Compliance

While ransomware group Alphv/Blackcat claims to have orchestrated the incident, title insurance company Fidelity National Financial has not yet stated whether confidential data was compromised.

In our ongoing battle against financial fraud, we need a holistic overhaul of the regulatory landscape to safeguard the financial industry and its stakeholders effectively.

The cybercriminals said a new SEC rule required loan software company MeridianLink to report last week's breach, but the rule does not take effect until next month.

Fraudsters are likely to increase their use of generative artificial intelligence to attack banks and other payment companies. Investors are using their own influence to fight back.

The market stayed open four extra hours to allow participants to reroute trades Thursday after an attack by cybercrime group Lockbit.

The new rules also expand the use of "proven protections," such as multifactor authentication, according to Adrienne Harris, superintendent of the New York State Department of Financial Services.

The U.K. Information Commissioner's Office concluded that the former chief executive officer of NatWest Group breached data-protection laws when she discussed the closure of former British politician Nigel Farage's bank account with a reporter. 

The global clearinghouse inked the deal with Securrency as part of its push to expand the use of the emerging technology in capital markets.

The Consumer Financial Protection Bureau's proposal would give consumers a legal right to grant third parties access to financial data for a specific use, but firms cannot sell the data or use it for their own benefit — including by feeding it into algorithms or artificial intelligence.

The bank suffered its third breach in three years, this time by virtue of a vulnerability in Progress Software's file-transfer system. But Flagstar is only one of many such victims.