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- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Adrianne Appel2022-11-02T15:25:00
Banks reported paying a record $1.2 billion to ransomware criminals in 2021, the Financial Crimes Enforcement Network (FinCEN) announced Tuesday.
Ransomware attacks occur when criminals gain access to a computer network and electronically lock it until a “ransom” is paid. The software they use is often sold among criminals via the dark web. They usually demand payment in cryptocurrency.
Many institutions are being attacked, but banks are required under the Bank Secrecy Act to log suspicious activity reports (SARs) and ransomware attacks, including amounts, to FinCEN.
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News and analysis for the well-informed compliance or audit exec.
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Our lowest price ($1 per day) for one year.
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2023-04-27T16:22:00Z By Aaron Nicodemus
The Financial Crimes Enforcement Network’s year in review for fiscal year 2022 provides details on how other U.S. agencies use information derived from the millions of suspicious activity reports filed each year to support their enforcement efforts.
2023-02-08T20:48:00Z By Aaron Nicodemus
The Treasury Department issued a report regarding the benefits and challenges associated with the use of cloud service providers by financial sector firms, finding shortcomings related to transparency, staff support, and cybersecurity incident response.
2023-01-31T21:06:00Z By Jeff Dale
Healthcare organizations were under attack more than ever by cybercriminals in 2022, overtaking finance as the most breached industry, according to the latest analysis from Kroll.
2024-06-27T16:37:00Z By Aaron Nicodemus
The U.S. Department of Energy released supply chain cybersecurity principles meant to help strengthen key technologies used to manage and operate electricity, oil, and natural gas systems.
2024-05-21T19:27:00Z By Adrianne Appel
The Environmental Protection Agency is increasing its inspections of public drinking water systems after finding a majority of those reviewed were vulnerable to cyberattacks and related threats.
2024-05-07T21:21:00Z By Adrianne Appel
Verizon’s annual data breach report shows trends in cybersecurity incidents, including more ransomware and extortion attacks last year.
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