Two affiliated broker-dealers settled FINRA charges for lacking reasonable cybersecurity controls at branch offices. The failures resulted in multiple incidents that exposed thousands of customers' personal information.
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The National Security Division and the Department of Justice requested comment on potential rulemakings related to the implementation of U.S. President Joseph R. Biden's Executive Order authorizing the Attorney General to take actions to prevent the transfer of Americans’ personal data to countries of concern.
U.S. President Joseph R. Biden issued an Executive Order authorizing the Attorney General to take actions to prevent the transfer of Americans’ personal data to countries of concern.
New York Attorney General Letitia James sued a bank for failing to (i) protect victims of electronic fraud and (ii) reimburse their losses.
Federal Reserve Board Vice Chair for Supervision Michael S. Barr argued that good cyber defense is "not sufficient" to address cyberattacks; he emphasized that banks must focus on operational resilience and improved risk management to confront the threat.