Now that the long-awaited FedNow faster-payment program is operating, experts debate whether U.S. financial institutions will embrace the payment ecosystem and whether the Federal Reserve and the banking industry can overcome implementation challenges and mitigate cybersecurity and fraud issues.
With both excitement and fear swirling around the opportunities and risks offered by emerging AI, seven technology companies - including Microsoft, Amazon, Google and Meta - have promised the White House they would ensure the development of AI products that are safe, secure and trustworthy.
A Florida hospital is notifying 1.2 million patients that their information was stolen by hackers in a cybersecurity incident that spanned for nearly three weeks in May as attackers tried to encrypt the entity's systems with ransomware. The hospital repelled the attack but couldn't stop the breach.
FedNow, the Federal Reserve's first instant payment service, officially launched on Thursday. FedNow so far has 35 banks and credit unions and 16 service providers certified to use the service, including community banks and large lenders such as JPMorgan Chase and Bank of New York Mellon.
The U.S. Federal Trade Commission and the Department of Health and Human Services are jointly warning dozens of hospitals and telehealth providers of potential patient data privacy and cybersecurity violations involving the use of online tracking technologies.
Between July 14 and 20, senators introduced a bill to address DeFi risk, Nasdaq held back crypto custody plans, DeFi hackers laundered lesser amounts of stolen funds in the first half of this year than in H1 2022, and an Australian bank blocked payments to high-risk crypto exchanges.
Brazil's instant payment system, PIX, is second only to India's UPI in number of transactions. As the United States prepares for the launch of FedNow, GFT's Carlos Kazuo Missao shares his experience with PIX and some important lessons U.S. banks can learn from Brazil.
The Biden administration on Tuesday initiated a nationwide cybersecurity certification and labeling program aimed at helping consumers choose smart devices that offer enhanced protection against hacking risks. Products will have a QR code and follow NIST standards.
The Ukrainian Cyber Police dismantled yet another large-scale bot farm spreading Russian propaganda over social media. Cyber police seized nearly 150,000 SIM cards of different mobile operators used in the campaign to create fake social media profiles.
Singapore's Personal Data Protection Commission has released proposed guidelines for the use and processing of personal data for the development of and research into AI systems. The privacy agency said that in some cases organizations may not require prior consent.
The U.S. government has added two more commercial spyware vendors - Cytrox and Intellexa - to its list of organizations that face restrictions if they attempt to procure American goods or services, owing to the firms' "threatening the privacy and security of individuals and organizations worldwide."
Many critical infrastructure sector organizations, especially smaller entities, will likely struggle to comply with an upcoming requirement to report cyber incidents to federal regulators within 72 hours - due to an assortment of reasons, said Stanley Mierzwa of Kean University.
It's becoming more critical than ever for hospitals to have vigorous programs that continuously evaluate and address the security risks posed by third-party vendors, said John Riggi, national adviser for cybersecurity and risk at the American Hospital Association.
Federal regulators and medical device maker Becton, Dickinson and Co. are warning about eight vulnerabilities that could allow an attacker to compromise BD's medication infusion product suite, potentially putting data and device integrity at risk if exploited.
The administrator of the now-defunct BreachForums has pleaded guilty to two counts of hacking and one count of child pornographic possession. Conor Fitzpatrick, 20, operating under the moniker Pompompurin, made nearly $700,000 running the criminal online forum for just under a year.
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