What makes authorized payment scams hard to detect? The speed and volume of transactions hinders banks in monitoring for fraud, but David Lott, payments risk expert with the Federal Reserve Bank of Atlanta, says educating customers and leveraging the right technology can help reduce scams.
The Federal Financial Institutions Examination Council is asking for comments regarding the Cybersecurity Assessment Tool, the ostensibly voluntary way for banks and credit unions to self-assess exposure to risk and the maturity of their cybersecurity.
In his role as CISO of intelliflo, veteran leader John Rouffas manages cybersecurity, risk and privacy - all in one role. And in doing so, he says, "I like to fly by the seat of my pants a bit." He explains his unique approach to leadership and mentoring.
A top federal regulatory official urged financial institutions to implement multifactor authentication for all nonpublic systems, telling an audience of financial executives that a majority of breaches could be avoided or mitigated through basic cybersecurity controls.
Hackers are turning to cryptojacking to make easy money despite the fall in cryptocurrency valuation, including ransomware cybercriminals attracted by the lower-stakes world of cryptojacking, says threat intelligence firm SonicWall. The financial industry has seen a surge in cryptojacking attacks.
The US Consumer Financial Protection Bureau reportedly plans to release new guidance requiring banks to reimburse consumers for certain money-transfer service scams. Ken Palla, former director at Union Bank, says banks might look to the U.K. for examples of how to stop authorized push payment fraud.
Federal regulators say credit unions should report cyber incidents within 72 hours, including those experienced by third-party vendors that process member data. Just five deposit, payment, and data processing service companies dominate the credit union market.
Synthetic identity fraud can take eight to 12 months before resulting in mass fraud, meaning banks must leverage that opening to reauthenticate customers, says, Greg Woolf, founder and CEO of FiVerity. Synthetic IDs are often hard to detect, but "over a period of time, there are telltale signs."
Four ISMG editors discuss important cybersecurity issues, including lessons learned from the cyberattack on a steelmaker in Iran that caused a serious fire, how the economic crisis in Sri Lanka is affecting cybersecurity and what the rising cost of cyber insurance means for the industry.
Welcome to ISMG's compendium of RSA Conference 2022. The 31st annual conference covered a wide range of topics including cybercrime, cyberwarfare, zero trust, supply chain risk, ransomware, OT security, cyber insurance and jobs. Access 150+ interviews with the top speakers and influencers.
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.
Never have global financial institutions
faced such adversaries. The cybercriminal gangs now wield tools that
used to be the province of nation-states, and the nation-states now
engage in activities that once were owned by cybercrime. Scams
and schemes including account
takeover, denial of service and ransomware...
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.
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.
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