The global average cost of a data breach leaped by 10% compared to the previous reporting period, hitting US$4.88 million, according to the 19th annual Cost of a Data Breach Report from IBM, which covers the period from March 2023 to February 2024.
Banking regulators have issued a joint statement outlining the potential risks that financial institutions face in arrangements with third parties to deliver bank deposit products and services and examples of risk management practices to manage such potential risks.
Acting Comptroller of the Currency Michael J. Hsu issued statements at today’s Federal Deposit Insurance Corporation (FDIC) board meeting regarding proposed rulemakings on bank liquidity and bank ownership, and final guidance on bank resolvability.
Today, Federal Trade Commission Chair Lina M. Khan announced that an open meeting of the Commission will be held virtually on Thursday, August 1, 2024. The open meeting will commence at 10 a.m. ET and will begin with time for members of the public to address the Commission.
Today the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System, and the Federal Deposit Insurance Corporation (collectively, the agencies) released a request for information (RFI) on arrangements in which one or more financial technology (fintech) companies, as defined in the RFI, engage with banks1 to distribute banking products and services to consumers and businesses (referred to as bank-fintech arrangements).
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