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.
Starting this month, finance companies operating in New York must implement a variety of protections against unauthorized access to IT systems.
Retailer Continues to Recover From Ransomware IncidentBritish retailer Marks & Spencer was reportedly targeted by financial crime group Scattered Spider, who deployed ransomware on the company's VMware ESXi server. The retailer continues to recover from a cyber incident that disrupted operations in its online and offline stores.
Also, Nike Sued Over Shutdown of NFT SubsidiaryThis week, KiloEX compensation after Oracle exploit, Nike sued over NFT shutdown, SEC dropped probe into PayPal PYUSD, Long Island man sentenced for crypto fraud, Americans lost billions to crypto scams, Loopscale exploiter agreed to return stolen funds and bank regulators softened stance on crypto.
Russian companies have been targeted as part of a large-scale phishing campaign that's designed to deliver a known malware called DarkWatchman
New Zealand Model Brings Cyber and Fraud Teams Together to Defend Against ScammersTo help financial institutions counter crime, the FS-ISAC earlier this month introduced a major initiative: the Cyberfraud Prevention Framework. This new initiative is designed to unify cybersecurity and fraud prevention teams to more effectively protect customers and secure the enterprise.