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.
No Iranian bank customers are safe from financially motivated cybercriminals wielding convincing but fake mobile apps.
Many are failing UK Finance’s new fraud quiz
An Android malware campaign targeting Iranian banks has expanded its capabilities and incorporated additional evasion tactics to fly under the radar
Wipro Americas 2 CEO Suzanne Dann on How Generative AI Can Address Risk, ComplianceGenerative AI can improve operational efficiencies, enhance risk and compliance and elevate the client experience for financial services firms, said Wipro's Suzanne Dann. Wipro embraced generative AI to reduce fraud by spotting anomalous behavior and used synthetic data to test deep learning models.
The Alphv/BlackCat ransomware group has claimed responsibility for the attack