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.
Smooth 'OPERA1ER' hit orgs around the world over four or more years A French-speaking criminal group codenamed OPERA1ER has pulled off more than 30 cyber-heists against telecom organizations and banks across Africa, Asia, and Latin America, stealing upwards of $30 million over four years, according to security researchers.…
Commitments include international wallet info sharing, KYC requirements, and an AML crackdown The White House's second International Counter Ransomware Initiative summit has concluded, and this year the 36-nation group has made clear it intends to crack down on how cryptocurrencies are used to finance ransomware operations.…
Banco de Crédito Cooperativo (BCC) wins the first hyper-realistic cybersecurity competition for the financial industry.
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A French-speaking threat actor dubbed OPERA1ER has been linked to a series of more than 30 successful cyber attacks aimed at banks, financial services, and telecom companies across Africa, Asia, and Latin America between 2018 and 2022
Up 188% on 2020 but could be because financial institutions were encouraged to report incidents Banks in the US paid out nearly $1.2 billion in 2021 as a result of ransomware attacks, a marked rise over the year before though it may simply be due to more financial institutions being asked to report incidents.…
New Aravo partnership provides organizations with comprehensive, standards-based third-party technical, financial, and compliance intelligence.
A 26-year-old Ukrainian man is awaiting extradition to the United States on charges that he acted as a core developer for Raccoon, a "malware-as-a-service" offering that helped paying customers steal passwords and financial data from millions of cybercrime victims. KrebsOnSecurity has learned that the defendant was busted in March 2022, after fleeing mandatory military service in Ukraine in the weeks following the Russian invasion.