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).
The G7 expresses its concern over ransomware attacks
Security Affairs
OCTOBER 14, 2020
The payment of ransoms demanded by these criminals can incentivize further malicious cyber activity; benefit malign actors and fund illicit activities; and present a risk of money laundering, terrorist financing, and proliferation financing (ML/TF/PF), and other illicit financial activity.” ” continues the statement.
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OpenText Reimagines Information at Financial Services Summit in NYC
OpenText Information Management
OCTOBER 1, 2024
OpenText is presenting the Financial Services Summit 2024 , which taking place on Oct. This exclusive in-person event focuses on harnessing AI to enhance trust and regulatory compliance in the financial services industry. For more information and registration, visit OpenText Financial Services Summit.
Fake Microsoft Teams notifications aim at stealing Office365 logins
Security Affairs
MAY 2, 2020
Upon clicking on the link, users will be presented with a button asking them to log in to Microsoft Teams. In one attack analyzed by the experts, threat actors sent phishing messages to employees containing a link to a document on a domain used by an established email marketing provider to host static material used for campaigns.
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BingoMod Android RAT steals money from victims’ bank accounts and wipes data
Security Affairs
JULY 31, 2024
. “These techniques have several advantages: they require less skilled developers, expand the malware’s target base to any bank, and bypass various behavioural detection countermeasures put in place by multiple banks and financial services.”
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Group-IB uncovers PerSwaysion – sophisticated phishing campaign targeting executives worldwide
Security Affairs
APRIL 30, 2020
ybercriminals behind the PerSwaysion campaign gained access to many confidential corporate MS Office365 emails of mainly financial service companies, law firms, and real estate groups. However, this is a specially crafted presentation page which abuses Sway default borderless view.
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Tianfu Cup PWN hacking contest – White hat hackers earn $1 Million for Zero-Day exploits
Security Affairs
NOVEMBER 19, 2018
Other participants were teams from universities, Tencent, financial service provider Ant Financial, and independent researchers. The highest reward is $200,000 that was paid out to participants that presented an iPhone X jailbreak and a remote code execution exploit.
The Rise of One-Time Password Interception Bots
Krebs on Security
SEPTEMBER 29, 2021
. “Over the past few months, we’ve seen actors provide access to services that call victims, appear as a legitimate call from a specific bank and deceive victims into typing an OTP or other verification code into a mobile phone in order to capture and deliver the codes to the operator.
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Customer first: New U.K. consumer duty for the financial services industry
OpenText Information Management
FEBRUARY 6, 2023
Have you ever been presented with stack of financial documents plastered with sticky notes and felt confused about where to sign and overwhelmed by the wording? consumer duty for the financial services industry appeared first on OpenText Blogs.
Customer experience in Financial Services
OpenText Information Management
JUNE 6, 2018
In a recent blog, I wrote about the increasing prominence of AI in financial services. It’s one of the areas I’ll be presenting on at this year’s OpenText™ Enterprise World, our annual customer conference. The other session I’ll be holding is around customer experience.
Would You Have Fallen for This Phone Scam?
Krebs on Security
APRIL 28, 2020
.” The couple have long had their credit cards on auto-payment, and the most recent payment was especially high — nearly $4,000 — thanks to a flurry of Christmas present purchases for friends and family. But it said that surge also brought with it an influx of fraudsters looking to capitalize on all the chaos.
RSAC Fireside Chat: The need to stop mobile apps from exposing API keys, user credentials in runtime
The Last Watchdog
MAY 23, 2023
Mobile apps work by hooking into dozens of different APIs, and each connection presents a vector for bad actors to get their hands on “API secrets,” i.e. backend data to encryption keys, digital certificates and user credentials that enable them to gain unauthorized control.
New York State Department of Financial Services Challenges OCC Authority on Fintech Charters
Data Matters
SEPTEMBER 20, 2018
Office of the Comptroller of the Currency (OCC) announced its decision (the Fintech Charter Decision) to begin accepting applications from financial technology (fintech) companies for special purpose national bank charters. The Fintech Charter Decision is discussed in greater detail in a prior Sidley Banking and Financial Services Update.
Why CISA is Warning CISOs About a Breach at Sisense
Krebs on Security
APRIL 11, 2024
New York City based Sisense has more than 1,000 customers across a range of industry verticals, including financial services, telecommunications, healthcare and higher education. ” “We are taking this matter seriously and promptly commenced an investigation,” Dash continued.
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Financial Services Organizations Need to Adapt their Security Practices to the Shifting Environment
Thales Cloud Protection & Licensing
NOVEMBER 4, 2020
Financial Services Organizations Need to Adapt their Security Practices to the Shifting Environment. Even “traditional banks” seek to drive more revenue from digital products, personalized services and experiences. At the same time, financial services organizations need to adapt to a shifting global environment.
NY Department of Financial Services Issues Guidance to Regulated Entities Regarding Cybersecurity During the COVID-19 Pandemic
Hunton Privacy
APRIL 22, 2020
On April 13, 2020, the New York Department of Financial Services (“NYDFS”) issued guidance (“April guidance”) to all New York State entities covered under NYDFS’s cybersecurity regulation regarding assessing and addressing heightened cybersecurity risks due to the COVID-19 pandemic.
Accelerate hybrid cloud transformation through IBM Cloud for Financial Service Validation Program
IBM Big Data Hub
APRIL 4, 2024
This shift is a significant change in their business models, moving from a capital expenditure approach to an operational expenditure approach, allowing financial organizations to focus on their primary business. IBM Cloud Framework for Financial services is uniquely positioned for that, meeting all these requirements.
Historic Charges: First Enforcement Action Filed by New York Department of Financial Services Under Cybersecurity Regulation
Data Matters
AUGUST 19, 2020
On July 21, 2020, the New York State Department of Financial Services (NYDFS or the Department) issued a statement of charges and notice of hearing (the Statement) against First American Title Insurance Company (First American) for violations of the Department’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R.
How Long Should I Keep This Business Record For?
AIIM
MARCH 3, 2020
Too often I hear one of two, equally bad answers: Keep Records for Seven years: This seems to be the de facto answer, especially for financial services records. Internal Revenue Service rules around when they can audit individual and corporate tax returns. As near as I can tell, this comes from the U.S. BIG DATA!!!
Malware researchers analyzed an intriguing Java ATM Malware
Security Affairs
JULY 30, 2019
Experts spotted a Java ATM malware that was relying on the XFS (EXtension for Financial Service) API to “ jackpot ” the infected machine. In that case, the malware was relying on the XFS (EXtension for Financial Service) API to “ jackpot ” the infected machine. Introduction.
Multinational ICICI Bank leaks passports and credit card numbers
Security Affairs
APRIL 20, 2023
ICICI Bank leaked millions of records with sensitive data, including financial information and personal documents of the bank’s clients. ICICI Bank, an Indian multinational valued at more than $76 billion, has more than 5,000 branches across India and is present in at least another 15 countries worldwide.
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Tackling Data Sovereignty with DDR
Security Affairs
JUNE 20, 2023
These challenges are intensified in industries that handle large volumes of sensitive data under stringent regulations , such as financial services, healthcare, and government sectors. The evolving threat landscape presents additional challenges, including the rise of sophisticated cyberattacks.
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September 2018 Security Notes address a total of 14 flaws in SAP products
Security Affairs
SEPTEMBER 12, 2018
Other SAP products addressed with the Security Notes are Business One, BEx Web Java Runtime Export Web Service, HANA, WebDynpro, NetWeaver AS Java, Hybris Commerce, Plant Connectivity, Adaptive Server Enterprise, HCM Fiori “People Profile” (GBX01HR), Mobile Platform, Enterprise Financial Services, and Business One Android application.
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Banking on mainframe-led digital transformation for financial services
IBM Big Data Hub
JULY 31, 2023
Financial services companies are considered institutions because they manage and move the core aspects of our global economic system. And the beating heart of financial institutions is the IBM mainframe. Atruvia AG is one of the world’s leading banking service technology vendors.
MY TAKE: Why companies and consumers must collaborate to stop the plundering of IoT systems
The Last Watchdog
NOVEMBER 9, 2020
In one very recent caper, the attackers targeted the CFO of a financial services firm, as he worked from home, Sherman says. Automatic trust is no longer an option IoT system intrusions present a clear and present danger beyond the healthcare sector, of course. This is not just all up to the company.
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News alert: INE Security’s cybersecurity training service earns 2024 SC Excellence Award
The Last Watchdog
SEPTEMBER 18, 2024
This year’s awards were presented across 33 categories, celebrating both established industry leaders and emerging innovators. ” The SC Awards are presented by SC Media, a trusted cybersecurity resource, and evaluated by a panel of independent industry experts.
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CFPB’s Proposed Data Rules
Schneier on Security
JANUARY 31, 2024
The rules would ensure people can obtain their own financial data at no cost, control who it’s shared with and choose who they do business with in the financial industry. The best way for financial services firms to meet the CFPB’s rules would be to apply the decoupling principle broadly.
NEW TECH: This free tool can help gauge, manage third-party cyber risk; it’s called ‘VRMMM’
The Last Watchdog
JANUARY 30, 2019
Turn the corner into 2019 and we find Citigroup, CapitalOne, Wells Fargo and HSBC Life Insurance among a host of firms hitting the crisis button after their customers’ records turned up on a database of some 24 million financial and banking documents found parked on an Internet-accessible server — without so much as password protection.
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MITRE ResilienCyCon: You Will Be Breached So Be Ready
eSecurity Planet
NOVEMBER 17, 2022
The answer, based on a couple of presentations at the conference, is that patching is incredibly difficult to get right, requiring way more attention than most companies can afford to give it. Art Ocain, VP for Cybersecurity and Incident Response at Airiam, noted that the managed security services provider patches as often as 10 times a day.
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Living Systems and The Information First Company
John Battelle's Searchblog
OCTOBER 11, 2014
Sometimes it’s an unscripted, wide ranging conversation (like during Advertising Week , for example), but other times it’s a formal presentation, which means many hours of preparation and reportage. These more formal presentations are opportunities to consolidate new thinking and try it out in front of a demanding audience.
Capital Markets, AI, and the need for governance
Collibra
OCTOBER 31, 2023
With business and technology leaders from around the globe exploring how data fuels the industry, and presentations on everything related to accelerating financial data pipelines and delivering data in the cloud, the event offered executive thought leadership on emerging technologies. Already using AI?
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Report: Big U.S. Banks Are Stiffing Account Takeover Victims
Krebs on Security
OCTOBER 7, 2022
who in April 2022 opened an investigation into fraud tied to Zelle , the “peer-to-peer” digital payment service used by many financial institutions that allows customers to quickly send cash to friends and family. Elizabeth Warren (D-Mass.), Bank , and Wells Fargo.
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U.S., U.K. Sanction 7 Men Tied to Trickbot Hacking Group
Krebs on Security
FEBRUARY 9, 2023
report from 2016 said investigators from Mikhaylov’s unit and Kaspersky Lab were present at the film company raid]. Also charged with treason was Ruslan Stoyanov , then a senior employee at Russian security firm Kaspersky Lab [the Forbes.ru This is not the U.S. government’s first swipe at the Trickbot group.
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Why you should keep data observability separate from data cleansing
Collibra
MAY 16, 2022
For financial services, data governance found its roots in risk. As CROs prioritized Operational Risk post the 2007 financial crisis, those leaders also looked to centralized thought like the Basel Accords. How can a tool that is meant to audit the effectiveness of data quality also perform its own service effectively?
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Discover a unified approach to adaptive data and analytics governance
Collibra
JULY 6, 2022
We haven’t even mentioned compliance challenges, which are especially significant in highly regulated industries like healthcare and financial services. > Across business units, your colleagues spend too much time and effort trying to understand data, its relationships, and how to make it useful. Get the ebook. Get your copy today.
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The Most Popular Data Security Webinars of 2022: Sovereignty, Cloud Security and Compliance Top the List
Thales Cloud Protection & Licensing
JANUARY 11, 2023
This webinar presents key findings from the 2022 Thales Cloud Security Study. Security & Compliance for SAP Data in Financial Services. Financial services companies keep some of their most valuable data in SAP applications, triggering the need for both additional security and taking steps toward meeting compliance requirements.
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NEW TECH: Cequence Security deploys defense against botnets’ assault on business logic
The Last Watchdog
MARCH 26, 2019
Pick any company in any vertical – financial services, government, defense, manufacturing, insurance, healthcare, retailing, travel and hospitality – and you’ll find employees, partners, third-party suppliers and customers all demanding remote access to an expanding menu of apps — using their smartphones and laptops.
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News alert: Detectify’s EASM research reveals top overlooked vulnerabilities from 2023
The Last Watchdog
DECEMBER 12, 2023
No critical findings were present among the Top 30 vulnerabilities for the Internet Software (or SaaS) industry, as defined by the public security scoring system CVSS. Additionally, 75% of the total vulnerabilities regularly scanned by Detectify, primarily crowdsourced from its community of ethical hackers, don’t have a CVE assigned.
RSAC insights: Introducing ‘CWPP’ and ‘CSPM,’ new frameworks to secure cloud infrastructure
The Last Watchdog
MAY 17, 2021
The summer of 2019 was a heady time for the financial services industry. For a full drill down on our conversation please give the accompanying podcast a listen. Here are the key takeaways: Cloud migration risks. Hunting vulnerabilities.
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“Cryptoassets are here to stay”: EU Authorities to Provide Guidance on Cryptocurrencies and ICOs
Data Matters
SEPTEMBER 12, 2018
As part of the public discussion, the Commission, the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the UK Financial Conduct Authority (FCA) were present to provide their thoughts. Firms interested in cryptoassets should watch for EU regulatory guidance later this year.
EU Parliament Approves Collective Redress Directive
Hunton Privacy
NOVEMBER 25, 2020
The Collective Redress Directive was presented in April 2018 by the European Commission and is part of the European Commission’s New Deal for Consumers. The Collective Redress Directive was proposed as a response to several scandals related to breaches of consumers’ rights by multinational companies.
OpenText sets its sights on the Payments Canada Summit 2024
OpenText Information Management
MAY 22, 2024
As we prepare for one of the most important events in payments, we understand that the financial services industry is undergoing significant changes, driven by standards like ISO 20022 and the rapid adoption of artificial intelligence. We are excited to be a lead sponsor at the 2024 Payments Canada Summit!
Fintech Without Borders: Regulators Consult on Global Financial Innovation Network
Data Matters
AUGUST 22, 2018
On August 7, a group of regulators from 11 jurisdictions published a consultation (the Consultation) on the Global Financial Innovation Network (the GFIN), which aims to promote international cooperation on innovation and the use of technology in financial services (FinTech) and in regulatory processes (RegTech).
The compliance challenges of hybrid working
IT Governance
AUGUST 26, 2021
For example, financial services firms may be worried about employees breaching insider trading laws. If you’re unable to make it, the video will be available to download from our website shortly after the presentation. The webinar takes place on 1 September 2021, from 4:00 pm.
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