The extent of cybersecurity attacks on financial institutions is much greater than reports show, especially in the U.K. Data from Britain’s Financial Conduct Authority (FCA) show that U.K. banks conceal many cyberattacks to keep their reputations intact and to avoid punishment. Shlomo Touboul, Chief Executive...
Two former workers of Wells Fargo have filed a $2.6 billion lawsuit on behalf of employees who suffered because they chose not to engage in unethical practices. Meanwhile, the Wells Fargo board has hired Shearman & Sterling to advise them on clawbacks on executives’ salaries.
Banks may soon find themselves with a big bill for cybersecurity systems, as New York Governor Andrew Cuomo and the Department of Financial Services pursue bank regulations to protect against data breaches. But it’s great news for cybersecurity firms.
Last week, the CFPB came down on Wells Fargo when it exposed its egregious business practices, all in the name of being focused on the customer. And for that, Karen Webster says, the CFPB should be commended for a job well done. Wells, on the...
