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.
Real and intense financial pressures on rural and small healthcare clinics mandate making difficult decisions on allocating funds to cybersecurity, said Greg Sieg, CISO at the University of Michigan Regional Health Network. "The funding is just not there."
Five federal regulatory agencies encourage financial institutions to work with customers affected by the federal government shutdown.
The FDIC has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of Illinois affected by severe storms, straight-line winds, and tornadoes.
Top European Court Advisor Says Policy Should Be 'Refund Now, Sue Later'Banks must promptly refund phishing victims when the scams lead to unauthorized transactions, an advisor to the European Union’s top court has said. The case in question involves an unnamed Polish woman who got duped on an online auction platform.
Similar Fraud Rates Across Documents Reveal Weaknesses in Verification WorkflowsOne in 16 documents processed across financial institutions last year showed signs of manipulation, fabrication or misrepresentation. Most fraud teams want better document detection and tighter review queues. But financial institutions may be looking in the wrong place.