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.
Two men have been indicted in the U.S. for their alleged involvement in managing a dark web marketplace called WWH Club that specializes in the sale of sensitive personal and financial information
New EU Rules Focus on Operational Resilience, Breach Reporting and Third-Party RiskThe Digital Operational Resilience Act aims to reshape the financial services industry by introducing strict cybersecurity standards. Financial institutions must comply with the new rules by Jan. 17, 2025, or face severe penalties, said Richard Breavington, head of cyber and tech insurance at RPC.
Feds warn of 'highly tailored, difficult-to-detect social engineering campaigns' The FBI has warned that North Korean operatives are plotting "complex and elaborate" social engineering attacks against employees of decentralized finance (DeFi) organizations, as part of ongoing efforts to steal cryptocurrency.…
Banks Using AI to Spot Fraud, Create Synthetic Data for Better Predictive AnalyticsWhile the criminals may have an advantage in the AI race, banks and other financial services firms are responding with heightened awareness and vigilance, and a growing number of organizations are exploring AI tools to improve fraud detection and response to AI-driven scams.
UK’s Financial Ombudsman warns fraud and scams hit a record high in Q2 2024
Automated Service Helped Subscribers Trick Victims Into Sharing One-Time CodesThree men have pleaded guilty to running OTPAgency, a subscription service for fraudsters designed to automatically phone targets and trick them into sharing the one-time codes criminals need to log into their bank accounts. The service targeted more than 12,500 individuals over its 18-month run.
Threat actors linked to the RansomHub ransomware group encrypted and exfiltrated data from at least 210 victims since its inception in February 2024, the U.S. government said