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.
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.
Crypto exchange firm Coinbase has confirmed that an SMS phishing campaign aimed at stealing employee credentials resulted in a minor data breach. The company estimates the latest campaign is part of the phishing campaign that successfully compromised Twilio and Cloudflare last year.
The false positive rate for detecting check fraud typically is very high because it's such an analog process. To detect fraudulent checks faster, banks need to pair their legacy detection capabilities with image analysis solutions, says Trace Fooshee, strategic adviser with Aite-Novarica Group.
Banking Trojans, ransomware, fake finance apps programmed to steal data - the cybercriminal cartels have become more punitive in 2023, escalating destructive attacks on financial institutions. This is just one key finding of the annual Cyber Bank Heists report by Contrast Security's Tom Kellermann.
Improved credit card security has forced fraudsters to look for other channels, and check fraud is proving to be an easier route for them, says Michael Diamond of Mitek Systems. Even worse, new technologies are enabling fraudsters to develop even better counterfeit checks.
Hong Kong police and Interpol disrupted an international criminal operation that planted banking Trojans through SMS phishing messages that appeared to originate from a legitimate source. Hong Kong police told the South China Morning Post the gang appears to be based overseas.
Banks are losing hundreds of millions of dollars a year to check fraud - if not more, says David Maimon, professor of criminal justice and criminology at Georgia State University. The major hurdle facing banks is that they are not able to share information with each other about fraudulent checks.
Attackers this week locked up the business of London-based ION Cleared Derivatives, a software firm that supports derivatives trading, forcing major European banks to process trades manually and prompting a major futures exchange to delay the settlement of trades for two hours.
When the DOJ announced a "major, international cryptocurrency enforcement action," observers expected to see charges against a well-known firm. Instead, the agency charged a lesser-known figure, Anatoly Legkodymov, the Russian founder of Bitzlato, with facilitating $700 million in illegal activity.
Cybersecurity researchers say a Chinese for-profit threat group tracked as 8220 Gang is targeting cloud providers and poorly secured applications with a custom-built crypto miner and IRC bot. The malware can slow system performance, drive up costs and expose systems to security risks.
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