India's stock brokers and depository participants must now report all cyberattacks and breaches to the Securities and Exchange Board of India within six hours of detection under a mandate implementing what is likely the world's tightest breach reporting timeline requirement.
Fraudsters compromised debit card numbers and associated PINs, and possibly names and addresses, of an undisclosed number of Bank of the West customers. Unknown thieves installed skimmers in a "small number of ATMs," the bank's COO, Karl Werwath, tells ISMG.
Effective security and risk programs require not just domain mastery but making security accessible to boards of directors and senior officers, says Karin Höne, the group chief information security and risk officer of South Africa-based multinational Barloworld.
A publicly traded issuer of home mortgages is notifying 1.5 million consumers of a December cyber incident on its network that leaked PII, including customers' Social Security numbers. Flagstar Bank discovered the breach on June 2 and there has been no evidence of data misuse so far.
Insurance claims being filed by ransomware victims are growing as criminals continue to hit businesses with crypto-locking malware. To avoid these claims, organizations can take a number of proven steps to better protect themselves, says Payal Chakravarty of Coalition.
Police in Nigeria this week arrested a 37-year-old man who's been charged with masterminding "a criminal syndicate tied to massive business email compromise and phishing campaigns," Interpol says. But with known BEC losses last year exceeding $2.4 billion, will the arrest have a noticeable impact?
Since at least the middle of last year, online attackers have been increasingly targeting the financial services sector.
So warns John Fokker, principal engineer and head of cyber investigations for the Advanced Threat Research group at cybersecurity firm Trellix. He says Trellix's latest threat assessment found a...
Financial services firms lose an average of $18.5 million per year through malicious activity like leaked credentials, payment fraud, money laundering, fake account registration, loyalty abuse, and more. Fraud prevention depends on effective intelligence gathering, and few firms have the tools or personnel to...
Never have global financial institutions
faced such adversaries. The cybercriminal gangs now wield tools that
used to be the province of nation-states, and the nation-states now
engage in activities that once were owned by cybercrime. Scams
and schemes including account
takeover, denial of service and ransomware...
According to Sophos, the average cost of rectifying a ransomware attack in the financial services industry was US$2.10 million, considering ransom paid, downtime, people time, device cost, network cost, lost opportunity, and other factors.
Download this article to learn more about how the ransomware risk for...
Since existing security products are not adaptable to the way applications are being developed and pushed today, continuous security testing proves an ideal solution that helps in staying ready for any threat that is coming your way.
Download this datasheet to learn:
Why you should continuously test and tune your...
BAS is focused on validating the effectiveness of security controls. Due to its automated architecture, it also provides continuous visibility and quick mitigation insights unlike the traditional assessment methods.
Traditional assessments value is limited by:
The duration of testing
Starting out with MITRE ATT&CK can initially seem daunting. Containing over 180 techniques and 375 sub-techniques and distinct ways that attackers perform malicious activities.
In this blog, we offer advice to help you:
Become proactive in your approach
Respond to evolving attacker behaviors
Cybersecurity as a Tier 1 threat for financial services, reports indicate that FSI companies experience fewer incidents successively each year.
On a negative one, FSI companies now need to deal with highly sophisticated attacks that are crafted to aim at their organizations specifically
Download this case study...
According to a report by Boston Consulting Group, financial institutions are 300 times as likely to be targeted by a cyberattack than other companies.
In this blog you will learn about the most common metrics used to assess the effectiveness of security controls:
Volume of alerts
% of false positives