Cyberattacks on the rise in mobile banking

Banking data of millions left vulnerable in First American leak | Drop in durable goods orders could signal economic downturn | Most US G-SIBs see systemic-risk scores rise Created for {EMAIL} | [Web Version]( May 29, 2019 [SIGN UP]( ⋅ [FORWARD]( [] Risk Management and Insurance [] [Banking data of millions left vulnerable in First American leak]( In a leak that dates back to 2003, financial details of millions of mortgage holders who used title insurance firm First American Financial had their data exposed, according to Krebs On Security, which revealed the leak. It is unknown if the data, including bank account information, tax records and mortgage details, was used, but security expert Brian Krebs called the material a "virtual gold mine" for fraudsters. [Krebs on Security]( (5/24), [The Wall Street Journal (tiered subscription model)]( (5/24), [Pymnts]( (5/26) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] [Drop in durable goods orders could signal economic downturn]( Orders received by US manufacturers for durable goods fell 2.1% in April from March, suggesting a slowdown is starting to hit the US economy. The Commerce Department also lowered its estimate for March. [The Wall Street Journal (tiered subscription model)]( (5/24) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] - [Most US G-SIBs see systemic-risk scores rise]( Risk (subscription required) (5/23) [] - [Fed warned of danger in shifting to more short-term bonds]( Reuters (5/22) [] Cybersecurity [] [Banks, regulators have work to do in addressing cyberrisk]( The need for a common framework to address cyberrisk in banking was among topics discussed at a recent workshop hosted by the Federal Reserve Bank of Richmond. Panelists discussed identification and classification of cyberthreats, as well as the role of regulatory oversight. [Liberty Street Economics (Federal Reserve Bank of New York)]( (5/17) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] [Cyberattacks on the rise in mobile banking]( Cyberattacks in mobile banking increased during the first quarter, with the majority of attacks coming from a new version of the Asacub malware, according to Kaspersky Lab. Criminals are after mostly money but are stealing credentials, too. [Pymnts]( (5/23) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] Government Regulation [] [House passes retirement bill in bipartisan vote]( The House has voted 417-3 to pass the Setting Every Community Up for Retirement Enhancement Act of 2019, which would make changes intended to encourage Americans to save for retirement. Major provisions include removing obstacles to small businesses' offering of retirement plans and making it easier for plans to offer annuities. [ThinkAdvisor (free registration)]( (5/23) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] Innovation [] [Fifth Third introduces redesigned branch]( Fifth Third Bank's redesigned branch is smaller and has open meeting space for customers to meet with employees. The bank plans to redesign all branches, after opening the first in a Cincinnati-area Kroger, while the first stand-alone branch opens June 17 in Chicago. [The Business Journals (tiered subscription model)/Cincinnati]( (5/22) [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] News from Aon [] [Q1 2019 FSG D&O Pricing Index]( Each quarter, Aon's Financial Services Group (FSG) publishes a Pricing Index of directors' & officers' liability (D&O) insurance that tracks premium changes relative to the base year of 2001. The Pricing Index increased to .074 from .065 in the prior-year quarter. The average price for $1 million in limits increased 13.8% compared with the prior-year quarter. [Read more](. [LinkedIn]( [Twitter]( [Facebook]( [Email]( [] [US and China: Navigating Trade Uncertainty]( As relations between the US and China intensify, companies find that constant shifts in the trade landscape make it difficult to make business decisions for both the short and the long term. Disruptions in cross-border trade relationships, especially between economic superpowers such as the US and China, can cause ripple effects across the global economy. An increasingly volatile global environment can also have impacts on a local level, with international organizations finding it harder to do business overseas. How can businesses navigate a changing trade landscape?[Learn more.]( [LinkedIn]( [Twitter]( [Facebook]( [Email]( Learn more about Aon Financial Institutions: [Aon Home Page]( | [Aon Financial Institutions]( [Thought Leadership]( | [Media Room]( [] [] When you're working with your friends, it doesn't feel like it's work. Ken Jeong, actor, comedian and physician May is Asian/Pacific American Heritage Month [LinkedIn]( [Twitter]( [Facebook]( [Email]( About Aon Financial Institutions The Aon Financial Institutions Practice develops risk transfer and consulting solutions for a wide range of businesses including banks, insurance companies, asset managers and diversified investment and finance firms. Our experts draw on deep experience in developing products involving management and professional liability, property and casualty, cyber, operational and enterprise risk management, environmental liability, employee benefits, and transactional solutions. These solutions help clients build a tailored risk management program that empowers results for their organizations. 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