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At what point are the banks hacked and we just don't know?
by neets 4y ago
At what point are the banks hacked and we just don't know?
- neets 4y agoMaybe some people have audited the fed!?
- jbverschoor 4y agoThey get hacked and robbed regularly. But they’ll never disclose to prevent a run on the bank. There are just a lot of “service interruptions“, like online banking not working for a few hours
- Grimburger 4y agoDon't most western countries have disclosure laws now? This doesn't sound right, not in Australia at least, it would be completely illegal to cover such a thing up and not notify the government cyber agencies.
- Swizec 4y agoTelling the government is not the same as telling you, the consumer. Do disclosure laws say anything about end users? Even if said users aren’t affected?
- sofixa 4y agoGDPR (so the whole of the EU+UK) does, yes.
- SXX 4y agoIf you google for "us bank data breach" you'll find plenty of examples of this happening and being disclosed. However banking regulations are strict and banks own systems are designed to be resistant to insider attacks. So everything usually designed to keep different kind of data within bank own systems isolated and audited. In most of small and middle sized IT companies there is rarely any security measures against insider attacks or just accidental leaks if someone been too incompetent when it come to security. So leaks of sensetive data happen far more often since plenty of SWE and DevOps can easily get access to all the production databases. As result deployment of some single line fix in code of some critical system in a major bank might easily take 3-6 months.
- dzikimarian 4y agoIn EU you have to inform proper officials and everyone who were impacted. Failure to do so may result in fine up to 10 mln euro or 2% global revenue. There's some reports - not that many. Honestly I would say that the banks are not very attractive target - it's not easy to extract reasonable amount of money that way (better to directly scam end user), and security is usually at least a bit above average, so for personal data it's easier to hack some e-commerce store.
- SXX 4y agoThey are hacked, but you will never know or be personally affected. This is why banks are strictly regulated and have insurance for everything and agreements with whoever manage their IT and security.
- pas 4y ago> you will never know maybe. GDPR has a notification of breach requirement. we shall see.
- Nextgrid 4y agoGDPR enforcement is laughable. Come back when Facebook and Google are fined out of existence and then you’ll have a point.
- sofixa 4y agoObligatory https://www.enforcementtracker.com https://www.enforcementtracker.com With regards to Facebook and Google, there are recent news on that front: https://techcrunch.com/2022/11/28/facebook-gdpr-penalty/ https://techcrunch.com/2022/11/28/facebook-gdpr-penalty/ https://www.thedrum.com/news/2022/11/15/googles-400m-penalty-the-impact-the-5-heftiest-data-privacy-fines-2023-ad-plans https://www.thedrum.com/news/2022/11/15/googles-400m-penalty...
- Nextgrid 4y agoMy point is that the “obligatory” link is getting annoying when tallying up the total amount of fines over the last 4 years across all companies is still less than the yearly profit of the single biggest offender. And yes, the news you mention are welcome but I’m not holding my breath - they’ve been allowed to brazenly breach the regulation for 4 years and one of the regulators even ended up being corrupt and collaborated with them behind the scenes.
- SXX 4y agoGDPR is only applies when personal data is involved. Banks usually have all client data well isolated from everyone including most of IT staff so credit card data being stolen isn't always mean that personal data is affected.