financial industry

Social engineering scams sweep through financial institutions

BioCatch, cybercrime, financial industry, fraud, News, report, social engineering, survey /

Social engineering scams sweep through financial institutions 2024-11-13 at 06:04 By Help Net Security North American financial institutions fielded 10 times more reports of social engineering scams in 2024 than they did a year ago, according to BioCatch. The data shows scams now represent 23% of all digital banking fraud. Growing danger of deepfake and […]

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North Korean hackers employ new tactics to compromise crypto-related businesses

APT, backdoor, Cryptocurrency, Don't miss, financial industry, Hot stuff, macOS, Malware, News, North Korea, phishing, SentinelOne /

North Korean hackers employ new tactics to compromise crypto-related businesses 2024-11-07 at 13:49 By Zeljka Zorz North Korean hackers are targeting crypto-related businesses with phishing emails and novel macOS-specific malware. The crypto-related phishing campaign Since July 2024, phishing emails seemingly containing helpful information on risks related to the rise of the price of Bitcoin have

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DORA regulation’s nuts and bolts

BforeAI, cyber resilience, cybersecurity, Don't miss, EU, financial industry, Hot stuff, regulation, Video /

DORA regulation’s nuts and bolts 2024-10-11 at 08:02 By Help Net Security The frequency, sophistication, and impact of cyber-attacks on financial institutions have been rising. Given the economic system’s interconnected nature, disruptions in one institution can have cascading effects on the broader financial market, leading to systemic risks. Regulators have responded with increasingly stringent requirements.

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Third-party risk management is under the spotlight

cybersecurity, financial industry, News, regulation, report, survey /

Third-party risk management is under the spotlight 2024-08-29 at 06:01 By Help Net Security In the aftermath of the CrowdStrike IT outage, new research has uncovered a critical vulnerability within financial institutions regarding supply chain resilience. The outage has demonstrated the need for greater digital supply chain resilience, particularly in vital sectors such as financial

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Stolen, locked payment cards can be used with digital wallet apps

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Stolen, locked payment cards can be used with digital wallet apps 2024-08-19 at 21:32 By Zeljka Zorz Fraudsters can add stolen payment cards to digital wallet apps and continue making online purchases even after victims’ report the card stolen and the bank blocks it, computer engineers with University of Massachusetts Amherst and Pennsylvania State University

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Effective GRC programs rely on team collaboration

Artificial Intelligence, Compliance, cybersecurity, financial industry, healthcare, LogicGate, News, regulation, report, Risk Management /

Effective GRC programs rely on team collaboration 2024-05-24 at 06:31 By Help Net Security One in three organizations are not currently able to proactively identify, assess, and mitigate risk with their GRC program, nor are they able to ensure compliance with regulations and frameworks – both key aspects of a mature, holistic GRC program, according

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SEC requires financial institutions to notify customers of breaches within 30 days

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SEC requires financial institutions to notify customers of breaches within 30 days 2024-05-20 at 13:01 By Help Net Security The Securities and Exchange Commission (SEC) announced the adoption of amendments to Regulation S-P to modernize and enhance the rules that govern the treatment of consumers’ nonpublic personal information by certain financial institutions. The amendments update

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The challenges of GenAI in fintech

Artificial Intelligence, cybersecurity, Don't miss, Expert analysis, Expert corner, financial industry, generative AI, Hot stuff, News, opinion, Portal26 /

The challenges of GenAI in fintech 2024-05-20 at 08:01 By Help Net Security Due to the cybersecurity disclosure rules the Securities and Exchange Commission (SEC) has adopted in 2023, public entities in the US are required to disclose any material cybersecurity incidents. Moving forward, these organizations will need in-depth knowledge of the impact, nature, scope

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AI abuse and misinformation campaigns threaten financial institutions

cybercrime, cybersecurity, financial industry, generative AI, News, report, survey, threats /

AI abuse and misinformation campaigns threaten financial institutions 2024-03-29 at 07:31 By Help Net Security Though generative AI offers financial firms remarkable business and cybersecurity utility, cyberthreats relating to GenAI in financial services are a consistent concern, according to FS-ISAC. Cybercriminals exploit AI for data exfiltration The cybersecurity community’s current consensus is that adversarial usage

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Beyond blockchain: Strategies for seamless digital asset integration

access management, blockchain, Cryptocurrency, cybersecurity, digital wallet, Don't miss, Features, financial industry, Hot stuff, identity management, Innovation, key management, News, opinion, regulation, Taurus, threats, tokenization /

Beyond blockchain: Strategies for seamless digital asset integration 2024-01-23 at 07:31 By Mirko Zorz In this Help Net Security interview, Jean-Philippe Aumasson, CSO at Taurus, emphasizes the often-overlooked complexities of key generation, storage, and distribution, underlining the necessity for a high level of security maturity in handling digital assets. Looking ahead, Aumasson predicts that the

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Data security and cost are key cloud adoption challenges for financial industry

Artificial Intelligence, Capgemini, Cloud, cybersecurity, data security, financial industry, generative AI, Insurance, News, report, Risk Management /

Data security and cost are key cloud adoption challenges for financial industry 2023-12-27 at 06:05 By Help Net Security 91% of banks and insurance companies have now initiated their cloud journey, a significant increase from 2020, when only 37% of firms had embarked on their cloud transformations, according to Capgemini. However, this high rate and

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Rising fintech trends for 2024: From A2A payments to GenAI in banking

Compliance, cybersecurity, digital wallet, financial industry, generative AI, identity, Juniper Research, mobile payment, News, report /

Rising fintech trends for 2024: From A2A payments to GenAI in banking 2023-12-26 at 06:02 By Help Net Security The fintech market is undergoing a rapid shift, with the rise of new technologies, such as Open Finance, generative AI and A2A (Account-to-Account) payments having a major impact on business models, according to Juniper Research. This

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Mr. Cooper breach exposes sensitive info of over 14 million customers

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Mr. Cooper breach exposes sensitive info of over 14 million customers 19/12/2023 at 13:47 By Helga Labus Mortgage company Mr. Cooper has confirmed that personal information of over 14.6 million customers has been exposed in its October 2023 data breach. The breach “On October 31, 2023, Mr. Cooper detected suspicious activity in certain network systems,”

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Chinese multinational bank hit by ransomware

Banks, China, Citrix, Don't miss, financial industry, Hot stuff, News, Ransomware /

Chinese multinational bank hit by ransomware 10/11/2023 at 14:46 By Helga Labus The state-owned Industrial and Commercial Bank of China (ICBC), which is one of the largest banks in the world, has been hit by a ransomware attack that led to disrupted trades in the US Treasury market. The attack “On November 8, 2023, U.S.

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Financial organizations embrace automation for enhanced security

API security, automation, cybersecurity, financial industry, News, regulation, report, software, training, Veracode /

Financial organizations embrace automation for enhanced security 03/11/2023 at 07:31 By Help Net Security The security performance of financial applications generally outperforms other industries, with automation, targeted security training, and scanning via Application Programming Interface (API) contributing to a year-over-year reduction in the percentage of applications containing flaws, according to Veracode. Against a backdrop of

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The double-edged sword of heightened regulation for financial services

cybercriminals, cybersecurity, Data Protection, financial industry, Malware, News, regulation, report, supply chain, Trustwave /

The double-edged sword of heightened regulation for financial services 20/10/2023 at 06:04 By Help Net Security Financial services organizations are enticing targets for cybercriminals due to their significant wealth holdings, presenting abundant opportunities for monetary gain through extortion, theft, and fraud, according to Trustwave. In addition to the money itself, the financial services sector stores

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Financial crime compliance costs exceed $206 billion

Artificial Intelligence, Compliance, cybercrime, cybersecurity, financial industry, LexisNexis Risk Solutions, News, report, survey /

Financial crime compliance costs exceed $206 billion 29/09/2023 at 07:02 By Help Net Security The growing complexity of compliance regulations and ever-evolving criminal methodologies are a major difficulty for financial institutions, according to LexisNexis Risk Solutions. Global financial crime compliance costs for financial institutions exceed $206 billion. This cost is comparable to more than 12%

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Strong compliance management is crucial for fintech-bank partnerships

Banks, Compliance, cybersecurity, financial industry, investment, Ncontracts, News, report, survey /

Strong compliance management is crucial for fintech-bank partnerships 20/09/2023 at 06:02 By Help Net Security 72% of banks and credit unions are prioritizing compliance when evaluating fintechs, citing it as their top criteria in the due diligence process, according to Ncontracts. As banks and credit unions evaluate fintech partnerships, cybersecurity (62%) is also a critical

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Dark web activity targeting the financial sector

dark web, Don't miss, finance, financial industry, Hot stuff, Searchlight Cyber, Video /

Dark web activity targeting the financial sector 08/08/2023 at 07:01 By Help Net Security In this Help Net Security video, Jim Simpson, Director of Threat Intelligence at Searchlight Cyber, discusses threats against the financial sector. Threat actors will invariably target banks, yet by keeping an eye on the dark web, these institutions can identify illegal

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A fresh look at the current state of financial fraud

cybercrime, cybersecurity, Don't miss, financial industry, fraud, Hot stuff, strategy, tips, Video /

A fresh look at the current state of financial fraud 20/07/2023 at 07:02 By Help Net Security In this Help Net Security video, Greg Woolf, CEO at FiVerity, discusses how the emergence of sophisticated fraud tools powered by AI and recent upheavals in the banking sector have forged an ideal environment for financial fraud. This

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