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.
Emerging Vendors, Consolidation Drive Innovation in Fraud, AML, Scam PreventionAs cybercriminals exploit AI-generated deepfake scams and synthetic identity fraud, financial institutions are investing heavily in fraud detection, anti-money laundering solutions and identity verification to stay ahead. This demand is driving consolidation in the market.
Also: Zero-Days Affect Financial Markets, SailPoint IPO Signals Market TrendsIn this week's update, ISMG editors discussed the latest "Modern Bank Heists" report and the evolving threats to financial institutions, fallout from the U.S. Department of Government Efficiency's AI-driven government shake-up, and what SailPoint's IPO signals for the cybersecurity vendor market.
Banking fraud and financial crimes are growing more sophisticated every day. By understanding the threats and building strong collaborations, banks can protect themselves and their clients.
Could CISA's Uncertain Future Embolden Nation-State Attackers?As the future of the Cybersecurity and Infrastructure Security Agency becomes increasingly uncertain in the wake of a massive federal overhaul, experts warn that key U.S. infrastructure sectors, including energy, financial services and election infrastructure, are at a heightened risk of cyberattacks and cyberespionage.
A widespread phishing campaign has been observed leveraging bogus PDF documents hosted on the Webflow content delivery network (CDN) with an aim to steal credit card information and commit financial fraud
Chapter 11 Looms as Eric Gan Seeks Custodian and Liberty, SoftBank Block FinancingCybereason faces a crisis as a boardroom deadlock halts financing efforts. CEO Eric Gan and his family firm seek a custodian to halt the impasse, alleging SoftBank and Liberty Strategic Capital are prioritizing control over the company’s financial stability. Without urgent funding, bankruptcy looms.
Gcore’s latest DDoS Radar report analyzes attack data from Q3–Q4 2024, revealing a 56% YoY rise in the total number of DDoS attacks with the largest attack peaking at a record 2 Tbps. The financial services sector saw the most dramatic increase, with a 117% rise in attacks, while gaming remained the most-targeted industry. This period’s findings emphasize the need for robust, adaptive DDoS
Europol has urged the financial sector to prioritize quantum-safe cryptography
With over 2,000 banks in operation, the potential to make life harder for fraudsters is obvious India’s Reserve Bank last week announced a plan to use adopt dedicated second-level domains – bank.in and fin.in – in the hope it improves trust in the financial services sector.…