The importance of data quality in Financial Services

Collibra

Financial services are highly regulated and maintain a strong focus on compliance and risk management. Considering that major financial organizations handle enormous amounts of data today, they require data accuracy and integrity at all times to minimize risks. Pattern mining.

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. IT security pros in financial services organizations reporting that their organization already had a data breach – but breaches are increasing at alarming rates.

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First American Financial Pays Farcical $500K Fine

Krebs on Security

In May 2019, KrebsOnSecurity broke the news that the website of mortgage settlement giant First American Financial Corp. NYSE:FAF ] was leaking more than 800 million documents — many containing sensitive financial data — related to real estate transactions dating back 16 years.

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. Data Breaches The Coming Storm First American Financial Corp. New York State Department of Financial Services Reuters

ABBYY Releases Research: State of Process Mining and Robotic Process Automation

Info Source

Global survey results released today found that process knowledge is the primary success factor for robotic process automation (RPA) projects, yet only 31% of US organizations are currently using process mining tools to understand their processes. Financial planning & decision-making.

#ModernDataMasters: Mike Evans, Chief Technology Officer

Reltio

A passion of mine is imparting the knowledge and experience that the data leaders of today possess to the next generation of data professionals. This ensures that we offer relevant and value-added services to the businesses we work with. The definition of success, from my perspective as a manager of a consulting organisation, is our clients achieving the business benefit they want and being delighted with our services. Kate Tickner, Reltio.

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#ModernDataMasters: Steve Whiting, Chief Operations Officer

Reltio

Service-based business & technology enablers such as IaaS / IPaaS (Integration as a Service), DQaaS (Data Quality as a Service), DMaaS (Data Migration as a Service) etc. The first three are already established to varying degrees but the latter is supported by the ongoing trend of cloud and smart infrastructure supporting these “service-based” initiatives. It’s called “Managing a Professional Services Firm” by David Maister.

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ABBYY Partners with Alteryx Extending the Alteryx Analytic Process Automation Platform with Deeper Process Intelligence

Info Source

The Alteryx APA Platform unifies analytics, data science and data-centric process automation in one self-service platform. According to the Constellation Research ShortList for Robotic Process Automation , “the RPA market is converging with business process management, process mining and workflow tools,” and “buyer’s should expect these tools to leverage artificial intelligence (AI) to blur the lines between human and machine processes.”

Go-based Chaos malware is rapidly growing targeting Windows, Linux and more

Security Affairs

The experts were able to enumerate the C2s and targets of multiple distinct Chaos clusters, some of which were employed in recent DDoS attacks against the gaming, financial services and technology, and media and entertainment industries.

Artificial Intelligence: 6 Step Solution Decomposition Process

Bill Schmarzo - Dell EMC

Note: throughout this blog, when I use the term “artificial intelligence,” I mean that to include other advanced analytics such as deep learning, machine learning (supervised, unsupervised, reinforcement), data mining, predictive analytics, and statistics (see Figure 1). Installing an “Analytics as a Service” platform is not a business initiative. A business initiative is a senior executive mandate that seeks measurable and material financial impact on the value of the business.

Best Fraud Management Systems & Detection Tools in 2022

eSecurity Planet

In its 2021 Threat Force Intelligence Index , IBM reported that manufacturing and financial services were the two industries most at risk for attack, making up 23.2% They’re also useful for background checks, data analytics, and data mining.

Massive Losses Define Epidemic of ‘Pig Butchering’

Krebs on Security

“It’s run by a fraud ring of cryptocurrency scammers who mine dating apps and other social media for victims and the scam is becoming alarmingly popular.” ” For many younger victims of pig butchering, even losses of a few thousand dollars can be financially devastating.

What is a Cyberattack? Types and Defenses

eSecurity Planet

These new attacks affect everything from private citizens and businesses to government systems; healthcare organizations; public services; and food, water, and fuel supply chains. Capital markets, insurance, financial services, and banking are now online.

Oracle critical patch advisory addresses 284 flaws, 33 critical

Security Affairs

The bug affected the OCA’s Diameter Signalling Router component and its Communications Services Gatekeeper. The flaw also affected the Financial Services Analytical Applications Infrastructure, the Fusion Middleware MapViewer, and four three Oracle Retail components. Oracle also addressed an arbitrary file upload flaw ( C VE- 2018-9206) in the OCA’s Services Gatekeeper that also impacted Primavera P6 in the Construction and Engineering Suite, and Siebel CRM.

MY TAKE: Here’s why we need ‘SecOps’ to help secure ‘Cloud Native’ companiess

The Last Watchdog

Speed and agility is the name of the game — especially for Software as a Service (SaaS) companies. It’s rise in popularity has helped drive a new trend for start-ups to go “Cloud Native,” erecting their entire infrastructure, from the ground up, leveraging cloud services like Amazon Web Services, Microsoft Azure and Google Cloud. In that caper, a core API was left open allowing them to exploit it and begin using Tesla’s servers to mine cryptocurrency.

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Expect More Spam Calls and SIM-Card Scams: 400 Million Phone Numbers Exposed

Adam Levin

As much as I love this one friend of mine, nothing is private when we’re together. Once the number has been transferred, the criminal has control of any accounts that are identified by caller ID (including many financial institutions) as well as any accounts protected by two-factor authentication. You probably have a friend like this.

ABBYY Acquires TimelinePI to Strengthen Leadership Role in Digital Transformation

Info Source

The acquisition of TimelinePI represents a significant milestone in establishing ABBYY’s leadership role in the digital transformation market as well as a global player in the emerging process mining market, which Gartner estimates will triple by 2023. For example, financial services institutions are challenged with onboarding new customers for products including mortgages, consumer credit offerings, traditional banking services and investment products.

Q&A: Why SOAR startup Syncurity is bringing a ‘case-management’ approach to threat detection

The Last Watchdog

SOAR, if you haven’t heard, is a hot new technology stack that takes well-understood data mining and business intelligence analytics methodologies — techniques that are deeply utilized in financial services, retailing and other business verticals – and applies them to cybersecurity. In addition, I see more and more service providers adopting SOAR, as the MSSP and MDR markets grow at 15% and 30% respectively according to Gartner.

State Attackers Moving from Stealing Data to Social Meddling

Ascent Innovations

The new cyber intelligence report expects the monetary benefits will allure the use of crypto-mining malware and cryptocurrencies by cyber attackers this year. They look to steal credit card numbers from financial services & insurance companies or install malware on the critical systems used by healthcare companies. State Attackers Moving from Stealing Data to Social Meddling.

Q&A: How emulating attacks in a live environment can more pervasively protect complex networks

The Last Watchdog

Spirent Communications , an 82-year-old British supplier of network performance testing equipment, recently decided to branch into cybersecurity services by tackling this dilemma head on. We have customers within the financial services vertical that do this on a regular basis. Most large enterprises today can point to multi-millions of dollars expended over the past two decades erecting “layered defenses” to protect their digital systems.

SHARED INTEL: APIs hook up new web and mobile apps — and break attack vectors wide open

The Last Watchdog

Here are a few key takeaways: Cool new experiences Amazon Web Services, Microsoft Azure, Google Cloud and Alibaba Cloud supply computer processing and data storage as a utility. DevOps has decentralized the creation and delivery of smart applications that can mine humongous data sets to create cool new user experiences. The services on that smartphone you’re holding makes use of hundreds of unique APIs. LW provides consulting services to the vendors we cover.).

NYDFS Announces a Series of Virtual Currency Initiatives

Data Matters

On June 24, 2020, the New York State Department of Financial Service (NYDFS) announced a series of virtual currency initiatives aimed at providing additional opportunities and clarity for BitLicense and limited-purpose trust company applicants and licensees. This process can be burdensome for licensees and slow their ability to roll out new services.

Ephesoft Launches Context Driven Productivity at Enterprise Productivity Summit

Info Source

Accounts Payable Innovator Brad Gerritsen from Honda Logistics, one of Ephesoft’s most technologically advanced clients, shared a case study on automation in the financial services industry. Inaugural Summit Unites Technology Leaders to Explore Breakthroughs in Enterprise Automation.

Data Matching: To match, or not match, that is the question*

Reltio

This can result in severe consequences for example you could merge the health or financial records of two separate people that could impact treatment or cause monetary issues. Data Matching: To match, or not match, that is the question*. with apologies to William Shakespeare and Hamlet ).

It’s time to think twice about retail loyalty programs

Thales Cloud Protection & Licensing

In this case, it looks as though the attackers had been on the Starwood network for somewhere around three years, mining out their reservations database (keep in mind that Marriott only acquired Starwood in 2016 ). We had some results this year from the 100+ US retail IT security professionals that were surveyed for the 2018 Thales Data Threat Report that differed from every other segment we polled (healthcare, federal government, financial services).

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Top GRC Tools & Software for 2021

eSecurity Planet

LogicManager’s GRC solution has specific use cases across financial services, education, government, healthcare, retail, and technology industries, among others. Financial reporting compliance.

Leaders need the technical detail

MIKE 2.0

I recently heard a financial services executive on the radio talking about Bitcoin. Just as many experts argue that cyber currencies will soon fall under the supervision of existing regulators as predict a completely open financial system. Medical, mining and energy businesses are among those that should be on the lookout for more immediate applications and perhaps partner on research efforts.

Top 10 Governance, Risk and Compliance (GRC) Vendors

eSecurity Planet

LogicManager’s GRC solution has specific use cases across financial services, education, government, healthcare, retail, and technology industries, among others. Financial reporting compliance.

"In Search of Objectivity" or "Listening to Those We Often Ignore"

Positively RIM

First the RIM part: The Records Director of a large financial services corporation called to ask for help implementing an enterprise RIM program. There, relatives from the generation before and after mine asserted opinions that they declared The Political Truth. Last week, an unexpected overlap “slapped me upside the face”: A prime challenge of corporate Records & Information Management matched current events, political opinion and social tumult.

The Hacker Mind Podcast: DEF CON Villages

ForAllSecure

And by de I'm an analyst at Javelin strategy and research where I do security risk and fraud for the financial services industry. So in this episode, I'm going to share some of the conversations I've had with leaders of some of those more established villages over the last 50 episodes of the hacker mine. DEF CON is 30 years old this year, and it’s bigger and better in part because of topic-specific villages.

Federal Agency Data is Under Siege

Thales Cloud Protection & Licensing

Its unique capabilities include the design and deployment of equipment, systems and services to meet complex security requirements. The 57 percent rate statistic is the highest of all verticals we measured in this year’s report (others include the healthcare industry, the retail industry, and the financial services industry) or any region surveyed. federal respondents used more than five Infrastructure-as-a-Service (IaaS) vendors.

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After the Token Act: A New Data Economy Driven By Small Business Entrepreneurship

John Battelle's Searchblog

The Token Act levels the playing field, forcing both to win where it really matters: In service to the customer. Were you a limo service in the Bronx looking for new customers? It paid huge dividends to purchase Adwords like “car service bronx” and “best limo manhattan.” ” Selling heavy machinery to construction services in the midwest? The site reconstructs around her answer, showing suggested data repositories she might mine.

The Hacker Mind Podcast: Hacking APIs

ForAllSecure

When I say I want a car, it's got to communicate to the map services, it's got to communicate to my credit card services, you know, so there's this traffic that's going all around happening from their servers, right and then displaying back to me.

The Hacker Mind Podcast: Hacking APIs

ForAllSecure

When I say I want a car, it's got to communicate to the map services, it's got to communicate to my credit card services, you know, so there's this traffic that's going all around happening from their servers, right and then displaying back to me.

The ONE Key Aspect of DB2 for z/OS Table-Controlled Partitioning that People Seem Most Likely to Forget

Robert's Db2

I worked in the early 2000s in the IT department of a financial services company, and I well recall that we had, in our DB2 for z/OS V7 database, a partitioned table space that presented us with a Hobson's choice: we could go with a key that would be good for partitioning (benefiting the performance of high-volume insert operations) but lousy for clustering (hurting query result set retrieval performance), or vice versa.