Coinbase is the subject of a class-action lawsuit alleging cybersecurity failures at the cryptocurrency exchange are to blame for customer accounts losing thousands of dollars in crypto, with the company not doing enough to prevent further thefts.
Cybersecurity
Posted inInternal Controls
Twitter whistleblower says poor cybersecurity invites breaches, manipulation
Peiter Zatko, a former cybersecurity executive at Twitter, has blown the whistle on his observations of systemic data security lapses at the company, undercounting of fake accounts, and how the social media platform could be manipulated by foreign intelligence services.
Posted inRegulatory Enforcement
Cybersecurity, beneficial ownership lessons found in SEC fraud case
Charges levied by the Securities and Exchange Commission regarding an international scheme in which hackers accessed online brokerage accounts to manipulate stock prices impart cybersecurity and beneficial ownership lessons for compliance professionals.
Posted inData Privacy
FTC seeks to expand authority on data breaches, commercial surveillance
The Federal Trade Commission is seeking comment on potential rules that would penalize companies that suffer data breaches due to lax cybersecurity protocols and punish firms that engage in abusive commercial surveillance practices.
Posted inData Privacy
Proposed NIST cybersecurity guide incorporates HIPAA Security Rule
The National Institute of Standards and Technology is seeking comment on proposed guidance intended to help healthcare organizations that fall under the regulatory umbrella of the Health Insurance Portability and Accountability Act’s Security Rule.
Posted inRisk Management
Ransomware Attack: A scenario-based immersive learning
Take this self-directed, interactive immersive study of a fictional cyber event based on real-life scenarios to deepen your understanding of the importance of crisis management planning and put you in the shoes of a compliance leader during a ransomware attack.
Posted inInternal Controls
Robinhood Crypto fined $30M for AML, cybersecurity failures
Robinhood Crypto agreed to pay a $30 million fine to the New York State Department of Financial Services for “significant failures” in its Bank Secrecy Act/anti-money laundering and cybersecurity compliance programs.
Posted inRisk Management
IBM report: Data breach costs up, contributing to inflation
The global average cost to mitigate cybersecurity issues resulting from a data breach increased to an all-time high of $4.35 million and could be contributing to current inflation trends, according to the latest annual report from IBM.
Posted inRegulatory Enforcement
Wawa to pay states $8M for data security failures in 2019 breach
East Coast convenience store chain Wawa agreed to pay $8 million in a settlement with a coalition of seven attorneys general over its 2019 data breach that exposed the debit and credit card information of approximately 34 million payment cards.
Posted inRegulatory Enforcement
Uber admits 2016 data breach cover-up in deal with DOJ
Ridesharing company Uber reached a nonprosecution agreement with the Department of Justice to resolve a criminal investigation into its 2016 data breach and subsequent cover-up.
