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This interagency proposal also requests comment on whether the Board should impose standardized liquidity requirements on FBOs with respect to their U.S. operations of a foreign banking organizations. The second draft notice, issued jointly by the Fed with the Office of the Comptroller of the Currency and Federal Deposit Insurance Corporation is a proposal to modify the application of capital and liquidity requirements to the U.S. The first draft notice is a Board-only proposal to revise the framework for application of prudential standards to FBOs.
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That said, password managers are still widely recommended by security professionals for generating and storing unique passwords, so long as the appropriate precautions and protections are put in place to limit the fallout in the event of a compromise.On April 8th the Federal Reserve Board and other agencies released draft notices of proposed rulemaking to amend the current enhanced prudential standards applying to the US operations of foreign banking organizations (FBOs).
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In 2021, the company behind a popular enterprise password manager called Passwordstate was hacked to push a tainted software update to its customers, allowing the cybercriminals to steal customers’ passwords. Earlier this year, password manager giant LastPass confirmed a data breach in which intruders compromised its cloud storage and stole millions of customers’ encrypted password vaults.
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It’s the latest incident involving the theft of customer passwords of late. Norton LifeLock provides identity protection and cybersecurity services.
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Gen Digital said it sent notices to about 6,450 customers whose accounts were compromised. The notice was sent to customers that it believes use its password manager feature, because the company cannot rule out that the intruders also accessed customers’ saved passwords. “In accessing your account with your username and password, the unauthorized third party may have viewed your first name, last name, phone number, and mailing address,” the data breach notice said. The company said it found that the intruders had compromised accounts as far back as December 1, close to two weeks before its systems detected a “large volume” of failed logins to customer accounts on December 12. It’s why two-factor authentication, which Norton LifeLock offers, is recommended, as it blocks attackers from accessing someone’s account with just their password.
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In a notice to customers, Gen Digital, the parent company of Norton LifeLock, said that the likely culprit was a credential stuffing attack - where previously exposed or breached credentials are used to break into accounts on different sites and services that share the same passwords - rather than a compromise of its systems. Thousands of Norton LifeLock customers had their accounts compromised in recent weeks, potentially allowing criminal hackers access to customer password managers, the company revealed in a recent data breach notice.
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