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.
An Android malware app called SpyLend has been downloaded over 100,000 times from Google Play, where it masqueraded as a financial tool but became a predatory loan app for those in India. [...]
The payment card industry has set a critical deadline for businesses handling cardholder data or processing payments- by March 31, 2025, DMARC implementation will be mandatory! This requirement highlights the importance of preventative measures against email fraud, domain spoofing, and phishing in the financial space. This is not an optional requirement as non-compliance may result in monetary
Demand for Cloud Security Skills Is Growing, Offering Good Pay and New ChallengesCloud services support a wide range of applications from finance to healthcare systems and have become prime targets for cybercriminals, making cloud security a major concern for cybersecurity organizations. The need to secure the cloud is driving demand for skilled cloud security specialists.
Finastra notifies customers of data breach that took place more than three months ago, impacting sensitive financial information
M&T Bank's Karen Boyer on Need for Shared Responsibility with Telecoms, Tech FirmsTechnology solutions can help banks fight fraud, but privacy constraints are preventing them from doing an effective job to ferret out scammers, said Karen Boyer, senior vice president at M&T Bank. She supports a new Australian law that also places responsibility on telecom and internet providers.
JPMorgan Chase Bank (Chase) will soon start blocking Zelle payments to social media contacts to combat a significant rise in online scams utilizing the service for fraud. [...]
Financial technology giant Finastra is notifying victims of a data breach after their personal information was stolen by unknown attackers who first breached its systems in October 2024. [...]