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04/13/2021
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WorkScoop
Banking trade associations have problems with a cyber incident reporting regulation. DHS's former leader acknowledges hackers went after his email account. And DHS's current secretary is discussing ransomware with U.S. allies. This is CyberScoop for April 13, 2021.

Bank groups want changes to cyber notification regulation

Banking industry associations criticized provisions of a proposed U.S. cyber incident notification rule that requires disclosure within 36 hours of particularly damaging attacks. While the organizations said they supported the regulation's policy goals, they took particular issue with the threshold for the kind of incidents that require disclosure to federal agencies. They had lesser criticisms of the 36-hour timeframe and rules for bank service providers. Tim Starks has the story.


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Chad Wolf opens up on SolarWinds hack

The former acting DHS secretary under President Trump on Monday confirmed reports that suspected Russian hackers had targeted his email account while he was in office. Chad Wolf said he wasn’t worried about what the spies may have accessed in his inbox, but about the broader questions raised by the breach: “If they have the ability to do that, what else did they have the ability to do?” Sean Lyngaas has more.


Mayorkas talks ransomware with the Five Eyes

Ransomware is the subject of diplomacy now. DHS chief Alejandro Mayorkas last week discussed the scourge of ransomware with his “Five Eyes” counterparts (representatives from Australia, Canada, New Zealand and the U.K.). The governments agreed, when appropriate, to “more closely [align] our policies, activities, public messaging and industry engagement” in countering ransomware, according to a joint statement. Check out the full statement.


Financial services threat trends

Destructive attacks, wire transfer fraud, commandeering of information supply chains and brokerage account takeovers are all on the rise within the financial services sector, according to a VMware survey of industry security insiders. More than half of institutions polled said they experienced destructive attacks, a 118% increase from the prior year. “Modern cybercriminals are collaborating at an unprecedented level, operating with stealth, sophistication, and ever-expanding revenue streams. Initial access brokerages are lowering the bar to entry, defense evasion tradecraft is commonplace, increasingly modular command and control frameworks," said Greg Foss, senior cybersecurity strategist with the VMWare Security Business Unit. Read "Modern Bank Heists 4.0."


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Side note: Mega Man was a cybersecurity ambassador in Japan. Look it up!


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