours under finalized regulation appeared first on CyberScoop.

Continue reading Banks must report major cyber incidents within 36 hours under finalized regulation

Banking organizations dub proposed US cyber notification regulation ‘burdensome’

Banking groups have objected to elements of a proposed U.S. cyber incident notification rule, saying that its threshold for mandatory disclosure of such events to regulators is overly broad and would lead to over-reporting of incidents. Under the proposed regulation from the Treasury Department and other regulators, banks would have to notify their regulators within 36 hours of certain kinds of attacks, and bank service providers would have to notify their customers of particularly damaging incidents as well. “While we support the policy goals of the proposed rule, we believe that, as currently drafted, the proposed rule calls for notification of incidents well below the intended threshold of critical cybersecurity incidents,” wrote the American Bankers Association, Bank Policy Institute, Institute of International Bankers, and the Securities Industry and Financial Markets Association. “As a result, the proposed rule would lead to significant and burdensome over-reporting to the Agencies, contrary to its […]

The post Banking organizations dub proposed US cyber notification regulation ‘burdensome’ appeared first on CyberScoop.

Continue reading Banking organizations dub proposed US cyber notification regulation ‘burdensome’

Banking organizations dub proposed US cyber notification regulation ‘burdensome’

Banking groups have objected to elements of a proposed U.S. cyber incident notification rule, saying that its threshold for mandatory disclosure of such events to regulators is overly broad and would lead to over-reporting of incidents. Under the proposed regulation from the Treasury Department and other regulators, banks would have to notify their regulators within 36 hours of certain kinds of attacks, and bank service providers would have to notify their customers of particularly damaging incidents as well. “While we support the policy goals of the proposed rule, we believe that, as currently drafted, the proposed rule calls for notification of incidents well below the intended threshold of critical cybersecurity incidents,” wrote the American Bankers Association, Bank Policy Institute, Institute of International Bankers, and the Securities Industry and Financial Markets Association. “As a result, the proposed rule would lead to significant and burdensome over-reporting to the Agencies, contrary to its […]

The post Banking organizations dub proposed US cyber notification regulation ‘burdensome’ appeared first on CyberScoop.

Continue reading Banking organizations dub proposed US cyber notification regulation ‘burdensome’

Financial industry preps for proposal that would require 36-hour breach notification

A milestone date for an ambitious federal banking industry cybersecurity regulation that debuted at the tail end of the Trump administration has nearly arrived. Monday, April 12 marks the deadline for comments on an initial proposal that would mandate how a wide range of financial firms would need to report more kinds of cyber incidents to regulators within 36 hours. That’s a more stringent timeline that many comparable regulations; Europe’s General Data Protection Regulation notification window is twice as long, at 72 hours. The relatively quick notification requirement generated most of the attention when the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Treasury’s Office of the Comptroller of the Currency announced the rule in December. It’s expected to receive significant blowback from the financial services industry as an overly aggressive demand. Some analysts, though, cite the types of incident reports that need to be […]

The post Financial industry preps for proposal that would require 36-hour breach notification appeared first on CyberScoop.

Continue reading Financial industry preps for proposal that would require 36-hour breach notification

Financial system not keeping up with cyberthreats, new report says

Four years after the biggest bank hack ever, the global financial system remains vulnerable to cyberattacks that could cause severe disruptions, according to a report Wednesday that draws advice from government officials, the financial industry and other experts. The assessment from the Carnegie Endowment for International Peace and the Word Economic Forum is the culmination of years of work, with touchstones ranging from the 2016 Bangladesh Bank heist where hackers made off with $81 million to a recent Chilean bank ransomware attack that shut down all of its branches. “Our big concern is that if you look at what’s happened during the pandemic, but even before with the escalating threat that’s targeting the financial system from the Bangladesh incident to the Chile outage back in September, we’re clearly not keeping up with the threat and how quickly it’s evolving,” said Tim Maurer, director of Carnegie’s Cyber Policy Initiative. “The government and industry need […]

The post Financial system not keeping up with cyberthreats, new report says appeared first on CyberScoop.

Continue reading Financial system not keeping up with cyberthreats, new report says

Federal Reserve’s FraudClassifier model helps classify fraud involving payments

The Federal Reserve published the FraudClassifier model – a set of tools and materials to help provide a consistent way to classify and better understand the magnitude of fraudulent activity and how it occurs across the payments industry. The model was… Continue reading Federal Reserve’s FraudClassifier model helps classify fraud involving payments