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Regulatory and

Privacy News

New SWIFT Report Details Cyber Threats to International Payment Flows - According to a new SWIFT
report (“Three Years On From Bangladesh: Tackling the Adversaries”), international cyber criminals are
becoming increasingly sophisticated in the ways that they evade detection when carrying out fraudulent
payment transactions. The report, based on 15 months of investigation after the much-heralded cyber
attack on the Bank of Bangladesh in 2016, found a constantly evolving landscape of cyber threats to
international payment flows.

Source: https://www.cpomagazine.com/cyber-security/new-swift-report-details-cyber-threats-
to-international-payment-flows/

“Internet of Things” Guidance to be Added to Cybersecurity Requirements for Agencies and Federal
Contractors - In 2019, cybersecurity has become top-of-mind for most federal government contractors
and agencies that share sensitive information. In addition to updated Department of Defense guidance
and procedures for evaluating contractors’ compliance with cybersecurity requirements, as well as an
increase in Department of Defense cybersecurity audits, the Federal Acquisition Regulation (FAR) council
also has promised a new FAR clause that will require compliance with NIST SP 800-171 security controls
for civilian agency contractors that receive or create Controlled Unclassified Information (CUI). As a part
of this legislation, the National Institute of Standards and Technology (NIST) is being tasked with
completing its review of considerations for managing the cybersecurity risks associated with Internet of
Things devices by September 30, 2019.
Source: https://www.natlawreview.com/article/internet-things-guidance-to-be-added-to-
cybersecurity-requirements-agencies-and

Local Credit Union Sues Fiserv Over 'Amateurish Security Lapses' - Fiserv, the leading bank core processor
with 37% of the U.S. marketshare in 2018, is being sued by one of its own customers, the Bessemer
System Federal Credit Union. Court documents filed in a Mercer County, Pennsylvania court on April 26,
2019 show Bessemer claiming that, "Despite Fiserv's claimed expertise, Fiserv has misreported
Bessemer's account records and information, while being plagued with security vulnerabilities that affect
the privacy of thousands of Bessemer's members." It adds, "Bessemer's member information has been
subject to several instances of critical security vulnerabilities while in Fiserv's custody -- each based on
baffling and amateurish security lapses."
Source: https://www.securityweek.com/local-credit-union-sues-fiserv-over-amateurish-security-
lapses

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