Recent high-profile breaches resulting from API attacks are "just the tip of the iceberg," said Gartner analyst Dionisio Zumerle. "What we have is a new way of exchanging information which is increasingly popular, and almost no organization has the recipe to secure that new way of communicating."
Silicon Valley Bank's new owner plans to double down on business with venture capital and private equity firms and the portfolio companies they serve. VC and PE-focused business accounts form the largest segment of the combined $143 billion loan portfolio of First Citizens and Silicon Valley Bank.
Cybersecurity startups that for decades turned to Silicon Valley Bank in a pinch will now find themselves working with a 125-year-old, North Carolina-based institution. First Citizens Bank has bought all Silicon Valley Bank deposits and loans from the FDIC, which rescued the bank after its collapse.
EMV chip technology has taken a major bite out of credit card fraud at the point of sale, but card-not-present fraud continues to flourish thanks to an age-old technology - the magnetic stripe, says Mark Solomon, international president, International Association of Financial Crimes Investigators.
In the latest weekly update, ISMG editors discuss how the Silicon Valley Bank crash will affect innovation in the cybersecurity space, why the SEC fined cloud provider Blackbaud $3 million for its "erroneous" breach details, and why the feds fined a web hosting firm in a kids' insurance site hack.
The former parent company of Silicon Valley Bank filed for Chapter 11 bankruptcy protection Friday in an effort to streamline the sale of its assets. Silicon Valley Bank itself isn't included in the reorganization filing since the FDIC took over the commercial banking business on March 10.
The Securities and Exchange Commission proposed a slew of new cybersecurity rules for the companies underpinning the U.S. stock market, the latest sign of increasing unhappiness among Biden administration officials about the private sector's management of digital risk.
Europe's largest bank, HSBC, agreed on Monday to buy the United Kingdom subsidiary of Silicon Valley Bank, and Canada's government took control of SVB's Canadian branch late Sunday. Regulators have stepped in to reassure depositors, and at least two other regional banks are facing liquidity issues.
Silicon Valley Bank's sudden and unexpected demise left numerous cybersecurity startups facing insolvency. But their crisis has been averted: U.S. government officials announced that beginning Monday, insured and uninsured Silicon Valley Bank depositors will have access to all of their money.
One top venture capitalist says the second-largest bank failure in U.S. history will make it harder for security startups to get loans and credit lines. For decades, SVB was one of the few institutions willing to extend money to early-stage firms that got the cold shoulder from traditional banks.
The European Central Bank will conduct cyber stress tests to determine banks' resilience against cyberattacks. The tests, which will receive a "significant amount of time and resources," are set to be completed by mid-2024, said Andrea Enria, ECB's top official for oversight.
In the latest weekly update, ISMG editors discuss important cybersecurity and privacy issues, including how the new U.S. cybersecurity strategy doubles down on hitting ransomware, how the strategy shifts liability issues to vendors, and why check fraud is on the rise and what can be done about it.
This report identifies the extent to which the financial services industry is active in open source, creating a baseline of understanding of governance, leadership, consumption, contribution, culture, and overall open source aspiration.
Further, the report highlights the obstacles and challenges to improving...
Faster payment technology has been around for years, but fraud continues to dominate the conversation, says Reed Luhtanen of the U.S. Faster Payments Council. Luhtanen says all payment systems have a fraud problem, and firms will be able to curb faster payment fraud with more experience and data.
Tools such as image analysis are of little help to banks dealing with check fraud since, most of the time, checks that are deposited are legitimate, says Karen Boyer, senior vice president for financial crimes at M&T Bank. She says the best way to deal with this fraud is to closely monitor accounts.
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