Top predictions for financial services in 2023
OpenText Information Management
JANUARY 5, 2023
With inflation, rising interest rates and general economic uncertainty, last year presented several challenges for financial services institutions (FSIs).
Accelerate hybrid cloud transformation through IBM Cloud for Financial Service Validation Program
IBM Big Data Hub
APRIL 4, 2024
This shift is a significant change in their business models, moving from a capital expenditure approach to an operational expenditure approach, allowing financial organizations to focus on their primary business. IBM Cloud Framework for Financial services is uniquely positioned for that, meeting all these requirements.
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Customer first: New U.K. consumer duty for the financial services industry
OpenText Information Management
FEBRUARY 6, 2023
Have you ever been presented with stack of financial documents plastered with sticky notes and felt confused about where to sign and overwhelmed by the wording? consumer duty for the financial services industry appeared first on OpenText Blogs.
Banking on mainframe-led digital transformation for financial services
IBM Big Data Hub
JULY 31, 2023
Financial services companies are considered institutions because they manage and move the core aspects of our global economic system. And the beating heart of financial institutions is the IBM mainframe. Atruvia AG is one of the world’s leading banking service technology vendors.
Customer experience in Financial Services
OpenText Information Management
JUNE 6, 2018
In a recent blog, I wrote about the increasing prominence of AI in financial services. It’s one of the areas I’ll be presenting on at this year’s OpenText™ Enterprise World, our annual customer conference. The other session I’ll be holding is around customer experience.
Financial Services Organizations Need to Adapt their Security Practices to the Shifting Environment
Thales Cloud Protection & Licensing
NOVEMBER 4, 2020
Financial Services Organizations Need to Adapt their Security Practices to the Shifting Environment. Even “traditional banks” seek to drive more revenue from digital products, personalized services and experiences. At the same time, financial services organizations need to adapt to a shifting global environment.
Historic Charges: First Enforcement Action Filed by New York Department of Financial Services Under Cybersecurity Regulation
Data Matters
AUGUST 19, 2020
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.
NY Department of Financial Services Issues Guidance to Regulated Entities Regarding Cybersecurity During the COVID-19 Pandemic
Hunton Privacy
APRIL 22, 2020
On April 13, 2020, the New York Department of Financial Services (“NYDFS”) issued guidance (“April guidance”) to all New York State entities covered under NYDFS’s cybersecurity regulation regarding assessing and addressing heightened cybersecurity risks due to the COVID-19 pandemic.
RSAC Fireside Chat: The need to stop mobile apps from exposing API keys, user credentials in runtime
The Last Watchdog
MAY 23, 2023
Mobile apps work by hooking into dozens of different APIs, and each connection presents a vector for bad actors to get their hands on “API secrets,” i.e. backend data to encryption keys, digital certificates and user credentials that enable them to gain unauthorized control.
CFPB’s Proposed Data Rules
Schneier on Security
JANUARY 31, 2024
The rules would ensure people can obtain their own financial data at no cost, control who it’s shared with and choose who they do business with in the financial industry. The best way for financial services firms to meet the CFPB’s rules would be to apply the decoupling principle broadly.
News alert: Detectify’s EASM research reveals top overlooked vulnerabilities from 2023
The Last Watchdog
DECEMBER 12, 2023
No critical findings were present among the Top 30 vulnerabilities for the Internet Software (or SaaS) industry, as defined by the public security scoring system CVSS. Additionally, 75% of the total vulnerabilities regularly scanned by Detectify, primarily crowdsourced from its community of ethical hackers, don’t have a CVE assigned.
The Most Popular Data Security Webinars of 2022: Sovereignty, Cloud Security and Compliance Top the List
Thales Cloud Protection & Licensing
JANUARY 11, 2023
This webinar presents key findings from the 2022 Thales Cloud Security Study. Security & Compliance for SAP Data in Financial Services. Financial services companies keep some of their most valuable data in SAP applications, triggering the need for both additional security and taking steps toward meeting compliance requirements.
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Thales & Prime Factors’ 30 Year Collaboration Continues to Deliver Simplicity, Flexibility, and Security for Payment Applications
Thales Cloud Protection & Licensing
SEPTEMBER 14, 2023
A great number of financial services companies buy off-the-shelf, turn-key payment applications, and we know that Thales has many great partners, many of which I worked with directly during my tenure at Thales, that deliver these types of solutions.
How Credit Unions Can Fight Back Against BIN Attacks
Rippleshot
FEBRUARY 2, 2022
Card not present (CNP) fraud is the dominant type of payment fraud that Strategic Link partner CO-OP Financial Services is seeing among its credit unions’ portfolios, comprising over 80% of fraud incidents across both debit and credit.
Black Friday and Cyber Weekend: Navigating the Tumultuous Waters of Retail Cybersecurity
Thales Cloud Protection & Licensing
NOVEMBER 20, 2023
The IBM 2023 Cost of a Data Breach Report , for example, highlights the continuous financial burden on retailers, which, coupled with potential reputational damage, emphasizes the dire need for retailers to prioritize and bolster their cybersecurity measures. For retailers, this poses a two-pronged challenge.
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The Rise of One-Time Password Interception Bots
Krebs on Security
SEPTEMBER 29, 2021
. “Over the past few months, we’ve seen actors provide access to services that call victims, appear as a legitimate call from a specific bank and deceive victims into typing an OTP or other verification code into a mobile phone in order to capture and deliver the codes to the operator.
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Get ready for change with IBM Cloud Training
IBM Big Data Hub
DECEMBER 8, 2023
This industry-standard “stacked” credential currently offers 8 new combinations of credentials, pairing IBM Cloud Professional Architect, IBM Cloud Professional Developer and Professional Site Reliability Engineer with specialties such as DevSecOps, Financial Services, SAP, Satellite or VMware.
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The G7 expresses its concern over ransomware attacks
Security Affairs
OCTOBER 14, 2020
The payment of ransoms demanded by these criminals can incentivize further malicious cyber activity; benefit malign actors and fund illicit activities; and present a risk of money laundering, terrorist financing, and proliferation financing (ML/TF/PF), and other illicit financial activity.” ” continues the statement.
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CaixaBank CIO Pere Nebot discusses modernizing business operations for an enhanced, customer-centric experience
IBM Big Data Hub
JULY 12, 2023
For years, the bank has been part of IBM’s growing ecosystem of financial institutions and technology partners leveraging IBM Cloud for Financial Services to help deliver more improved customer services and products better tailored to each individual customer’s financial needs.
MITRE ResilienCyCon: You Will Be Breached So Be Ready
eSecurity Planet
NOVEMBER 17, 2022
The answer, based on a couple of presentations at the conference, is that patching is incredibly difficult to get right, requiring way more attention than most companies can afford to give it. Art Ocain, VP for Cybersecurity and Incident Response at Airiam, noted that the managed security services provider patches as often as 10 times a day.
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Would You Have Fallen for This Phone Scam?
Krebs on Security
APRIL 28, 2020
.” The couple have long had their credit cards on auto-payment, and the most recent payment was especially high — nearly $4,000 — thanks to a flurry of Christmas present purchases for friends and family. But it said that surge also brought with it an influx of fraudsters looking to capitalize on all the chaos.
Fintech Without Borders: Regulators Consult on Global Financial Innovation Network
Data Matters
AUGUST 22, 2018
On August 7, a group of regulators from 11 jurisdictions published a consultation (the Consultation) on the Global Financial Innovation Network (the GFIN), which aims to promote international cooperation on innovation and the use of technology in financial services (FinTech) and in regulatory processes (RegTech).
How Long Should I Keep This Business Record For?
AIIM
MARCH 3, 2020
Too often I hear one of two, equally bad answers: Keep Records for Seven years: This seems to be the de facto answer, especially for financial services records. Internal Revenue Service rules around when they can audit individual and corporate tax returns. As near as I can tell, this comes from the U.S. BIG DATA!!!
EU Parliament Approves Collective Redress Directive
Hunton Privacy
NOVEMBER 25, 2020
The Collective Redress Directive was presented in April 2018 by the European Commission and is part of the European Commission’s New Deal for Consumers. The Collective Redress Directive was proposed as a response to several scandals related to breaches of consumers’ rights by multinational companies.
“Cryptoassets are here to stay”: EU Authorities to Provide Guidance on Cryptocurrencies and ICOs
Data Matters
SEPTEMBER 12, 2018
As part of the public discussion, the Commission, the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA) and the UK Financial Conduct Authority (FCA) were present to provide their thoughts. Firms interested in cryptoassets should watch for EU regulatory guidance later this year.
Top 7 Data Governance Blog Posts of 2018
erwin
DECEMBER 20, 2018
So with the impetus of the General Data Protection Regulation (GDPR) and the opportunities presented by data-driven transformation, many organizations are re-evaluating their data management and data governance practices. for Financial Services. www.erwin.com/blog/data-governance-2-0-financial-services/.
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The Week in Cyber Security and Data Privacy: 6 – 12 November 2023
IT Governance
NOVEMBER 13, 2023
According to BleepingComputer , the ALPHV/BlackCat ransomware group took responsibility for an attack on McLaren’s network on 4 October. “DP DP World Australia’s investigation and ongoing remediation work are likely to continue for some time.”
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NEW TECH: This free tool can help gauge, manage third-party cyber risk; it’s called ‘VRMMM’
The Last Watchdog
JANUARY 30, 2019
Turn the corner into 2019 and we find Citigroup, CapitalOne, Wells Fargo and HSBC Life Insurance among a host of firms hitting the crisis button after their customers’ records turned up on a database of some 24 million financial and banking documents found parked on an Internet-accessible server — without so much as password protection.
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MY TAKE: Why companies and consumers must collaborate to stop the plundering of IoT systems
The Last Watchdog
NOVEMBER 9, 2020
In one very recent caper, the attackers targeted the CFO of a financial services firm, as he worked from home, Sherman says. Automatic trust is no longer an option IoT system intrusions present a clear and present danger beyond the healthcare sector, of course. This is not just all up to the company.
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Navigating the digital wave: Understanding DORA and the role of confidential computing
IBM Big Data Hub
FEBRUARY 5, 2024
The Digital Operational Resilience Act (DORA) marks a significant milestone in the European Union’s (EU) efforts to bolster the operational resilience of the financial sector in the digital age.
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Privacy and Cybersecurity March 2019 Events
HL Chronicle of Data Protection
FEBRUARY 28, 2019
Mark Brennan will discuss TCPA issues on the panel, “Financial Services and Litigation Trends,” at the American Financial Services Association (AFSA) Law and Compliance Symposium 2019. Mark Brennan will present at the Artificial Intelligence: Industry Perspectives and Impacts Forum in Baltimore, MD.
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Multinational ICICI Bank leaks passports and credit card numbers
Security Affairs
APRIL 20, 2023
ICICI Bank leaked millions of records with sensitive data, including financial information and personal documents of the bank’s clients. ICICI Bank, an Indian multinational valued at more than $76 billion, has more than 5,000 branches across India and is present in at least another 15 countries worldwide.
The compliance challenges of hybrid working
IT Governance
AUGUST 26, 2021
For example, financial services firms may be worried about employees breaching insider trading laws. If you’re unable to make it, the video will be available to download from our website shortly after the presentation. The webinar takes place on 1 September 2021, from 4:00 pm.
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Tackling Data Sovereignty with DDR
Security Affairs
JUNE 20, 2023
These challenges are intensified in industries that handle large volumes of sensitive data under stringent regulations , such as financial services, healthcare, and government sectors. The evolving threat landscape presents additional challenges, including the rise of sophisticated cyberattacks.
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Webinar Recording Available on the NYDFS Regulations
Hunton Privacy
MARCH 16, 2017
Sotto on the new cybersecurity regulations from the New York State Department of Financial Services (“NYDFS”). Sotto points out that these regulations will “affect companies far and wide,” including “any vendor that touches a New York banking, insurance or financial organization.”.
ABBYY Opens Office in Hong Kong to Strengthen Presence in Asia
Info Source
JULY 16, 2019
ABBYY is currently present in most countries in Asia with long-established offices in Taiwan and Japan and through its strong partner network. ABBYY has long been active in the Asia-Pacific markets with many successful large-scale implementations in banking and financial services, insurance, telecom, government, and other verticals.
Tianfu Cup PWN hacking contest – White hat hackers earn $1 Million for Zero-Day exploits
Security Affairs
NOVEMBER 19, 2018
Other participants were teams from universities, Tencent, financial service provider Ant Financial, and independent researchers. The highest reward is $200,000 that was paid out to participants that presented an iPhone X jailbreak and a remote code execution exploit.
Bring light to the black box
IBM Big Data Hub
MAY 9, 2023
Today, AI presents an enormous opportunity to turn data into insights and actions, to help amplify human capabilities, decrease risk and increase ROI by achieving break through innovations. While the promise of AI isn’t guaranteed and may not come easy, adoption is no longer a choice.
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Webinar Invitation — Operationalizing the California Consumer Privacy Act
HL Chronicle of Data Protection
JUNE 14, 2019
As the first broad-based state law on consumers’ personal data in the U.S., this important legislation does indeed pose significant compliance challenges for organizations that engage with residents of California, the world’s fifth largest economy.
Privacy 40
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U.S., U.K. Sanction 7 Men Tied to Trickbot Hacking Group
Krebs on Security
FEBRUARY 9, 2023
report from 2016 said investigators from Mikhaylov’s unit and Kaspersky Lab were present at the film company raid]. Also charged with treason was Ruslan Stoyanov , then a senior employee at Russian security firm Kaspersky Lab [the Forbes.ru This is not the U.S. government’s first swipe at the Trickbot group.
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RSAC insights: Introducing ‘CWPP’ and ‘CSPM,’ new frameworks to secure cloud infrastructure
The Last Watchdog
MAY 17, 2021
The summer of 2019 was a heady time for the financial services industry. For a full drill down on our conversation please give the accompanying podcast a listen. Here are the key takeaways: Cloud migration risks. Hunting vulnerabilities.
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Report: Big U.S. Banks Are Stiffing Account Takeover Victims
Krebs on Security
OCTOBER 7, 2022
who in April 2022 opened an investigation into fraud tied to Zelle , the “peer-to-peer” digital payment service used by many financial institutions that allows customers to quickly send cash to friends and family. Elizabeth Warren (D-Mass.), Bank , and Wells Fargo.
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Alaris Furthers Commitment to Channel by Hosting Annual Partner Summit
Info Source
MAY 8, 2019
The summit featured presentations by Alaris senior executives, marketing teams and strategic partners. Event highlights included a solutions expo with a series of interactive demos of real-world solutions for government, healthcare and financial services.
Combat the increasing ransomware threat by educating employees
IT Governance
FEBRUARY 28, 2018
Healthcare was the most affected industry (76%) and financial services the least (45%). Our Phishing and Ransomware – Human patch e-learning course explains the threats that ransomware presents to organisations, and gives details of the resources available to help you understand and combat those threats. Key findings.
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