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.
Diverse ecosystem of global technology, finance, and university leaders join as first OpenWallet Foundation Members, many more expected.
A Federal grand jury in the District of Oregon has indicted four Russian nationals founders of Forsage decentralized finance (DeFi) cryptocurrency investment platform for allegedly running a global Ponzi and pyramid scheme that raised $340 million. [...]
The (Other) Risk in Finance A few years ago, a Washington-based real estate developer received a document link from First American – a financial services company in the real estate industry – relating to a deal he was working on. Everything about the document was perfectly fine and normal
Did the financial watchdog just do the impossible and herd cats? More than 80 law firms say they are "deeply troubled" by the US Securities and Exchange Commission's demand that Covington & Burling hand over names of its clients whose information was stolen by Chinese state-sponsored hackers.…
Nation-state adversaries, new reporting regulations, and a fast-paced threat landscape mean that financial services and technology firms need to bolster their security posture.
Fintech has drastically shifted the financial services industry toward digital technologies and, in so doing, has introduced a variety of new risks.