Top predictions for financial services in 2023
OpenText Information Management
JANUARY 5, 2023
With inflation, rising interest rates and general economic uncertainty, last year presented several challenges for financial services institutions (FSIs).
2023 Financial Services Government 
Law enforcement operation seized Ragnar Locker group’s infrastructure
Security Affairs
OCTOBER 19, 2023
“As of January 2022, the FBI has identified at least 52 entities across 10 critical infrastructure sectors affected by RagnarLocker ransomware, including entities in the critical manufacturing, energy, financial services, government, and information technology sectors,” reads the FBI’s flash alert.
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The Number of Ransomware Attacks Around the World Increased by 73% in 2023
KnowBe4
SEPTEMBER 30, 2024
The number of ransomware attacks around the world increased by 73% in 2023, according to a new report by the Institute for Security and Technology’s Ransomware Task Force (RTF).
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Nissan Oceania data breach impacted roughly 100,000 people
Security Affairs
MARCH 14, 2024
The ransomware attack that hit the systems of Nissan Oceania in December 2023 impacted roughly 100,000 individuals. Nissan Oceania, the regional division of the multinational carmaker, announced in December 2023 that it had suffered a cyber attack and launched an investigation into the incident.
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Cybersecurity agencies published a joint LockBit ransomware advisory
Security Affairs
JUNE 15, 2023
Help us #StopRansomware by visiting [link] pic.twitter.com/G5jpxtB0Fw — Cybersecurity and Infrastructure Security Agency (@CISAgov) June 14, 2023 The LockBit ransomware operation was the most active in 2022 and according to the researchers it is one of the most prolific RaaS in 2023. was the prevalent variant in 2023.
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Operation Cronos: law enforcement disrupted the LockBit operation
Security Affairs
FEBRUARY 19, 2024
In 2022, LockBit was one of the most active ransomware groups, and its prevalence continued into 2023.
NYDFS releases major update to Part 500 cybersecurity requirements for financial services companies
Data Protection Report
NOVEMBER 8, 2023
On November 1, 2023, the New York Department of Financial Services (“NYDFS”) released the finalized amendments of Part 500 of its cybersecurity regulations. On December 1, 2023, the initial updates to existing reporting requirements will go into effect.
The fading flame: Why data governance under BCBS 239 needs your attention now
Collibra
NOVEMBER 26, 2024
In the last decade, nine new regulations have been added for financial services, yet the old ones remain firmly in place. of banks are fully compliant with BCBS 239, according to the latest BCBS report published in November 2023. Data governance is like a fire — if you stop adding fuel, it dies out, leaving you in the cold.
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A Russian national charged for committing LockBit Ransomware attacks
Security Affairs
JUNE 16, 2023
The US authorities arrested the man in Arizona last month DoJ states that from at least as early as August 2020 to March 2023, Astamirov and other members of the LockBit ransomware gang committed wire fraud and compromised many computer systems worldwide attempting to extort the victims of ransomware attacks. law enforcement).
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US GOV OFFERS A REWARD OF UP TO $15M FOR INFO ON LOCKBIT GANG MEMBERS AND AFFILIATES
Security Affairs
FEBRUARY 21, 2024
government offers rewards of up to $15 million for information that could lead to the identification or location of LockBit ransomware gang members and affiliates. In 2022, LockBit was one of the most active ransomware groups, and its prevalence continued into 2023. ” reads the press release published by the U.S.
New Cybersecurity Rules for Financial Institutions in New York State Take Effect November 1, 2024
Thales Cloud Protection & Licensing
OCTOBER 24, 2024
New Cybersecurity Rules for Financial Institutions in New York State Take Effect November 1, 2024 madhav Fri, 10/25/2024 - 06:09 The next major deadline for compliance with the updated cybersecurity rules from the New York State Department of Financial Services (NYDFS) is November 1, 2024.
FBI obtained 7,000 LockBit decryption keys, victims should contact the feds to get support
Security Affairs
JUNE 6, 2024
In 2022, LockBit was one of the most active ransomware groups, and its prevalence continued into 2023.
OCR Labs exposes its systems, jeopardizing major banking clients
Security Affairs
APRIL 6, 2023
A digital identification tool provided by OCR Labs to major banks and government agencies leaked sensitive credentials, putting clients at severe risk. Its services are used by companies and financial institutions including BMW, Vodafone, the Australian government, Westpac, ANZ, HSBC, and Virgin Money.
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Collibra Data Intelligence: tackle 2023’s biggest data challenges
Collibra
JANUARY 31, 2023
So CIOs around the world are making their 2023 technology wish lists for the solutions that will help drive data intelligence into the new year. Privacy and protection regulations are growing in numerous industries (such as financial services) and geographic regions (including the EU, Australia, California, and Nevada).
Resecurity identified the investment scam network ‘Digital Smoke’
Security Affairs
FEBRUARY 27, 2023
and over $77 worldwide (2022), with significant rapid growth at the start of Q1 2023. A FINRA survey points to health, marital and trust problems resulting from financial scams. One of the latest brands abused in January 2023 was identified as ACWA Power based in the Kingdom of Saudi Arabia. billion in the U.S
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Catches of the Month: Phishing Scams for October 2023
IT Governance
OCTOBER 13, 2023
EvilProxy phishing campaign targets Microsoft 365 accounts via indeed.com A phishing campaign identified by Menlo Security has been targeting senior executives in various industries – most notably banking and financial services, property management and real estate, and manufacturing – since July.
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More details about Operation Cronos that disrupted Lockbit operation
Security Affairs
FEBRUARY 20, 2024
In 2022, LockBit was one of the most active ransomware groups, and its prevalence continued into 2023.
New York Department of Financial Services Reaches $1 Million Dollar Settlement With First American Title Insurance in Data Breach Investigation
Hunton Privacy
DECEMBER 4, 2023
On November 28, 2023, the New York Department of Financial Services (“NYDFS”) announced that First American Title Insurance Company (“First American”), the second-largest title insurance company in the United States, would pay a $1 million penalty for violations of the NYDFS Cybersecurity Regulation in connection with a 2019 data breach.
Reltio is recognized a Leader in The Forrester Wave™: Master Data Management, Q2 2023
Reltio
JUNE 20, 2023
Real-time and AI-driven Modern MDM: Reltio is a Leader in MDM We’re pleased to share that Reltio has been named a Leader in The Forrester Wave™: Master Data Management, Q2 2023 among 12 vendors. Reltio received the highest score in the Strategy category and one of the highest scores in the Current Offering category.
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The Week in Cyber Security and Data Privacy: 4 – 10 December 2023
IT Governance
DECEMBER 11, 2023
UK Information Commissioner warns about data privacy when using AI On 6 December, the UK Information Commissioner, John Edwards, told techUK’s Digital Ethics Summit 2023 that developers must embed privacy in their products to maintain consumer trust. The protected health information of up to 34,862 people was compromised.
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The Week in Cyber Security and Data Privacy: 6 – 12 November 2023
IT Governance
NOVEMBER 13, 2023
million patient visits stolen in ransomware attack Date of breach: 23 October 2023 Breached organisation: Bluewater Health and Chatham-Kent Health Alliance Incident details: A database containing information about 5.6 Records breached: 79,582 Ontario hospitals update: information relating to 5.6
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CIPL Publishes Discussion Paper on Digital Assets and Privacy
Hunton Privacy
JANUARY 20, 2023
On January 20, 2023, The Centre for Information Policy Leadership (“CIPL”) at Hunton Andrews Kurth published “Digital Assets and Privacy,” a discussion paper compiling insights from workshops with CIPL member companies that explored the intersection of privacy and digital assets, with a particular focus on blockchain technology.
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NYDFS Amends Cybersecurity Rules for Financial Services Companies
Hunton Privacy
NOVEMBER 23, 2022
On November 9, 2022, the New York Department of Financial Services (NYDFS) released its second, proposed amendments to the Part 500 Cybersecurity Rule. Cybersecurity Governance. The 60-day public comment period to the proposed amendments ends on January 9, 2023, and members of the public are invited to submit comments here.
GUEST ESSAY: Massive NPD breach tells us its high time to replace SSNs as an authenticator
The Last Watchdog
SEPTEMBER 24, 2024
The breach was initially caused by a third-party malicious actor who infiltrated NPD’s systems in December 2023. Governments can create a digital identity at birth to replace SSN in its current use. Related: Class-action lawsuits pile up in wake of NPD hack So what’s the connection? NPD reported the exposure of over 2.7
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6 Best Threat Intelligence Feeds to Use in 2023
eSecurity Planet
AUGUST 10, 2023
FBI InfraGard Best for critical infrastructure security InfraGard is a threat intelligence feed and network partnership between the FBI and other government agencies and interested private sector parties. Subscribe The post 6 Best Threat Intelligence Feeds to Use in 2023 appeared first on eSecurityPlanet. critical infrastructure.
A better way to navigate the requirements of BCBS 239
Collibra
NOVEMBER 6, 2024
Although the European Central Bank (ECB) considers BCBS 239 compliance a top priority , only 2 out of 31 assessed global systemically important banks (G-SIBs) were deemed fully compliant with all principles, and no single principle has been fully implemented by all banks ( PwC, 2023 ).
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State of the Global Intelligent Document Processing Market 2023/2024
Info Source
SEPTEMBER 26, 2024
KEY TAKEAWAYS Globally end customer organisations invested close to 7 Billion US$ into IDP solutions in 2023. 2023 showed a particularly strong growth of IDP solutions offered by vendors who specialise in enterprise automation solutions. In North America the demand for IDP solutions accelerated in 2023. grade schools).
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The Impact of Data Protection Laws on Your Records Retention Schedule
ARMA International
APRIL 18, 2022
The purpose of this article is to remove the fear and intimidation of domestic and global data protection laws and show how these laws and requirements are consistent with the existing objectives of your records retention schedule and information governance policy. Code § 1798.105 (State of California, Effective January 1, 2023).
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NYDFS finalizes cybersecurity rule amendments
Data Protection Report
NOVEMBER 2, 2023
On November 1, 2023, the New York Department of Financial Services (NYDFS) finalized the second amendment to its cybersecurity regulations, which are available here. The rules contain the provisions we had described in the original NYDFS proposal a year ago (see our blog post here ), but include some changes. d) and 500.22(e)),
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NYDFS Proposes Updated Second Amendment to Its Cybersecurity Regulation
Hunton Privacy
JULY 5, 2023
On June 28, 2023, the New York Department of Financial Services (“NYDFS”) published an updated proposed Second Amendment (“Amendment”) to its Cybersecurity Regulation, 23 NYCRR Part 500. As described below, senior governing bodies would have new oversight responsibilities under the amendments.
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Black Friday and Cyber Weekend: Navigating the Tumultuous Waters of Retail Cybersecurity
Thales Cloud Protection & Licensing
NOVEMBER 20, 2023
Black Friday and Cyber Weekend: Navigating the Tumultuous Waters of Retail Cybersecurity sparsh Tue, 11/21/2023 - 05:01 As global consumers gear up for the much-anticipated shopping bonanza that is Black Friday and Cyber Weekend, retailers brace themselves for the frenzied onslaught of shoppers and the deluge of cyber threats lurking in the shadows.
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Information Governance Leaders Gimmal and Kindato Partner Together with Migration-as-a-Service (MaaS) Solution, Allowing Seamless Transition from Legacy ECM Systems into the Microsoft Ecosystem
Gimmal
MAY 31, 2023
The partnership prioritizes the rapid deployment of workflows and professional services, including workflow assessments, implementation, and managed services. “This partnership with Gimmal, a company with an impressive history in information governance software development, is a momentous occasion for us.
What Every CIO Needs to Know About DORA: An IT Operations Perspective
OpenText Information Management
JANUARY 24, 2025
This EU regulation, which came into force on January 16, 2023, and will apply as of January 17, 2025, aims to fortify the IT security of financial entities and ensure the European financial sector can withstand major operational disruptions.
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Capture & IDP Conference 2023 Highlights
Info Source
SEPTEMBER 14, 2023
He gave attendees deep insights into how the Fintech market is evolving worldwide and how Capture and IDP vendors can leverage their technology in the rapidly changing landscape of financial services, which represents our industry’s largest vertical.
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News Alert: W3C advances technology to streamline payment authentication
The Last Watchdog
JUNE 15, 2023
June 15, 2023. The Web Payments Working Group anticipates more experimental data will be available by September 2023. W3C also provides the standards that undergird the infrastructure for modern businesses leveraging the Web, in areas such as entertainment, communications, digital publishing, and financial services.
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The Data Breach Disclosure Conundrum
Troy Hunt
SEPTEMBER 27, 2024
Read more: [link] — Have I Been Pwned (@haveibeenpwned) January 2, 2023 229M records is a substantial incident, and there's no argument about the personally identifiable nature of attributes such as email address, name, IP address, and date of birth. Data included names, IPs, DoBs, genders and customer location.
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5 things to know: Driving innovation with AI and hybrid cloud in the year ahead
IBM Big Data Hub
DECEMBER 18, 2023
For organizations of all types—and especially those in highly regulated industries such as financial services, government, healthcare and telco—considerations including the rise of generative AI, evolving regulations and data sovereignty laws and ongoing security challenges must be top of mind.
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Risk Management under the DORA Regulation
IT Governance
NOVEMBER 23, 2023
In fact, in 2020–2022, the financial sector was the second-most attacked sector, topped only by the retail and manufacturing sector. This is particularly worrying when combined with the findings from IBM’s Cost of a Data Breach Report 2023 , which put the average cost of a breach in 2023 at $5.90 million (about £4.70
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State of the Global Information Capture & IDP Market 2022/2023
Info Source
SEPTEMBER 15, 2023
VERTICAL MARKETS In the Global Capture & IDP market, the Finance Segment (including Banking and Financial Services combined with Insurance) continued to represent the largest industry sector. The Public Sector, which consists of Federal, State and Local Government (incl.
UK regulators’ strategic approaches to AI: a guide to key regulatory priorities for AI governance professionals
Data Protection Report
MAY 24, 2024
Background – white paper response on the UK’s approach to AI regulation In February 2024, the UK Department for Science, Innovation, and Technology (DSIT) set out the government’s proposed approach to AI regulation. Accountability and governance. These principles (the Principles) are: Safety, security and robustness.
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Delivering security and scalability in today’s business landscape requires more than setting up a front line of defense
IBM Big Data Hub
DECEMBER 14, 2023
This is especially important for companies in highly regulated industries as they are consistently tasked with protecting the privacy of sensitive consumer data—such as the personal information found in financial and health records—while remaining in adherence to the latest security and compliance requirements.
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Australia: Cyber security round-up – new Cyber Security Strategy, data breach stats and more
DLA Piper Privacy Matters
MARCH 3, 2023
Author: Sarah Birkett Cyber Security Strategy discussion paper launched This week saw the launch of a discussion paper for the Australian Government’s 2023-2030 Australian Cyber Security Strategy. The Strategy is expected to be finalised by the end of 2023. Supporting Australia’s cyber security workforce and skills pipeline.
Infosource Global Capture & IDP Vertical Market Analysis 2022-2023 Update
Info Source
DECEMBER 8, 2023
The lack of Telecoms infrastructure and digital skill development presents a hurdle; however, where investments by local government or overarching organisations close the gap, they will enable in particular economies with young populations. The Public Sector, which consists of Federal, State and Local Government (incl.
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FCA sets out plans to make Big Tech a priority and provides update on its approach to AI
Data Protection Report
APRIL 23, 2024
He noted that whilst the growing emergence of Big Tech in financial services has already made life easier for consumers, it remains unclear how valuable their data will become in financial markets. The FCA also sets out its next steps.
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