cyber crime News

UK’s Tesco Bank Slapped with $21.4M Fine for ‘Foreseeable’ Cyber Attack in 2016

Britain’s markets watchdog has fined Tesco 16.4 million pounds ($21.4 million) for failing to protect account holders at its bank from a “foreseeable” cyber attack two years ago. The Financial Conduct Authority said that in November 2016 cyber attackers exploited …

The State of NAIC’s Data Security Model Law

Most states have yet to adopt a cyber security model law for the insurance industry like the one approved by the National Association of Insurance Commissioners in 2017, but one expert believes the industry should be prepared for what he …

Arizona City’s Online Payment System Finally up Following Cyber Attack

Officials in Goodyear, Ariz. say the city’s online payment system is functioning again after a cybersecurity attack affected the software. The city became aware of the situation on its online payment system May 7 and immediately shut it down. Customers …

Mastermind Behind ATM Malware Attacks Arrested in Spain

The mastermind behind malware attacks that programmed ATMs to spit out cash on demand and caused more than 1 billion euros ($1.2 billion) of losses, has been arrested in Spain. The leader of a criminal gang that carried out the …

Deloitte Taps Europol’s Wainwright to Help Run Cyber-Security Practice

Europol Executive Director Rob Wainwright is leaving the EU intelligence agency he’s led for almost a decade to help run Deloitte LLP’s cyber-security practice, as companies wake up to the growing “systemic” threat of cyber crime. The 50-year-old MI5 veteran …

WEF Helps Create Fintech Cyber Security Consortium; Members Include Zurich, Citigroup

The World Economic Forum has led the creation of an industry consortium focused on improving the cyber security of financial technology companies, as collaboration between fintechs and financial institutions grows. The consortium’s founding members include Citigroup Inc, online lender Kabbage, …

India Cyber Bank Heist Used ‘Similar’ Methods to $81M Bangladesh Bank Hack

Hackers who tried to steal nearly $2 million from India’s City Union Bank this month used tactics similar to those employed in the unsolved cyber heist of $81 million from Bangladesh’s central bank in 2016, City’s CEO said on Monday. …

India’s City Union Bank Hit by Cyber Heist via SWIFT Payments System

India’s City Union Bank said on Sunday that “cyber criminals” had hacked its systems and transferred nearly $2 million through three unauthorized remittances to lenders overseas via the SWIFT financial platform. The comments come after the small private lender on …

Who’s Insuring Your Privacy?

Who’s Insuring Your Privacy? The Federal Trade Commission is trying, but we live in a country where the mantra remains “Buyer Beware.” Unless you’re reading the privacy policies on every service, application and connected electronic you utilize, and make a …

Siemens Joins 8 Industry Partners (Including Allianz) to Counter Cyber Attacks

Siemens AG is joining with companies including Airbus SE and IBM to try to counter large-scale hacking attacks that threaten to cost $8 trillion in damage over the next five years. The group signed a charter Friday at a security …