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Defending Financial Services Against Fraud in a Shifting Cyber Landscape

Thales Cloud Protection & Licensing

Defending Financial Services Against Fraud in a Shifting Cyber Landscape sparsh Tue, 11/14/2023 - 05:05 As we approach International Fraud Awareness Week during 12-18 November 2023, taking stock of the evolving threat landscape and the vulnerabilities that financial services organizations face is crucial.

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Industrial and Commercial Bank of China (ICBC) suffered a ransomware attack

Security Affairs

The Industrial and Commercial Bank of China (ICBC) suffered a ransomware attack that disrupted trades in the US Treasury market. The Industrial and Commercial Bank of China (ICBC) announced it has contained a ransomware attack that disrupted the U.S. ” reported the Financial Times. ” reported the Financial Times.

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Financial services continue to lead in cybersecurity preparedness, but chinks appear in the armor

Thales Cloud Protection & Licensing

Financial services continue to lead in cybersecurity preparedness, but chinks appear in the armor. It highlights the leadership of financial services in cybersecurity relative to other industries, but it also uncovers some surprising chinks in their cybersecurity armor. Malware and ransomware attacks increase.

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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. This notice requirement explicitly applies to cybersecurity incidents occurring to the covered entity itself, its affiliates, or a third-party service provider.

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NYDFS Amends Cybersecurity Rules for Financial Services Companies

Hunton Privacy

On November 9, 2022, the New York Department of Financial Services (NYDFS) released its second, proposed amendments to the Part 500 Cybersecurity Rule. Any cybersecurity event that affects a third-party service provider that also affects the covered entity. Multifactor Authentication.

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Attackers Use Bots to Circumvent Some Two-Factor Authentication Systems

eSecurity Planet

Underground services are cropping up that are designed to enable bad actors to intercept one-time passwords (OTPs), which are widely used in two-factor authentication programs whose purpose is to better protect customers’ online accounts. By using the services, cybercriminals can gain access to victims’ accounts to steal money.

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GUEST ESSAY: The drivers behind persistent ransomware — and defense tactics to deploy

The Last Watchdog

The internet has drawn comparisons to the Wild West, making ransomware the digital incarnation of a hold-up. The technology industry has met the dramatic rise in ransomware and other cyber attacks with an impressive set of tools to help companies mitigate the risks. Ransomware usually starts with a phishing email. Prevalence.