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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. But it's also exposed some security weaknesses.

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Three use cases for cloud fax in financial services

OpenText Information Management

Fax is so secure that faxed documents and signatures are recognized in the courts as being legally binding. It stands to reason, then, that fax would be the bedrock of financial communications, but are there ways to make it even better?

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Record-Setting DDoS Attack Hits Financial Service Firm

Data Breach Today

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

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Data Protection in Financial Services Week 2022

Data Matters

EST. Sidley and OneTrust DataGuidance are pleased to announce that registration is now open for their annual Data Protection in Financial Services (DPFS) Week. have impacted financial services. Securities and Exchange Commission. WEBINAR. 4:00 p.m. – 5:30 p.m.

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Financial Services Firms Operating Under False Sense of Security

Dark Reading

Trend Micro research finds most are over-confident about ability to withstand ransomware

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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

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New Financial Services Industry Report Reveals Major Gaps in Storage and Backup Security

Dark Reading

More than two-Thirds (69%) of respondents believe an attack on their storage & backup environment will have "significant" or "catastrophic" impact

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Why Financial Service Companies Are Turning to Cloud PKI

HID Global

PKI enables companies to securely authenticate and authorize users, servers, applications and devices and encrypt all data and communication between them

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New: 2019 State of the Internet / Security: Financial Services Attack Economy

Dark Reading

Every organization should be paying attention to the attacks targeting financial services systems

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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.

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The Financial Service and Insurance Industries Need Intelligent Document Processing; Here’s Why

Rocket Software

Analyst firm IDC recently published a Vendor Spotlight report featuring ASG Mobius Content Services (Mobius) and its applications in the financial service and insurance industries. IDP Trends in the Financial and Insurance Industries.

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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.

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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.

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Five benefits of eDiscovery software for Financial Services

OpenText Information Management

Financial Service organizations are among the most highly regulated industries and routinely face a myriad of compliance and administrative proceedings. Prominent financial regulators like the UK Serious Fraud Office and the US Securities and Exchange Commission have already adopted the best eDiscovery (electronic discovery) solutions available to enhance their own reviews.

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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.

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Financial Services Sector Rife with Hidden Tunnels

Threatpost

Hacks Vulnerabilities Web Security attack technique data exfiltration Equifax breach financial services hidden tunnels uptickAttackers use the approach to look like legitimate traffic and hide data exfiltration in plain sight.

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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.

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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. Check out our data security solutions , and follow us on Twitter , LinkedIn and Facebook.

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NY Department of Financial Services Issues Cyber Fraud Alert to Regulated Entities Using Instant Quote Websites

Hunton Privacy

Lastly, the Alert provides recommendations to secure data, noting that (1) regulated entities should review whether it is necessary to display any NPI (even redacted NPI) and (2) NPI should not be displayed on public-facing sites unless there is a compelling reason to do so.

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OpenText STP Financial Hub revolutionizes workflows in the Financial Services sector

OpenText Information Management

It’s been a busy 2018 here on our OpenText™ Straight Through Processing (STP) for Securities (STP Financial Hub) platform, with many new clients discovering the benefits of our powerful workflow engine and flexible connectivity methods, along with our constant improvement and enhancement process for our existing clients.

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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. Even “traditional banks” seek to drive more revenue from digital products, personalized services and experiences. Weak security practices lead to data breaches.

Cloud 62
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New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance

Data Matters

On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. The post New York Department of Financial Services Issues First Guidance by a U.S. Cybersecurity Information Security Insurance Policy2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers.

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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.

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Proposed Amendments to NY Financial Services Cybersecurity Regulations Impose New Obligations on Large Entities, Boards of Directors and CISOs

Hunton Privacy

On July 29, 2022, the New York Department of Financial Services (“NYDFS”) posted proposed amendments (“Proposed Amendments”) to its Cybersecurity Requirements for Financial Services Companies (“Cybersecurity Regulations”).

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NY Department of Financial Services Issues Guidance to Regulated Entities Regarding Cybersecurity During the COVID-19 Pandemic

Hunton Privacy

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.

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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.

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Scary Fraud Ensues When ID Theft & Usury Collide

Krebs on Security

But Jim has long had a security freeze on his credit file with the three major consumer credit reporting bureaus , and none of the lenders seemed willing to proceed without at least a peek at his credit history. 14, 2022 breach notification letter from tribal lender Mountain Summit Financial.

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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. Securities and Exchange Commission each announced they were investigating the company.

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P27 pushes Nordic banks towards a future of instant cross border payments  

OpenText Information Management

Banking Finance & Procurement cross border payments financial services Modern business integrations secure and connected ecosystemsThere is about to be a sizeable change in the Nordic payment’s ecosystem.

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NY Payroll Company Vanishes With $35 Million

Krebs on Security

Unlike many stories here about cloud service providers being extorted by hackers for ransomware payouts , this snafu appears to have been something of an inside job. — disclosed last week in a rather unceremonious message to some 4,000 clients that it would be shutting its virtual doors and that companies which relied upon it to process payroll payments should kindly look elsewhere for such services going forward.

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Episode 247: Into the AppSec Trenches with Robinhood CSO Caleb Sima

The Security Ledger

Paul speaks with Caleb Sima, the CSO of the online trading platform Robinhood, about his journey from teenage cybersecurity phenom and web security pioneer, to successful entrepreneur to an executive in the trenches of protecting high value financial services firms from cyberattacks.

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Using Machine Learning To Gain an Edge in The Financial Services Market

Rippleshot

When discussions about fraud, payments and security arise, you won't get long into a converstion before machine learning and artificial intelligence (AI) come into the mix. Through the application of high-performance software, machine learning technology has created advanced computing abilities that have a broad-scale reach for community banks that allow them to better compete against the bigger banks.

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An introduction to 360 degree threat detection

OpenText Information Management

According to Accenture, the cost of cybercrime to US Financial Services companies rose 40% between 2014 and 2017, on average costing companies over $18 million per year. Add to this much tighter data protection regulations – such as those in the US and Europe – and the need for endpoint security becomes clear.

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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.

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NY Department of Financial Services Issues Reminder for Cybersecurity Filing Deadline

Hunton Privacy

On January 22, 2018, the New York Department of Financial Services (“NYDFS”) issued a press release reminding entities covered by its cybersecurity regulation that the first certification of compliance with the regulation is due on or prior to February 15, 2018. As DFS continues to implement its landmark cybersecurity regulation, we will take proactive steps to protect our financial services industry from cyber criminals.”.

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Mobile Security Vendor Approov Hires New CEO to Expand in US

Data Breach Today

Ted Miracco Plans to Grow Approov's Footprint in Healthcare and Financial Services Approov has landed a new CEO to help the mobile security upstart expand in the United States and capture more healthcare and financial services customers.

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Spearphishing Attack Spoofs Microsoft.com to Target 200M Office 365 Users

Threatpost

Web Security exact domain spoofing financial services Healthcare Ironscales manufacturing Microsoft Office 365 spearphishing Spoofing telecom utilities vertical markets

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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.

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Work from Everywhere, Securely

Data Breach Today

CyberEdBoard Executive Member, Charmaine Valmonte, guest speaks at ISMG Virtual Cybersecurity Summit Asia: Financial Services Volmonte is VP, IT security and IT infrastructure, Aboitiz Group of Companies.

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Oracle Kills 402 Bugs in Massive October Patch Update

Threatpost

Over half of Oracle's flaws in its quarterly patch update can be remotely exploitable without authentication; two have CVSS scores of 10 out of 10.