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.
The World Bank recognized UAE for its work with the private sector in implementing and securing cloud systems.
This year has seen the emergence of ten new Android banking malware families, which collectively target 985 bank and fintech/trading apps from financial institutes across 61 countries. [...]
Business email compromise, illicit cryptomining, phishing ... if it makes a dollar, this lot do it Multiple miscreants are misusing OAuth to automate financially motivated cyber crimes – such as business email compromise (BEC), phishing, large-scale spamming campaigns – and deploying virtual machines to illicitly mine for cryptocurrencies, according to Microsoft.…
Jack Henry's Rene Perez on How to Tackle Check Fraud as Tactics ChangeCheck fraud, scams and account takeovers dominated the fraud landscape in 2023. Banks and other financial institutions are expected to continue to struggle with account takeovers as fraudsters have changed their modus operandi, making it difficult to track fraudulent proceeds.
Now he's got two years behind bars to think about his bad choices An ex-First Republic Bank cloud engineer was sentenced to two years in prison for causing more than $220,000 in damage to his former employer's computer network after allegedly using his company-issued laptop to watch pornography.…
Toyota Financial Services (TFS) is warning customers it suffered a data breach, stating that sensitive personal and financial data was exposed in the attack. [...]