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.
A new version of the Ursnif malware (a.k.a. Gozi) emerged as a generic backdoor, stripped of its typical banking trojan functionality. [...]
Scammers are attempting to solicit PII, financial information or payment from potential victims
When people banking in the United States lose money because their payment card got skimmed at an ATM, gas pump or grocery store checkout terminal, they may face hassles or delays in recovering any lost funds, but they are almost always made whole by their financial institution. Yet, one class of Americans -- those receiving food assistance benefits via state-issued prepaid debit cards -- are particularly exposed to losses from skimming scams, and usually have little recourse to do anything about it.
75 collars felt, $1.2m seized in bid to cut off crime network’s financial lifeline Interpol arrested 75 suspected members of the Black Axe West African crime syndicate, and intercepted over $1 million in various bank accounts as part of a wide-ranging multi-country operation aimed at thwarting the group's cyber-fraud efforts that fund its criminal operations.…
Don’t let the ongoing “crypto winter” lull you into a false sense of cybersecurity. Even as cryptocurrencies lose value — and some crypto companies file for bankruptcy — cryptojacking still poses an urgent threat to enterprises across industries, from financial services to healthcare to industry 4.0 and beyond. Broadly speaking, cryptojacking is defined as the unauthorized and illegitimate use
Underground organization said to have laundered €300m annually
Black Axe syndicate responsible for multimillion-dollar losses