July 13, 2020

Volume X, Number 195

July 13, 2020

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July 10, 2020

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Financial Services Information Sharing Group Warns of Increased Phishing Attacks

The Financial Services Information Sharing and Analysis Center (FS-ISAC) has warned that financial services firms, and in particular smaller ones, are being attacked at an increased rate during the coronavirus pandemic.

According to FS-ISAC, phishing attacks against financial services firms increased by one-third in the first quarter of 2020. In that time period, FS-ISAC identified more than 1,500 websites using pandemic-related lending programs as bait to fool people into disclosing personal information. Although they were taken down, new ones appear in their place, much like Whack-a-Mole.

With bank, credit union and other financial service company employees working from home, additional precautions are necessary to combat the attacks. FS-ISAC rolled out a chat feature to assist financial service companies in identifying and responding to cyber attacks. With the knowledge that they are being targeted, financial services firms can warn, educate and assist their employees to help prevent them from becoming victims of these increased attacks.

Copyright © 2020 Robinson & Cole LLP. All rights reserved.National Law Review, Volume X, Number 128

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About this Author

Linn F. Freedman, Robinson Cole Law Firm, Cybersecurity and Litigation Law Attorney, Providence
Partner

Linn Freedman practices in data privacy and security law, cybersecurity, and complex litigation. She provides guidance on data privacy and cybersecurity compliance to a full range of public and private clients across all industries, such as construction, education, health care, insurance, manufacturing, real estate, utilities and critical infrastructure, marine, and charitable organizations. Linn is a member of the firm's Business Litigation Group and chairs its Data Privacy + Cybersecurity Team. She is also a member of the Financial Services Cyber-Compliance Team (CyFi ...

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