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Entries in Data Breach (6)

Tuesday
Sep122017

Financial Institutions . . . In the News

  • High flood insurance premiums endanger waterfront investments.  (PPH 9.9.17)
  • Data breach at Equifax puts 143 million people across the United States at risk of identity theft.  (Central Maine 9.8.17)
  • Governor LePage supports a bill that keeps elderly Mainers from home foreclosure.  (PPH 9.5.17)
  • Florida man, who made unauthorized debit and credit card purchases in several Maine counties, was sentenced to federal prison.  (Knox Village Soup 9.1.17)
  • Wells Fargo increases its refunds an additional $2.8 million for 1.4 million more accounts affected by its sales scandal.  (PPH 8/31/17)
  • Androscoggin Bank welcomes Ben Geci as Chief Lending Officer.  (BDN 8.30.17)
  • Bar Harbor Bank & Trust recognized by Sen. King for 130th Anniversary.  (BDN 8.30.17)
  • Northeast Bank President and CEO Richard Wayne found competitive niches creating greater gains for Northeast Bank.  (Central Maine 8.31.17)
  • Maine Bankers Association elects Kennebec Savings Bank President and CEO Andrew Silsby as Chair.  (Central Maine 8.29.17)
  • Norway Savings Bank President and CEO Patricia Weigel was elected Vice Chair of the Maine Bankers Association.  (Central Maine 8.29.17)
  • Several Maine towns join efforts to dispute FEMA’s new flood maps that are used to set rates for federal flood insurance.  (BDN 8.25.17)

 

Tuesday
Nov182014

New England Financial Institutions Face Increased Cybersecurity Risks

Noted cyber security blogger and journalist Brian Krebs recently gained an exclusive interview with a New England bank that reported a sharp rise in fraudulent charges on debit cards. The scammers were making purchases on stolen card numbers from plain-old magnetic strip cards but making them look like they were made on EMV (“chip”) cards, although the bank had not yet issued such cards. This “EMV-spoofing” technique had been picked up by Canadian banks earlier this year and traced to Brazil.

“The recent EMV-spoofing cases point to the continued need for fraud detection mechanisms that even small banks and credit unions must implement to protect themselves,” said Ande Smith, a principal at the forensics and data security firm Deer-Brook, with whom Verrill Dana works closely in data breach cases. “During the transition phase, which may take years, the mish-mash of magnetic and chip/pin point-of-sale systems in the US will create opportunities to mask fraudulent activity.”

A recent report by the Federal Financial Institutions Examination Council (FFIEC) supports this call for improved risk management at regional banks and other financial Institutions.  The results of the FFIEC’s 2014 survey of 500 community financial institutions indicate that these institutions have room to improve in terms of employee education and training on cyber risks; improving cybersecurity controls; understanding their vendors’ cybersecurity risks; and establishing incident management procedures, among other things.

Rita Heimes is a privacy and cybersecurity attorney in Verrill Dana’s Intellectual Property & Technology practice group. She and her team help companies with comprehensive information risk management programs including privacy policies, incident response plans, third-party contracts, employee training, and breach response.

Wednesday
Oct222014

Financial Institutions...In the News

  • New federal requirements for banking institutions coming in 2016.  (MPBN 9.3.14)
  • Financial Institutions search for solutions to retail data breaches.  (Portland Press Herald 9.8.14)
  • Credit card use is on the rise while mortgage demand slows even though rates are at record lows for the year.  (Bangor Daily News 9.11.14)
  • Many older Americans are paying off student loan debts into retirement.  (Bangor Daily News 9.11.14)
  • 76 Million households affected by JPMorgan Chase data breach.  (Portland Press Herald 10.2.14)
  • Wealth-building 15-year mortgage may help homeownership.  (MPBN 10.4.14)
  • 10-Year deference of bonuses recommended by NY Fed President William Dudley to cover institutions’ fines from financial crisis.  (Bangor Daily News 10.20.2014)
  • Mortgage rates a bargain for 30-year fixed rate mortgages.  (Portland Press Herald 10.19.14)
  • Discussions of lowering mortgage requirements for homeowners are in the planning stages.  (Portland Press Herald 10.21.14)
Tuesday
Aug262014

Tips for Merchants and Consumers Facing a Data Breach

The high-profile data breach at Target made international news. But small and midsized businesses face the majority of cyber attacks and are even more likely to have employees mishandle data than large enterprises.

Click to read more ...

Thursday
Dec192013

Financial Institutions...In the News

  • Target shoppers may be affected by data breach.  (Kennebec Journal 12.19.2013)
  • Maine mortgage defaults increased in 2013 (Sun Journal 12.11.2013)
  • Security breach at JP Morgan Chase & Co may affect 1,300 Maine unemployment recipients.  (Government Technology 12.11.2013)
  • Maine’s elderly and children are targets of identity thefts.  (Bangor Daily News 12.11.2013)