Financial Services and the Zero Trust Journey

Data Breach Today

Menlo Security's Mark Guntrip on How to Learn to 'Defend Differently' On one hand, rapid cloud migration has been a boon to financial services organization.

Financial Service versus Fraud – the Battle Continues

Data Breach Today

How Banks and Insurance Providers can Leverage Modern Solutions for Modern Fraud Despite these financial headwinds, new ways are emerging for FIs to differentiate on the quality of fraud prevention and outreach they can provide to customers

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Tackling 2022's Emerging Social Engineering & Fraud Scams Plaguing Financial Services

Data Breach Today

Record-Setting DDoS Attack Hits Financial Service Firm

Data Breach Today

million request-per-second (rps) distributed denial of service attack, almost three times larger than any previously reported HTTP DDoS attack Million Request-Per-Second Attack Launched by 20,000 Bots, Cloudflare Says Security firm Cloudflare says it detected and mitigated a 17.2

Key Drivers to Enable Digital Transformation in Financial Services

Data Breach Today

Digital transformation (DX) continues to drive growth across financial services firms, creating new opportunities to increase revenue and foster innovation. Cloud - whether public, private or a hybrid approach - is foundational to achieving DX objectives, as is secure, resilient and scalable network connectivity. Customers demand a seamless experience across all digital channels

Key Drivers to Enable Digital Transformation in Financial Services

Data Breach Today

Digital transformation (DX) continues to drive growth across financial services firms, creating new opportunities to increase revenue and foster innovation. Cloud - whether public, private or a hybrid approach - is foundational to achieving DX objectives, as is secure, resilient and scalable network connectivity. Customers demand a seamless experience across all digital channels

3 Key Risks with Employee Passwords in the Financial Services Industry

Data Breach Today

How can financial services institutions better protect employee passwords? One of the most common threat vectors plaguing financial services institutions is the employee password

Managed Detection & Response for Financial Services

Data Breach Today

These are among the top threats to financial institutions of all sizes. Ransomware. Phishing. Credential stuffing. But small-to-midsized ones are particularly challenged to detect and respond to threats. Arctic Wolf's Todd Thiemann discusses the value of managed detection and response

New York Department of Financial Services Released New Guidance Addressing COVID-19 Related Cybersecurity Risks

HL Chronicle of Data Protection

Continuing its focus on COVID-19’s impact on its regulated entities, on April 13, the New York Department of Financial Services (NYDFS) released new cybersecurity guidance in response to the COVID-19 pandemic.

Summary – “Industry in One: Financial Services”

ARMA International

The scope of a records and information management (RIM) program in financial services can seem overwhelming. Compared to other industries, the complexities of managing records and information in financial services are arguably some of the toughest to solve, primarily because of the intense regulatory scrutiny. History of Financial System. financial system continues to evolve in response to changing regulations. Financial Services Industry Overview.

NY Charges First American Financial for Massive Data Leak

Krebs on Security

In May 2019, KrebsOnSecurity broke the news that the website of mortgage title insurance giant First American Financial Corp. First American Financial Corp. First American’s stock price fell more than 6 percent the day after news of their data leak was published here.

Financial Services Data – More at risk than you’d believe

Thales Cloud Protection & Licensing

One of the top findings from the 2018 Thales Data Threat Report, Financial Services Edition was that data breaches in U.S. financial services organizations are increasing at an alarming rate. Not only are breaches at record highs – with 65% of U.S. IT security pros in financial services organizations reporting that their organization already had a data breach – but breaches are increasing at alarming rates.

Morgan Stanley discloses data breach after the hack of a third-party vendor

Security Affairs

The American multinational investment bank and financial services firm Morgan Stanley discloses a data breach caused by the hack of an Accellion FTA server of a third-party vendor. Morgan Stanley pointed out that its systems were not breached by the threat actors.

Historic Charges: First Enforcement Action Filed by New York Department of Financial Services Under Cybersecurity Regulation

Data Matters

On July 21, 2020, the New York State Department of Financial Services (NYDFS or the Department) issued a statement of charges and notice of hearing (the Statement) against First American Title Insurance Company (First American) for violations of the Department’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R. Are data and applications that process data properly classified for confidentiality to ensure proper data management?

NY Investigates Exposure of 885 Million Mortgage Documents

Krebs on Security

New York regulators are investigating a weakness that exposed 885 million mortgage records at First American Financial Corp. That measure, which went into effect in March 2019 and is considered among the toughest in the nation, requires financial companies to regularly audit and report on how they protect sensitive data, and provides for fines in cases where violations were reckless or willful. ” A Little Sunshine Data Breaches First American Financial Corp.

Financial Services Organizations Need to Adapt their Security Practices to the Shifting Environment

Thales Cloud Protection & Licensing

Financial Services Organizations Need to Adapt their Security Practices to the Shifting Environment. Companies and organizations, whether in the public or in the private sector, are re-establishing their business in the era of information and data revolution. Data security.

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Scary Fraud Ensues When ID Theft & Usury Collide

Krebs on Security

Among the companies that checked to see if Jim still wanted that loan he never applied for last May was Mountain Summit Financial (MSF), a lending institution owned by a Native American tribe in California called the Habematelol Pomo of Upper Lake.

Mastercard data breach affected Priceless Specials loyalty program

Security Affairs

Mastercard disclosed a data breach that impacted customer data from the company’s Priceless Specials loyalty program. The American multinational financial services corporation noti f ied the data breach to the German and Belgian Data Protection Authorities. The data leaked online includes customers’ names, payment card numbers, email addresses, home addresses, phone numbers, gender, and dates of birth.

Assessing Growing Cyberthreats to Africa's Financial Sector

Data Breach Today

Rob Dartnall of Security Alliance Shares Insights on Current and Emerging Trends Financial services firms in Africa are becoming bigger cyber targets as they expand into new mobile payment and financial inclusion products.

Morgan Stanley's Hard Drive Destruction Investment Failure

Data Breach Today

$35 Million Fine From Securities and Exchange Commission Covers 5 Years of Mishaps Financial services giant Morgan Stanley will pay a $35 million fine to settle U.S.

NYDFS Settles with Mortgage Company for Data Breach

Hunton Privacy

On March 3, 2020, the New York Department of Financial Services (“NYDFS”) announced it had entered into a settlement with Residential Mortgage Services, Inc. (“RMS”) Cybersecurity Enforcement Financial Privacy U.S.

Reducing Risk by Breaking Down Supply Chain Siloes

Data Breach Today

Supply chain risk must be part of an enterprisewide risk management program framework, says information security manager Matt Marciniak of financial service firm Quantile.

List of data breaches and cyber attacks in September 2021 – 91 million records breached

IT Governance

By our reckoning, September 2021 saw 97 security incidents comprising 91,127,815 million breached records. Compromised data included users’ “first and last name, display name, date of birth, weight, height, gender, geo location, and more”. Hackers steal Covid test data of 1.4

The aftermath of an incident – why keeping records of data breaches and privacy incidents matters

Data Protection Report

As privacy incidents and security breaches involving personal information become increasingly frequent, organizations are more and more aware of the importance of implementing a robust privacy program to mitigate the risks and impacts of such incidents.

Striking a balance between security and usability of sensitive data

OpenText Information Management

Last year, the number of personal records exposed by cyber attacks on the financial services industry was an incredible 446,575,334 – more than triple from the year before. The financial and reputational damage from these data breaches can be immense.

How to Respond to the New 'Fraud Universe'

Data Breach Today

The latest edition of the ISMG Security Report discusses how financial service organizations should respond to the new "fraud universe."

Boosting Security Resilience and Defending the IT Ecosystem

Data Breach Today

Jeetu Patel of Cisco Discusses the Critical Ability to 'Bounce Back' From Incidents With rising threats facing critical infrastructure sectors, such as healthcare and financial services, "society as a whole, and the safety of society is completely dependent on cyber risk" - and being security resilient, says Jeetu Patel of Cisco.

MirrorBlast Campaign Targets Finance Sector Using Macros

Data Breach Today

TA505 APT Group delivers phishing email containing malicious links Researchers at Morphisec Labs have published fresh details about a new MirrorBlast campaign that they say is run by a Russia-based threat group TA505, targeting financial services organizations.

Keeping Up with New Data Protection Regulations

erwin

Keeping up with new data protection regulations can be difficult, and the latest – the General Data Protection Regulation (GDPR) – isn’t the only new data protection regulation organizations should be aware of. California recently passed a law that gives residents the right to control the data companies collect about them. In fact, organizations should expect increasing pressure on lawmakers to introduce new data protection regulations.

Leveraging Interindustry Data to Discover Mule Accounts

Data Breach Today

How can you leverage artificial intelligence and make sense of data from different industries to determine whether a customer is creditworthy or whether an account is a mule account? Guy Sheppard, general manager of financial services at Aboitiz Data Innovation, discusses a case study

Takeaways From Viasat Outage

Data Breach Today

It also examines the invasion's impact on financial services and how to modernize security operations

Air Canada data breach – 20,000 users of its mobile app affected

Security Affairs

Air Canada data breach – The incident was confirmed by the company and may have affected 20,000 customers (1%) of its 1.7 The data breach of the day is the one suffered by Air Canada that may have affected 20,000 customers (1%) of its 1.7 22-24, 2018, it added that financial data was protected but invited to remain vigilant for fraudulent credit card transactions. ” reads the data breach notification.

UK Proposes Regulations to Curb Illicit Use of Crypto

Data Breach Today

Aim Is to 'Make It Harder' to Engage in Fraud, Ransomware Payments The United Kingdom has announced two proposed pieces of legislation - the Financial Services and Markets Bill and the Economic Crime and Corporate Transparency Bill - to regulate the digital assets industry and curb the use of virtual currency in illicit activity.

Establishing Cybersecurity in the era of Resilience

Data Breach Today

New York State Expected to Increase Enforcement of Cybersecurity Practices

HL Chronicle of Data Protection

The Regulation and the Act both contain prescriptive cybersecurity requirements and new breach notification obligations for regulated organizations.

Modern Bank Heists 5.0: 'The Escalation'

Data Breach Today

his latest look at the attackers and attacks targeting financial services. VMware's Tom Kellermann on Ransomware and Other Destructive Attacks Targeting Banks VMware's Tom Kellermann is out with Modern Bank Heists 5.0,

Payment Processing Giant TSYS: Ransomware Incident “Immaterial” to Company

Krebs on Security

Since then reams of data stolen from the company have been posted online, with the attackers promising to publish more in the coming days. But the company says the malware did not jeopardize card data, and that the incident was limited to administrative areas of its business.

US: Surviving the service provider data breach

DLA Piper Privacy Matters

It’s summer, and life’s a breach. A data breach, that is. It’s your service provider’s breach, but it involves your (more likely, your customer’s) data. So put down the beach reading, for some breach reading. Service provider cyber incidents have exploded in volume, type, frequency, response time and cost. Who “owns” a data breach? How to best protect against service provider incidents?

List of data breaches and cyber attacks in July 2019 – 2.2 billion records leaked

IT Governance

July was bound to be a bounce-back month, but we couldn’t have expected the frighteningly high total of 2,266,042,039 breached records. Granted, a big chunk of those come from a single incident – a mammoth breach involving a Chinese smart tech supplier – but as unimaginative football commentators say, ‘they all count’. Philadelphia Federal Credit Union confirms security breach (unknown). State-sponsored hackers breach Greece’s top-level domain registrar (unknown).

Why Facebook's Diem is 'a Shadow of Libra'

Data Breach Today

Financial services commentator Chris Skinner explains why state governments and AML concerns are to blame Facebook's relaunch and rebrand of its Libra digital payment initiative as Diem is seen by some as a shadow of its former self.