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NYDFS releases major update to Part 500 cybersecurity requirements for financial services companies

Data Protection Report

On November 1, 2023, the New York Department of Financial Services (“NYDFS”) released the finalized amendments of Part 500 of its cybersecurity regulations. Two Years from Publication in State Register 500.12: Multi-factor authentication requirements; and, 500.13(a): One Year from Publication in State Register 500.4:

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The Rise of One-Time Password Interception Bots

Krebs on Security

In February, KrebsOnSecurity wrote about a novel cybercrime service that helped attackers intercept the one-time passwords (OTPs) that many websites require as a second authentication factor in addition to passwords. OTP Agency took itself offline within hours of that story. .

Passwords 316
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NY Charges First American Financial for Massive Data Leak

Krebs on Security

The documents were available without authentication to anyone with a Web browser. According to a filing (PDF) by the New York State Department of Financial Services (DFS), the weakness that exposed the documents was first introduced during an application software update in May 2014 and went undetected for years.

Insurance 289
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UK FCA Consults on Changes to Strong Consumer Authentication, Dedicated Interfaces, and Guidance on Payment Services

Data Matters

This follows the FCA’s announcement in its 2020-21 business plan that payment services were one of its main supervisory priorities 1 and its temporary guidance of July 9, 2020, on prudential risk management and safeguarding in light of the COVID-19 pandemic ( Temporary COVID Guidance ). Transaction risk analysis. Authentication code.

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API Security in 2024: Imperva Report Uncovers Rising Threats and the Urgent Need for Action

Thales Cloud Protection & Licensing

Nearly one-third (28%) of all DDoS attacks on APIs focus on financial services organizations, the most targeted industry for this type of attack. Perform risk assessments specifically targeting API endpoints vulnerable to Broken Authorization and Authentication as well as Excessive Data Exposure.

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EventBot, a new Android mobile targets financial institutions across Europe

Security Affairs

Security experts from Cybereason Nocturnus team discovered a new piece of Android malware dubbed EventBot that targets banks, financial services across Europe. Researchers from Cybereason Nocturnus team discovered a new piece of Android malware dubbed EventBot that targets banks, financial services across Europe.

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Microsoft warns of multi-stage AiTM phishing and BEC attacks

Security Affairs

Microsoft researchers warn of banking adversary-in-the-middle (AitM) phishing and BEC attacks targeting banking and financial organizations. Microsoft discovered multi-stage adversary-in-the-middle (AiTM) phishing and business email compromise (BEC) attacks against banking and financial services organizations.