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.
U.S. authorities recovered $31 million in cryptocurrency stolen in 2021 cyberattacks on Uranium Finance, a Binance Smart Chain-based DeFi protocol. [...]
Data from Resilience found that third-party attacks made up 23% of material cyber insurance claims in 2024, with ransomware attacks targeting vendors a major driver
As the UAE financial sector finished up its annual cyberattack exercise, its worries about ransomware compromises and geopolitical attacks are on the rise.
Trump's Procurement Tracking Directive Could Expose Vast Government Data to ThreatsThe White House is mandating federal agencies to track and justify every procurement, a move aimed at transparency but one that experts warn could expose troves of sensitive financial data to hacking, nation-state cyber threats and potential supply chain vulnerabilities across government systems.
Russia's National Coordination Center for Computer Incidents (NKTsKI) is warning organizations in the country's credit and financial sector about a breach at LANIT, a major Russian IT service and software provider. [...]