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.
Craft specific awareness training for high-exposure teams like finance, and reinforce other critical awareness training across the organization.
Bank of America has started to restore missing Zelle transactions that suddenly disappeared from customers' bank accounts this morning, causing some to dip into negative balances. [...]
A New York resident has pleaded guilty to charges of conspiracy to commit bank fraud using stolen credit cards purchased on dark web cybercrime marketplaces. [...]
UK financial services organizations are confident in their cyber defense measures
Following these basic cybersecurity hygiene policies can help make data more secure and protect colleges and universities from becoming the next ransomware headline. The steps aren't complicated, and they won't break the bank.
Financial penalties top $3bn but incident volumes fall