Links in “Cybersecurity/Data Breaches”

Terrorists and other criminals are increasingly turning to internet-based technology to raise and launder money for illicit activities. While regulation often lags behind technology, growing awareness of these trends suggests heightened regulatory scrutiny. [12/14/15]

Banks don't like to talk about it, but the potential exists for a cyber-attack so powerful it can bring a bank down, requiring a state bailout. [12/14/15]

The 732 data breaches that have occurred so far this year have exceed the total number of data breaches for last year. This translates to the exposure of 176 million consumer records. The latest data breach victim is the Elephant Bar restaurant chain. [12/10/15]

It would require companies that handle sensitive financial data to have in place a robust process to protect that data. See also here. [12/10/15]

A security vulnerability has been found in some of the major antivirus software products, including AVG, Intel McAfee, and Kaspersky Lab. Patches are flowing. [12/9/15]

Counsel representing financial institutions in the data breach case against Home Depot are urging credit unions and other financial institutions to either reject or decline to opt-in to the settlement being offered by Home Depot and Mastercard. Counsel is concerned that the settlement terms are vague and don't appear to adequately reimburse credit unions for their losses. [12/8/15]

Previously satisfied with going after individuals for small amounts (1 to 2 Bitcoin, or roughly $350-$700), now threat groups are going after bigger targets financial services companies for larger amounts (10 to 200 Bitcoin, or about $4,000 to $80,000). (Note: See Risk Watch Episode 78 for more information on this trend.) [12/8/15]

Hackers who have the desire to execute a ransomware attack on a company, but just don't have the time, are in luck. Ransomware-as-a-service is expected to be an offering on the dark web in the coming years. That's just one of several predictions by McAfee for 2016 to 2020. [12/4/15]

With card fraud running rampant here in the U.S., it's important to sort the fact from fiction when it comes to credit card vulnerabilities. Make sure your members are well informed about card fraud threats and misconceptions. [12/1/15]

Five ingredients Facebook uses to bake security into its corporate culture. [12/1/15]