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.
With increased focus on digital experience, new-age technologies such as blockchain, AI and IoT will have the greatest impact on banking services by 2025. Globally, banks are deploying these technologies for better business decision making and enhanced customer experience.
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.
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.
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 invasion of Ukraine continues, what should global CISOs and security teams do to ensure that their organizations stay protected? Beyond following cybersecurity agencies' guidance, experts offer advice on how to brief the board of directors, appeal for resources, support teams and more.
The SEC voted 3-1 to advance new, mandatory cybersecurity rules for registered investment advisers, companies and funds. The proposal - open for a 30-day public comment period - would require entities to adopt and implement written cybersecurity policies and a 48-hour incident reporting mandate.
The European Systemic Risk Board has proposed a new systemic cyber incident coordination framework called EU-SCICF. This framework will be designed to counter any major cross-border cyber incidents in the financial sector space with a coordinated response.
Fraudsters are having a field day as the pandemic persists, with experts warning that scams targeting consumers and businesses remain at record-high levels. To combat such attacks, experts say financial services firms need to bolster their identity controls with tools to more accurately track and counter scams
U.S. Security and Exchange Commission Chair Gary Gensler wants to broaden cybersecurity regulations. Among his concerns are the rising threat of cyberattacks due to the tensions between Russia and Ukraine, and a need to harmonize communications between financial firms and third-party vendors.
FS-ISAC is piloting a new program called the Critical Providers Program that is aimed to heighten the conversation between leaders of security firms and their third-party partners. The program leverages the Connect platform, and Akamai Technologies plays a key role.
To fight threats, security practitioners need to develop a proactive, offensive risk quantification strategy to establish cyber resilience, says Shaik J. Ahmed, vice president of risk, governance and information security at Mashreq Bank.
As Russia masses troops on its border with Ukraine, the White House says Russian disinformation campaigns have been aimed at destabilizing Ukraine's government, while experts have seen a surge in "cyber intrusions" against infrastructure, banking and government targets in advance of a potential invasion.
A comprehensive IAM program requires integration with HR and legacy systems to enable multifactor authentication, SaaS, and Identity-as-a-Service to provide secure user access and a secure user experience, says Hong Kong-based Varun Kakkar, group head of cybersecurity at Tricor Group.
In the post-pandemic world, there has never before been a greater urgency and need for the finance industry to innovate and embrace digital transformation initiatives.
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