Stay secure in the finance sector. Explore the latest in financial cyber security news, trends, and best practices to protect valuable assets and data.
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Background for this topic.
Finance covers the institutions, markets, and services that move, store, lend, invest, and insure money. Its distinctive assets include customer identities, account balances, payment instructions, trading positions, claims, and confidential business data. Operations depend on core banking and ledger systems, payment networks, market-data feeds, identity services, and external processors or cloud providers. Integrity and availability are especially important: an unauthorized change to beneficiary or settlement data can cause direct loss, while an outage can interrupt payments or trading and complicate time-sensitive reconciliation.
Security work therefore focuses on online banking and trading interfaces, APIs, privileged access, credentials, and third-party connections. Useful controls include phishing-resistant multi-factor authentication, least privilege, transaction signing or approval separation, encryption, tamper-evident logging, and anomaly monitoring. Privacy protections apply to personal and financial information; PCI DSS is relevant where payment-card data is handled, alongside jurisdiction-specific financial rules. Vulnerability management should prioritize internet-facing and legacy systems, while incident response needs capabilities to contain fraudulent transactions, preserve evidence, reconcile ledgers, and restore trusted service through tested backups or failover.
Reuben Stewart of PNC Discusses Ways to Move Away from Using Static DataDigital identity proofing is a major challenge for banks and financial services firms. Many organizations rely on static data, such as Social Security numbers, which fraudsters can easily steal and misuse, said Reuben Stewart, digital identity lead at PNC Bank.
Move to Fold PSR Into Financial Conduct Authority Could Affect Fraud VictimsThe U.K. government late Tuesday abolished its Payment Systems Regulator, a move aimed at reducing business complexity and supporting the Labour government's economic growth agenda. Payment system firms had complained that they had to deal with three different regulators.