#FinancialRegulations

LockBit Attack Targets Evolve Bank, Not Federal Reserve

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June 28, 2024 at 11:11AM Evolve Bank, headquartered in Arkansas, was targeted by LockBit ransomware, resulting in a data leak on the Dark Web. Despite this, Evolve assures customers that retail banking services remain secure. The incident followed a recent enforcement action by the Federal Reserve against Evolve for deficiencies in anti-money laundering and risk … Read more

SEC Adds New Incident Response Rules for Financial Sector

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May 17, 2024 at 02:16PM The SEC will implement new data-breach reporting regulations for financial firms, aiming to modernize consumer data protection rules. The amendments require institutions to address technology risks, develop incident response programs, and notify affected individuals of any breaches. SEC Chair Gary Gensler notes the significant changes in data breaches over the … Read more