📰 US Supreme Court ruling will likely cause cyber regulation chaos | Tuesday Times | July 2, 2024

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edited July 2 in General Community

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Tuesday Times is a weekly Tuesday series where we highlight a handful of recent cybersecurity-related news stories. We'll provide brief summaries of these news stories and link the articles directly, should you want to read more!

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US Supreme Court ruling will likely cause cyber regulation chaos | Tuesday Times | July 2, 2024

US Supreme Court ruling will likely cause cyber regulation chaos

  • On June 28, 2024, the US Supreme Court voted to eliminate the Chevron Deference. Simply put, the Chevron Deference is a principle used by courts where they look to government agencies to give insight on how a certain law should be interpreted.
  • This ruling effectively gives the courts and judges more of a say in how laws should be interpreted since they no longer have to consult agencies like the Cybersecurity and Infrastructure Security Agency (CISA) or the National Institute of Standards and Technology (NIST).
  • This could lead to chaos in the cyber security world since "the decision could weaken all federal cybersecurity regulations." While all existing regulations will continue to be in effect, this opens the door for laws and regulations to change due to lawsuits and can lead to a slowdown in the adoption of new cybersecurity standards.

Affirm says cardholders impacted by Evolve Bank data breach

  • In May of this year, Evolve Bank & Trust, a financial services organization, was the victim of a ransomware attack by a well-known cybercrime organization. This is especially worrying because Evolve has multiple partnerships with large financial technology (FinTech) companies such as Affirm.
  • Evolve refused to pay the "ransom" the threat actors demanded, and as a result, they leaked sensitive customer information. According to Evolve, this customer information includes "names, Social Security numbers, bank account numbers, and contact information."
  • Affirm, a fintech company known for its "buy now, pay later" services, recently notified its customers that "Personal Information of Affirm Card users was compromised as part of Evolve's cybersecurity incident." If you're wondering if you have been affected, keep a close eye on your since "Evolve has also promised to email individual notifications to all persons confirmed to have been impacted by the incident on July 8, 2024."

Patelco shuts down banking systems following ransomware attack

  • While we're on the topic of ransomware attacks, Patelco, an American credit union, was affected on June 29, 2024. In their security update, they explain that they "proactively shut down some of our day-to-day banking systems to contain and remediate the issue."
  • Unfortunately for Patelco members, online services are unavailable, including "Online banking, mobile app, call center services, and electronic transactions such as transfers, direct deposits, balance inquiries, and payments."
  • As this ongoing investigation continues, members will have to rely on ATM withdrawals to get them through the rest of this situation.