Bankers Are Hiring Cyber-Security Experts to Help Get Deals Done
The wake-up call for cybersecurity expertise during mergers and acquisitions came after a 2014 Yahoo! Inc. hack affected about 500 million accounts, damaging the company’s reputation and causing Verizon Communications Inc. to cut its offer to buy the company by $350 million. There’s concern that computer viruses can be planted and remain dormant until after a deal, leaving the acquirer to cope with stolen customer data, industrial secrets or ransom demands.
Treasury Executive Order Report Key on Cyber Improvements
It is natural that financial services regulators are also paying close attention to cyber. As the industry is driving toward better security, the regulatory community is working hard to do the same, issuing more than 40 new rules, regulations, tools and guidance since mid-2014 at the federal and state level. But rather than simply implementing large numbers of regulation, it’s important that smart, coordinated regulations are put on the books to best protect consumers.
Cyber Attacks Cripple Companies Worldwide
A major ransomware attack on Tuesday hit computers at Russia’s biggest oil company, the country’s banks, Ukraine’s international airport, a major U.S. pharmaceutical company as well as global shipping firm A.P. Moller-Maersk. Moscow-based cyber security firm Group IB said hackers had exploited code developed by the U.S. National Security Agency (NSA) which was leaked and then used in the WannaCry ransomware attack that caused global disruption in May.
Hackers Demand Banks $315k Ransom or Face DDoS Attacks
Armada Collective, a group of online attackers, is demanding a ransom payment of $315,000 from South Korean banks – In the case of refusal, the group has threatened the banks with a series of massive Distributed Denial of Service (DDoS) attacks. The threats came days after South Korean web hosting company NAYANA paid over $1 million to cyber criminals who held the company’s Linux-based servers for ransom for over a week after infecting them with Erebus ransomware.
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