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.
Identity verification, insurance claims, and financial services are all seeing surges in AI-enabled fraud, but organizations are taking advantage of AI systems to fight fire with fire.
Cybersecurity researchers are warning of a "widespread and ongoing" SMS phishing campaign that's been targeting toll road users in the United States for financial theft since mid-October 2024
Landmark Admin Compromise Affects More Than a Dozen Insurance and Annuity CarriersLandmark Admin, a third-party vendor that provides administrative services to life insurance and annuity companies, said 1.6 million people are potentially affected by 2024 ransomware and data exfiltration incidents that compromised a wide range of personal, financial and health information.
Cybersecurity researchers have unearthed a new controller component associated with a known backdoor called BPFDoor as part of cyber attacks targeting telecommunications, finance, and retail sectors in South Korea, Hong Kong, Myanmar, Malaysia, and Egypt in 2024
Cheap Android smartphones manufactured by Chinese companies have been observed pre-installed with trojanized apps masquerading as WhatsApp and Telegram that contain cryptocurrency clipper functionality as part of a campaign since June 2024
Login green-lit for lone staffer if he’s trained, papered up, won’t pull an Elez A federal judge has partly lifted an injunction against Elon Musk's Trump-blessed cost-trimming DOGE unit, allowing one staff member to access sensitive US Treasury payment systems. This access includes personally identifiable financial information tied to millions of Americans.…
Regulatory compliance and data protection were the biggest cybersecurity challenges cited by UK financial organizations, according to a Bridewell survey
That would put America on the same level as China for espionage The European Commission is giving staffers visiting the US on official business burner laptops and phones to avoid espionage attempts, according to the Financial Times.…
At-Bay Cyber Insurance Claims Report Finds 83% of Financial Fraud Starts With EmailFinancial fraud remains the leading driver of cyberinsurance claims, with 83% of cases traced back to email-based attacks. Common tactics used to deceive employees include wiring funds to fraudulent accounts, generative AI-crafted emails, executive and vendor impersonation and BEC scams.
A controller linked to BPF backdoor can open a reverse shell, enabling deeper infiltration into compromised networks. Recent attacks have been observed targeting the telecommunications, finance, and retail sectors across South Korea, Hong Kong, Myanmar, Malaysia, and Egypt.