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They 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 bank

They 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 ago
Don'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 ago
  Telling 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 ago
    GDPR (so the whole of the EU+UK) does, yes.
- SXX 4y ago
  If 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 ago
In 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.

They 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 ago

Don'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 ago
Telling 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 ago
  GDPR (so the whole of the EU+UK) does, yes.
SXX 4y ago
If 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 ago

In 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.