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 nascent threat actor known as Crypt Ghouls has been linked to a set of cyber attacks targeting Russian businesses and government agencies with ransomware with the twin goals of disrupting business operations and financial gain
Also: Radiant Capital Hack and TD Bank Secrecy Act Guilty PleaThis week, an arrest in the U.S. SEC X account hack, a Radiant Capital hack, market manipulation charges on 18 entities, Bitfinex update, Forcount promoter sentenced, Mt. Gox pushed repayment, an alleged fraudster fled, SEC charged Cumberland and TD Bank pleased guilty to BSA violations.
Agency Details AI Cybersecurity Risks, Prevention, Mitigation StrategiesFinancial regulators with the state of New York on Wednesday published guidance to help organizations identify and mitigate cybersecurity threats related to artificial intelligence. The New York State Department of Financial Services said it's not imposing new requirements.
Chinese Cybercrime Groups Ran Operations in Rented Hotels and Guest HousesSri Lankan authorities have arrested more than 200 Chinese nationals who they say overstayed their visitor visas and engaged in large-scale financial scam operations targeting victims across Asia. The Chinese Embassy in Colombo says it supports the law enforcement crackdown.
Data Regulator Likely Reviewing Insider Threat Case at Intesa Sanpaolo BankIntesa Sanpaolo bank of Italy this week told the country's data regulator that an employee - who has since been fired - accessed sensitive banking details of the country's prime minister and other politicians for years. The Italian Data Protection Authority is investigating the data breach.
Who also worries misinformation on social media could threaten liquidity The governor of India's Reserve Bank, Shri Shaktikanta Das, yesterday warned that AI – and the platforms that provide it – could worsen systemic risk to the nation's financial system.…
North Korean hackers are using a new Linux variant of the FASTCash malware to infect the payment switch systems of financial institutions and perform unauthorized cash withdrawals. [...]