India's stock brokers and depository participants must now report all cyberattacks and breaches to the Securities and Exchange Board of India within six hours of detection under a mandate implementing what is likely the world's tightest breach reporting timeline requirement.
Fraudsters compromised debit card numbers and associated PINs, and possibly names and addresses, of an undisclosed number of Bank of the West customers. Unknown thieves installed skimmers in a "small number of ATMs," the bank's COO, Karl Werwath, tells ISMG.
Effective security and risk programs require not just domain mastery but making security accessible to boards of directors and senior officers, says Karin Höne, the group chief information security and risk officer of South Africa-based multinational Barloworld.
Insurance claims being filed by ransomware victims are growing as criminals continue to hit businesses with crypto-locking malware. To avoid these claims, organizations can take a number of proven steps to better protect themselves, says Payal Chakravarty of Coalition.
Police in Nigeria this week arrested a 37-year-old man who's been charged with masterminding "a criminal syndicate tied to massive business email compromise and phishing campaigns," Interpol says. But with known BEC losses last year exceeding $2.4 billion, will the arrest have a noticeable impact?
Since at least the middle of last year, online attackers have been increasingly targeting the financial services sector.
So warns John Fokker, principal engineer and head of cyber investigations for the Advanced Threat Research group at cybersecurity firm Trellix. He says Trellix's latest threat assessment found a...
Financial services firms lose an average of $18.5 million per year through malicious activity like leaked credentials, payment fraud, money laundering, fake account registration, loyalty abuse, and more. Fraud prevention depends on effective intelligence gathering, and few firms have the tools or personnel to...
From the billions pumped into unemployment and other economic relief programs during the pandemic to competitive marketing campaigns designed to increase customer acquisition, fraudsters have never had a better incentive to commit new account fraud. This session will highlight the problems financial institutions are...
VMware's Tom Kellermann is out with Modern Bank Heists 5.0, his latest look at the attackers and attacks targeting financial services. Subtitled "The Escalation," this report looks at the increase in destructive attacks, ransomware and hits on cryptocurrency exchanges. Kellermann shares insights.
In our latest report, we detail seven primary cyber threats that organizations across the financial services sector will face in 2022. Some of them, such as ransomware, are not new but nevertheless remain a serious threat. Others, such as decentralized finance (DeFi) and cryptocurrencies, are newer, so to speak, and...
In order to keep pace with the card fraud threat landscape, financial institution CISOs must continually refresh their awareness and understanding of card fraud tactics, techniques, and procedures (TTPs). Even for the novice cybercriminal, there are few barriers to entry and near-infinite resources in illicit forums...
Security leaders are leveraging blockchain's decentralized approach to establish user identity, as it is designed to ensure the correction of transaction through reliable sources that help to contain fraudulent transactions, says Edmund Situmorang, CTO at Prodigi, Sinar Mas Group.
When it comes to advanced threat response, 42% of financial institutions say their current abilities are average. Only 35% say automation currently plays a strong role. Josh Zelonis of Palo Alto Networks and Sid Srivastava of Accenture analyze the State of Security Automation in Financial Services.
Online attackers are increasingly targeting the financial services sector. John Fokker, head of cyber investigations at Trellix, says his firm has charted a 22% quarterly increase in ransomware attacks on financial services, and APT detections have risen by 37%. Here's how the industry must respond.
As Russia's ground invasion and air assault against Ukraine continues, so too do online attacks being launched against Ukrainian targets. A Ukrainian cybersecurity official says his country is fighting the first-ever "hybrid war" that bridges both the physical and online realms.
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