Malware Trojan steals $4M from 24 banks in April

Malware Trojan steals $4M from 24 banks in April | Fed's Beige Book confirms economy still growing slowly | Cybersecurity commission appointees include execs, academics Created for {EMAIL} | [Web Version] April 20, 2016 Â [SIGN UP] ⋅ [FORWARD] Risk Management and Insurance [Malware Trojan steals $4M from 24 banks in April] A new banking Trojan called GozNym, which combines existing malware known as Nymaim and Gozi ISFB, is responsible for stealing $4 million from 24 banks in the US and Canada in early April, says IBM X-Force Research. The Trojan targets bank customers with business accounts. [The Wall Street Journal (tiered subscription model)] (4/14), [ThreatPost.com] (4/14) [LinkedIn] [Twitter] [Facebook] [Google+] [Email] - [Fed's Beige Book confirms economy still growing slowly] USA Today (4/13) Cybersecurity [Cybersecurity commission appointees include execs, academics] [Cybersecurity] (Pixabay) President Barack Obama has appointed a range of executives, academics and others to the Commission on Enhancing National Cybersecurity. The commission is charged with developing recommendations to strengthen cybersecurity in the private and public sectors. [Reuters] (4/13) [LinkedIn] [Twitter] [Facebook] [Google+] [Email] Government Regulation [US Treasury to seek transparency regarding owners of shell companies] The US Treasury is putting the final touches on a proposed rule that would require banks to identify the beneficial owners of new companies in a bid to curb the use of shell firms to dodge taxes. Beneficial owners would also be required to identify themselves to US tax authorities. [Reuters] (4/16) [LinkedIn] [Twitter] [Facebook] [Google+] [Email] [Fannie, Freddie will allow principal reductions] The Federal Housing Finance Agency said Thursday that it would allow one-time principal reductions for certain mortgage borrowers whose loans are backed by Fannie Mae and Freddie Mac. About 33,000 are expected to qualify. Borrowers must be at least 90 days delinquent and have an outstanding balance of no more than $250,000, among other requirements. [Bloomberg] (4/14), [Los Angeles Times (tiered subscription model)] (4/14) [LinkedIn] [Twitter] [Facebook] [Google+] [Email] - [House bill would tighten congressional oversight of FSOC] The Hill (4/14) - [Court appears critical of CFPB structure] The Wall Street Journal (tiered subscription model) (4/12) Innovation [Banks use Facebook Messenger to connect with customers] Bank of America plans to use chat bots on Facebook Messenger to assist customers in staying "connected to their finances whenever and wherever they choose." TD Bank also is slated to employ Messenger to serve customers but will use humans to answer questions. [AmericanBanker.com (free content)] (4/13) [LinkedIn] [Twitter] [Facebook] [Google+] [Email] [Video banking helps with engagement, efficiency] Video banking is slowly taking hold, and banks that offer it find it increases customer engagement. Video also could enable banks to extend their services beyond their traditional geographic areas and improve efficiency by connecting customers to specialists in other locations. [AmericanBanker.com (free content)] (4/15) [LinkedIn] [Twitter] [Facebook] [Google+] [Email] - [Peer-to-peer lenders struggle to disrupt banking] Time.com (4/11) News from Aon [2016 Aon Terrorism and Political Violence Map] Aon's annual Terrorism and Political Violence Map, released last week, shows an increase in global terrorism risk ratings since 2013. Overall, the risk ratings of 18 countries experienced an increase, while 13 countries saw a decrease. This was the most lethal year for terrorism in Europe in nearly a decade, with terrorists increasingly targeting private citizens and public gatherings. [Access the map], along with historical data, on the online portal. [LinkedIn] [Twitter] [Facebook] [Google+] [Email] [Are you prepared for a cyberattack?] By 2020, an estimated 50 billion devices will be connected to the Internet. As more people and devices connect, the risk and impact of data breaches from malicious cyberattack, system failures and human error will only continue to increase. Recent findings show cyberbreaches costing organizations up to US$617 million from theft or destruction of information assets alone. How can cyber affect your organization, and how can you prepare for this evolving risk? [Read more.] [LinkedIn] [Twitter] [Facebook] [Google+] [Email] The speed of your success is limited only by your dedication and what you're willing to sacrifice. 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