Proposed new cyber security regulations will be a huge undertaking for financial institutions

Celent Banking

New York State Department of Financial Services (NYDSF) is one step closer to releasing cyber security regulations aided by the largest security hacking breach in history, against JP Morgan Chase. Yesterday (Tuesday, November 10), the authorities charged three men with what they call “pump and dump” manipulation of publicly traded stock, mining of nonpublic corporate information, money laundering, wire fraud, identity theft and securities fraud.

How to secure finance on the front line

Accenture

They face the most sophisticated cyber threat actors who continually grow their capabilities and are rarely held accountable across the global footprint where they operate. The post How to secure finance on the front line appeared first on Accenture Banking Blog.

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Ransomware Now Ranks As UK’s Top Cybersecurity Danger

PYMNTS

for the majority of individuals and businesses in the region, Lindy Cameron, chief executive of the National Cyber Security Centre ( NCSC ), said in a speech. She called cybersecurity an international concern and is an “issue of mainstream national security policy.”

Four Steps for Managing Third-Party Cyber Security Risk

FICO

The latest Assessment of Business Cyber Risk (ABC) report from the US Chamber of Commerce and FICO discusses four steps for improving third-party cybersecurity risk management. Where does the vendor operate (e.g., On the basis of the categorization, tools like the FICO® Cyber Risk Score can be used to group organizations into portfolios where cyber risk and vendor impact/criticality can be considered together.

Three success factors in security operations

Insights on Business

Artificial Intelligence is now being used by cyber criminals , meaning the sophistication of their methods is increasing, forcing banks to up their game. The model delivers better customer experiences, creates operational efficiencies, and can lead to new revenue sources. Financial institutions are leading the charge in building security immune systems, knowing they are most threatened. In my mind, success follows with three operational goals: 1.

Stripe hires Google security expert to lead expanding risk team

Payments Source

Stripe’s expanding global profile has come with a growing security risk operation, which will now be overseen by former Google security expert Niels Provos. Data security Cyber security Fraud prevention Stripe

PSD2's a tough migration, but it has to happen

Payments Source

Security, operational challenges and new operational requirements all make for a complex, yet necessary, transition to open banking in the age of PSD2, according to Maria Allen, global head of financial services for Unisys. ISO and agent Payment processing Risk Cyber security

Stop Throwing Money at Cybersecurity

Celent Banking

Most cyberattacks succeed because of weaknesses in people, processes, controls and operations. This is the definition of operational risk. Therefore, it makes sense to tackle cyber risk with the same tools you use to manage operational risk. Cyber risk is typically treated in parallel with other technology risks; the IT department is motivated to focus on securing the vulnerabilities of individual system components and proffers a micro view of security concerns.

Operation BLACKHAT

Perficient

Operation BLACKHAT. He conducts a meeting with his security group, “WHITEHAT” to proceed with the investigation. He has hired other gang members for this operation. The blackhat hired him to research the security gaps to avoid any faults in this plan and report the same.

Fraud And Risk: Surveillance Is Only Part Of Good Security

PYMNTS

Security isn’t just about catching the bad guys as they run away with store merchandise. And as part of a network, they can be a key piece in the preventative puzzle, triggering other elements of the security suite to activate. When retailers start linking security equipment with other devices on the network, it opens up even more possibilities. And surveillance isn’t just about identifying bad guys after the fact.

Waters meets with Swiss officials to discuss Facebook's crypto plans

Payments Source

and a bipartisan congressional delegation met with Swiss government officials last week to discuss Facebook’s plans to launch and operate a digital currency. Libra Data security Data privacy Digital banking Digital payments Cyber security Cyber attacks Maxine Waters House Financial Services Committee FacebookHouse Financial Services Committee Chair Maxine Waters, D-Calif.,

Data: The new causes of mobile payments fraud

Payments Source

Account takeover (ATO) fraud currently drives the largest fraud losses at North American financial institutions within digital channels, according to a new report from Aite Group and Early Warning, the bank organization that operates the Zelle payment network brand. Mobile payments Cyber security P-to-P payments

Fraud 84

Cybercrime gangs team up to target more banks

Payments Source

Malware operators are joining forces, installing each others’ tools on compromised computers to target a wider range of victims, and possibly also sharing the work of harvesting funds using stolen account details. Cyber security Online payments U.K.

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Operational risk a main 2015 concern for OCC

ABA Community Banking

National bank examiners to focus on tech, cyber security controls Risk Management Operational Risk. 1Risk Management

Embracing disruption at Bank Innovation Ignite with IBM

Insights on Business

Digitally transforming operations, operating models and technologies to compete in a changing industry structure. Optimizing risk, compliance and security. Too often cloud adoption can just happen, and security teams are asked reactively to make it secure and compliant. But it is possible to gain control and establish a proactive foundation of well governed, compliant security upon which these cloud projects can be built and managed.

TeleSign Offers New iOS Capabilities For App Verify, Protects From Fraud

PYMNTS

According to a press release , App Verify for iOS allows mobile app developers to streamline the onboarding account verification process to assist with increasing conversions and providing cyber security and identity assurance from fraud. TeleSign’s Fraud Report found that 64 percent of companies prioritize smooth and simple user registration and account verification over cyber security needs.

Fraud 109

Wells customers phished, Fed caps dividends, Citi’s new ops chief: Top stories of the week

American Banker

Wells Fargo customers targeted with phishing attacks using calendar invites; Fed freezes stock buybacks, caps dividends after stress test results; Citigroup names Titi Cole its head of global operations and fraud prevention. Main Street Lending Program Digital banking Federal Reserve Stock dividends Wells Fargo Cyber security BBVA Citigroup Paycheck Protection Program Buybacks

Fraud 30

Ransomware Attack Hits UK Northern Railway Ticketing Terminals

PYMNTS

Coupled with its supplier Flowbird, the government-run operator indicated that no sensitive data — including customer payment information — were exposed. We are working to restore normal operation to our ticket machines as soon as possible," the railway said, per BBC.

Security Token news for Week Ending Friday 27 March 2020

Daily Fintech

Here is our pick of the 3 most important Security Tokens news stories during the week: Federal court judge grants temporary injunction against Telegram. The SEC has opposed the distribution on the Telegram Open Network, asserting Grams are unregistered securities. .

TSYS Syncs With Featurespace For Fraud Prevention Product

PYMNTS

TSYS’s President and Chief Operating Officer, Pamela A. We are certain that it will help our clients detect and prevent more transactional fraud while at that same time reducing false-positive alerts — helping increase revenue and improve operational efficiency,” Joseph said. Fraud Prevention cyber attack cyber-security Featurespace fraud News risk smart technology Tsys What's Hot

Fraud 109

ESET Finds Malware That Could Target Power Supplies

PYMNTS

The recent attack on the Ukrainian power grid should serve as a wake-up call for all those responsible for the security of critical systems around the world,” warns ESET Senior Malware Researcher Anton Cherepanov in the release. This report on cybersecurity comes as Ukraine is becoming more of a hotbed for cyber criminals. ESET researchers have been analyzing samples of dangerous malware that could be used in a cyberattack on power supply infrastructure.

Great Products Aren't Enough, Citizens' New Digital Chief Says

American Banker

The regional bank has consolidated all of its digital operations under a single leader. consumer-finance national-regional dealmaking-strategy digital-banking apis mobile retail-branch-strategies credit-card mortgage security cyber-security bank-technologyFind out what he thinks about customer expectations, bots, fintechs and the coming convergence of digital banking.

Hackers Strike New Zealand's Central Bank

PYMNTS

The hackers breached security at "a third-party file-sharing service," the central bank stated in a news release. Orr added: "The system has been secured and taken offline until we have completed our initial investigations. Our core functions remain sound and operational.".

Bank Regulators Seeking Comments on the Use of AI and ML in the Industry

Perficient

AI technologies, such as voice recognition and natural language processing (NLP), are being used to improve customer experience and to gain operational efficiencies.

Looking to DNS to protect against DDoS attacks

Bobsguide

Almost half of firms operating in the sector (46%) ranked cyber security as the top systemic risk to the economy, with more than 70% of banking CEOs identifying poor cyber security as a threat to growth – making cyber security as much a boardroom issue as it is a technical issue.

From Vault to Vulnerability: Modern Day Bank Robbers Hit the Web

NCR

For those in the banking industry fighting on the front lines of the escalating cyber war, this isn’t news. But as attacks continue to become more targeted and sophisticated, IT teams are struggling against a range of agents, from common hackers to nation-states, to keep their networks and their vaults secure. Securing the Vault. Here are a few steps that bank IT teams can take to better secure the vault: Assume the network has already been breached.

Continued cloudy for 2015, EY predicts

ABA Community Banking

Bribery, corruption, cyber-security drive next-generation tech adoption Management Duties Risk Management Operational Risk. 1Risk Management

Why cyber risk challenges are best addressed through cyber integration

Accenture

In my first post on integrated cyber risk management, we looked at financial firms bringing together leadership and capabilities across fraud, IT, cyber security and operational risk, both to improve enterprise risk management and to build cyber resilience. Managing Risk Featured cyber resilience Cyber risk management

Decentralized empowerment with the Pillar Wallet: A secure dashboard with No Accounts, No Apps

Daily Fintech

We live in a world that is entangled in a web of cyber-security issues. Accounts are one of the main entry points for hackers and cyber-terrorists. We live in a world that operates via apps which don’t even talk to each other. Enterprises are swimming in an ocean of cyber-security issues that drain financial and human resources. The Pillar project will offer end-users personalized assistance in very simple and secure ways that are unimaginable today.

Hackers Employed By China Infiltrate Norwegian Software Company Visma

PYMNTS

Reuters , citing cybersecurity researchers, reported that the attack was part of a global hacking campaign initiated by the Ministry of State Security in China aimed at stealing intellectual property and corporate secrets. Espen Johansen, Visma’s operations and security manager, said he is confident that none of its customers’ networks were accessed. Security & Fraud china Cloudhopper Hackers News security & fraud Visma What's Hot

Australia’s Toll Suffers Ransomware Attack

PYMNTS

We’ll continue to provide updates as we securely bring our systems back online.”. Security & Fraud Australia Cyberattack logistics News ransomware Toll What's Hot

US And UK Blame Russia For NotPetya Virus

PYMNTS

According to Reuters , the attack was launched on computer routers, firewalls and other networking equipment used by government agencies, companies and critical infrastructure operators globally. When we see malicious cyber activity, whether it be from the Kremlin or other malicious nation-state actors, we are going to push back,” said Rob Joyce, the departing White House cybersecurity coordinator.

UK Banks Halt Foreign Currency Service Due To Travelex Attack

PYMNTS

We have now contained the virus and are working to restore our systems and resume normal operations as quickly as possible,” the company said in a statement. The National Cyber Security Centre said it was providing technical support.

Kaspersky Lab’s New Survey Found 65 Percent Of Companies Are Worried About IoT

PYMNTS

Kaspersky Lab , the security company, announced Tuesday (June 26) a new “State of Industrial Cybersecurity 2018” survey, which found that 65 percent of organizations globally believe that OT/ICS security risks are more likely with IoT over the next year. As for concerns related to IoT, 54 percent claim the increased risks associated with connectivity and the integration of IoT ecosystems is a major challenge, as are new types of IoT security measures that need to be implemented.

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Corporates Unprepared For GDPR, UK Government Warns

PYMNTS

For the businesses that are aware, a bit more than a quarter said they’ve made changes to their operations in order to comply with the new rules aimed at data privacy and security. B2B Payments B2B data security GDPR News Open Banking regulation uk What's Hot In B2BA new report released in the U.K. finds companies are unprepared for the upcoming General Data Protection Regulation (GDPR). A press release published last week by gov.uk