Collaborate Disseminate
This renewed partnership is intended to accelerate Deutsche Bank’s transformation ambitions by integrating cloud computing, automation and security technologies.
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U.S. Securities and Exchange Commission Chairman Gary Gensler is exploring an expansion of the SEC’s core cybersecurity rules to cover a broader swath of entities and require public companies to improve disclosure of breaches and risks. Gensler said in a speech on Monday that he instructed staff to look into an update of the commission’s “Regulation Systems Compliance and Integrity,” or Reg SCI, which the SEC adopted in 2014. Staff will examine whether the regulation — under which trading organizations and others must take security steps like backing up data — should extend to include the largest market-makers and broker-dealers. Gensler also said he asked staff to consider recommendations on bolstering the financial sector’s cybersecurity hygiene and incident reporting, how customers and clients receive notifications of financial sector breaches and how public companies disclose cybersecurity practices and risks. And he wants staff to examine how to better address cyber risk […]
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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 […]
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Robinhood, a popular stock-trading app, said that it has been breached by someone who accessed information on 7 million people, then sought to extort the company. The breach on Nov. 3 provided access to 5 million email addresses and 2 million full names, with another approximately 310 having additional information like zip codes and dates of birth exposed. Around 10 more had “more extensive account details” exposed, the company announced on Monday. Robinhood has become a force in the financial market, with 18 million clients and $80 billion in assets, a summer filing stated. “Based on our investigation, the attack has been contained and we believe that no Social Security numbers, bank account numbers, or debit card numbers were exposed and that there has been no financial loss to any customers as a result of the incident,” Robinhood’s statement reads. It’s the first notable cyber incident on the company to […]
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As of June, financial institutions have already reported 635 suspicious ransomware-related activities to the Financial Crimes Enforcement Network, according to a report out Friday from the Treasury Department — a 30% increase from all reported activity in 2020. The report also found that the cost of ransomware payments is climbing. The total value of the 2021 reports was $590 million — or a $66.4 million monthly average — compared to $416 million for all of 2020. The analysis, which is the first issued under the updated FinCEN threat trend reporting requirements enacted into law earlier this year, underscores both concerns with the growing cost of ransomware as well as the role of virtual currencies in how criminals extort and launder funds. The Treasury Department last month announced its first sanctions against a cryptocurrency exchange for facilitating transactions involving money gained from ransomware. The report, as well as guidance issued Friday […]
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Business, now more than ever before, is going digital, and today a startup that’s building a vertically integrated solution to meet business banking needs is announcing a big round of funding to tap into the opportunity. Airwallex — which provides business banking services both directly to businesses themselves, as well as via a set of […] Continue reading Airwallex raises $200M at a $4B valuation to double down on business banking
A Canadian startup called Nuula that is aiming to build a superapp to provide a range of financial services to small and medium businesses has closed $120 million of funding, money that it will use to fuel the launch of its app and first product, a line of credit for its users. The money is […] Continue reading Nuula raises $120M to build out a financial services ‘superapp’ aimed at SMBs
A federal judge sentenced two men to prison for a coordinated scheme to hack into tax preparation firms, steal personal information, file fraudulent unemployment claims and income tax returns and then launder the money. The fraudulent unemployment claims aimed to exploit a COVID-19 relief program that netted $280,000 in improper benefits from the state of Washington, the Justice Department announced Thursday. They also included attempts to seek $2.6 million in tax refunds. Bamidele Muraina, a Nigerian national whom DOJ said led the effort to steal identities, received five years and 10 months in prison, as well as three years of supervised release and an order to pay more than $500,000 in restitution. For leading the money laundering leg of the operation, Gabriel Kalembo received four years and two months in prison, along with two years of supervised release and an order to pay nearly $300,000. Starting at least in January […]
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A federal judge sentenced two men to prison for a coordinated scheme to hack into tax preparation firms, steal personal information, file fraudulent unemployment claims and income tax returns and then launder the money. The fraudulent unemployment claims aimed to exploit a COVID-19 relief program that netted $280,000 in improper benefits from the state of Washington, the Justice Department announced Thursday. They also included attempts to seek $2.6 million in tax refunds. Bamidele Muraina, a Nigerian national whom DOJ said led the effort to steal identities, received five years and 10 months in prison, as well as three years of supervised release and an order to pay more than $500,000 in restitution. For leading the money laundering leg of the operation, Gabriel Kalembo received four years and two months in prison, along with two years of supervised release and an order to pay nearly $300,000. Starting at least in January […]
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The platform gives company finance teams a real-time look at what items employees are asking for funds to buy, and what is actually being spent. Continue reading PayEm comes out of stealth with $27M and its answer to the expense report