AI Making Phishing Threat Dramatically Worse for Local Banks
Scammers around the world use artificial intelligence to trick their way inside banks and credit unions’ systems. And over half haven’t adopted a key prevention tool.
Boston Planning Officials Warn of Email Scam
Email scammers targeted local developers with requests for payment from the Boston Planning Department, prompting the agency to issue an alert about the online scam.
Mass. Banks Among Those Hit by Global IT Outage
A global technology outage caused by a faulty software update grounded flights, knocked banks and media outlets offline, and disrupted hospitals, small businesses and other services on Friday.
Cyberattacks on Mortgage Companies Put Focus on Threat’s Increase
Successive and dramatic cyberattacks brought down systems at major mortgage lenders and financial firms in the last two months, highlighting the dangers Massachusetts financial institutions say they face every day.
First American ‘Cybersecurity Incident’ Hits Local Appraisers
An apparent cyberattack on title company First American is also disrupting life for a significant number of appraisers in Massachusetts thanks to a key piece of appraisal software the company makes.
New SEC Rule: Disclose Cybersecurity Breaches in Four Days
“Whether a company loses a factory in a fire – or millions of files in a cybersecurity incident – it may be material to investors,” SEC Chair Gary Gensler said in a statement.
Survey: Margins, Cybersecurity Among Bankers’ Top Concerns
The newest Conference of State Banking Supervisors’ survey shows the stagnating economy is weighing on community bankers’ minds.
KeyBank: Hackers of Third-Party Provider Stole Customer Data
Hackers stole personal data including Social Security numbers, addresses and account numbers of home mortgage holders at KeyBank, the bank reports, in the breach of a third-party vendor that serves multiple corporate clients.
Biden Warns US Companies of Potential Russian Cyberattacks
President Joe Biden on Monday urged U.S. companies to make sure their digital doors are locked tight because of “evolving intelligence” that Russia is considering launching cyberattacks against critical infrastructure targets as the war in Ukraine continues.
Prepare Your Cyber Defenses as Russian-Ukraine Conflict Continues
History tells us that in the past few years alone, the Russian government has scaled multiple cyberattacks against other countries all in the name of demonstrating power and control.
Developers, Contractors Face Cyber Threats, Too
Conducting business with a handshake in the Boston area may seem quaint and charming, harkening back to a time when life seemed simpler. However, life is anything but simple. We should expect the unexpected – and be prepared for it.
As Cyber Threats Grow, Banks Step in to Help Business Customers
The services aren’t just an added bonus for customers. A cyberattack could cause a business to lose data, have its bank accounts compromised or even shut down, all having direct – and negative – effects on its lender.
Trade Groups Monitoring Cyberattack’s Impact on Banks
Community bank and credit union trade groups have been monitoring the recently discovered cyberattack on the U.S. government and businesses as questions remain about the extent of the attack on the financial industry.
Banks Need Effective Risk Management for Cloud Operations
Federal and state bank regulatory agencies are likely to closely monitor bank efforts to guard against data breaches affecting the personal information of the bank’s customers and applicants for bank products.
Why Financial Institutions Must Invest in the Cloud
Given the amount of personal and financial information banking institutions have access to, their need for cybersecurity is practically unparalleled. As a result, more are relying on cloud service hosting providers.
As Bank Customers Move Online, Most Vulnerable to Fraud
With limited access to bank and credit union branches during the coronavirus pandemic, customers have turned to online and mobile banking tools. But a new study shows that consumers have not done enough to prevent fraud on their accounts.
Bank Shred Days Remain Relevant
While technology has altered the way in which much of our sensitive information is stored, there remains plenty of paper data and information stored on electronic mobile devices that could create a mountain of identity problems if appropriated by the wrong hands.
How Monetization of ‘Big Data’ Will Affect the Banking Industry in 2020
As 2020 dawns, we are in the midst of another technological revolution in the banking industry – the monetization of “big data.” Once again, this innovation will provide both opportunities and risks for banks.
Financial Institutions Must Be Gatekeepers in Fight Against Fraud
Companies are under attack. The FBI reports that internet-enabled theft, fraud, and exploitation accounted for a stunning $2.7 billion in financial losses in 2018 alone, almost double the loss amount for 2016.
New Report Urges Banks to Fight New Competitors with Scale
Grow, if you know what’s good for you – that’s one of the key takeaways from a recent Boston Consulting Group report on the challenges community banks face from “digital powerhouses” intent on encroaching on their customer base.
