Information specialist Equifax has revealed a cybersecurity incident potentially impacting approximately 143 million US consumers. It says criminals exploited a US website application vulnerability to gain access to certain files. Based on the company’s investigation, the unauthorised access occurred from mid-May through July 2017. The company has found “no evidence of unauthorised activity on Equifax’s […]
IBM will make a ten-year, $240 million investment to create the MIT–IBM Watson AI Lab as the duo seek to unlock the potential of artificial intelligence (AI). The collaboration with Massachusetts Institute of Technology (MIT) aims to advance AI hardware, software and algorithms related to deep learning and other areas, increase AI’s impact on industries, […]
Today’s financial services institutions are challenged to keep pace with changing and covert cybersecurity threats. Since financial institutions are among some of the most appealing targets for hackers, it is critical for these organisations to remain extra vigilant about securing confidential information.
The risks are big, but the opportunities are even bigger; that’s why only the bravest are making the most of the digital economy to date.
Berlin-based cybersecurity start-up Perseus is seeking to become a legend for the country’s SME market with a “one-stop solution”. According to fintech incubator FinLeap, which is behind the venture, more than 70% of German companies were affected by cybercrime activities within the last two years, but only one out of ten SMEs holds an insurance […]
National Institute of Standards and Technology (NIST), an agency of the US Department of Commerce promoting innovation and industrial competitiveness, and cybersecurity tech specialist NextLabs have partnered to develop a framework for implementing and administering access rights management (ARM) in the financial services sector.
FIS, a global financial services technology company, has joined forces with information specialist Equifax to create OnlyID, a digital authentication solution that enables consumers to make secure transactions across multiple online accounts without passwords.
A recent report from the Department for Digital, Culture, Media & Sport claims 10% of the UK’s 350 largest firms do not have a response plan in place for a cybersecurity incident, reports Telecoms.com (Banking Technology‘s sister publication). These clearly aren’t all fintech companies, but considering the rhetoric which is constantly flowing around, bigging up […]
Elizabeth Denham, the UK’s information commissioner, made an astute point when she recently called for senior bank executives to get the same cybersecurity training as front-line staff, following the global WannaCry ransomware attack. But implementing the kind of comprehensive cyber defence strategy which includes such training will require a monumental culture shift at the top.
In the 1600s, Spain built an impregnable defence system to protect the San Juan Bay in Puerto Rico. This defence in-depth system fortified San Juan with three lines of defence, marking a high point in military engineering for the time period. A similar model could be used to protect your institution’s account holders from today’s cyberattacks. But with 15.4 million Americans falling victim to identity fraud last year, three lines of defence are no longer enough.
This infographic, created by Tufin, looks at the current threat landscape and how network segmentation can help keep organisations secure from today’s sophisticated cyberattacks.
Banks are beginning to re-align their internal processes and external-facing products to take advantage of, and more fully realize, the potential of digital transformation. One of the biggest challenges they come up against in this pursuit is how to balance customer experience and security. In other words, implementing a framework that accounts for all the […]
Trickbot is back, new and improved, and is targeting customers of Lloyds Bank in the UK in a new phishing campaign, according to cybersecurity specialist Cyren.
UK Home Secretary Amber Rudd has taken another dim-witted swipe at end-to-end encryption claiming that terrorists are the only ones who care about it, reports Telecoms.com (Banking Technology‘s sister publication). It’s the latest chapter in one of the most short-sighted and ill-informed books available today, as Rudd has continued her moronic quest to make the […]
They say the proof is in the pudding. For CPI Card Group, it’s a case study showing how its instant issuance technology Card@Once saved an issuer significant time and money after customers were affected by a retail data breach.
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Italy’s largest bank UniCredit has been the victim of a security breach due to unauthorised access through an Italian third-party provider to customer data – with up to 400,000 customers potentially affected. The incident is confined to Italy and relates to personal loans only. The bank says a first breach seems to have occurred in […]
The delightful duo of big data and cybersecurity have fuelled the revenue rise for IT services corporation Atos. In its first half 2017 results, Atos’ “strongest H1 ever”, the firm revealed a revenue in big data and cybersecurity of €357 million – a rise of 13.8% organically. Thierry Breton, chairman and CEO, says: “Either on […]
UK-based banking software specialist Cennox has completed the acquisition of 3SI Security System’s European division.
IBM’s security arm is launching testing services for the internet of things (IoT) – with Watson IoT offering configuration and management capabilities for IoT environments, reports Finovate (Banking Technology’s sister company). IoT technologies are on the rise – in fact, Gartner predicts that connected things will reach 20.4 billion by 2020. This flood of new capabilities comes with the […]
The UK is fighting back against cyberattacks with a new cybersecurity innovation centre in London and investment of up to £14.5 million to develop technology to help keep the nation safe. The investment will be made over the next three years to bolster the UK’s cybersecurity defences, and follows on from February, when the new […]
An early interest in credit cards hooked Jim Schafer on payments. Since then, his work has taken him across the globe in roles as diverse as programming and human resources. But it’s his current role as senior compliance director of FIS Payments that has led him to be named one of Paybefore’s Compliance Titans.
Here’s a twist on the usual cybersecurity stuff. Advisory firm Willis Towers Watson has launched a new diagnostic tool designed to assess people’s cyber readiness. The firm says its tool can be used to “recruit, lead and engage a more cyber-savvy workforce”. It reckons that roles in cybersecurity are “some of the most in-demand across […]
IBM has unveiled IBM Z, a new transaction system, capable of running more than 12 billion encrypted transactions per day and designed for use in the cloud. The firm is looking to address data breaches, which it reckons are a major factor in the $2 trillion cybercrime impact on the global economy by 2019. IBM […]
The Australian Government is developing its own anti-encryption legislation, modelled on the UK’s Snoopers Charter, a set of rules deemed unfit by the European Court of Justice, reports Telecoms.com (Banking Technology’s sister publication). The move, which was announced by Prime Minister Malcolm Turnbull, has been built on anti-terrorism messages, as yet another government uses the element […]
Darktrace, a start-up that tackles cybercrime with artificial intelligence (AI) capabilities, has raised $75 million in a Series D round, reports Light Reading (Banking Technology’s sister publication). The latest capital injection values the company at $825 million, testament to the security threat faced by network operators and fintech enterprises and the power of machine learning technology. […]
We have all suspected the world is not ready for the connected era, though the International Telecommunication Union’s (ITU) Global Cybersecurity Index (GCI) has confirmed it.
Digital threat management firm RiskIQ has expanded its management team with three new executive appointments, including Nick Puetz, Jenna Raby and Clarence Cheuk.
A wide range of technology-driven sectors will be affected by the advent of universal quantum computing many experts say will happen by 2026, but the financial industry has particular reason to be concerned.
Prepare for cybersecurity impact! IT services corporation Atos has launched the “world’s first commercially available” machine-system capable of simulating up to 40 quantum bits (Qubits). The simulator, named Atos Quantum Learning Machine (Atos QLM), is powered by an ultra-compact supercomputer and a universal programming language. Its uses naturally extend far beyond fintech, such as for […]
Consumers prefer to use P2P payments for retail purchases, paying back relatives and friends, and settling bills—but not so much for contributing to group gifts or paying housing costs, according to a new report from NerdWallet. It also found that that while only 35 percent of U.S. consumers use such P2P products as Venmo, PayPal and Square Cash, 63 percent are interested in the payment technology.
Verizon’s venture capitalist arm has started throwing its weight around the security arena, pumping cash into artificial intelligence (AI) start-up SparkCognition.
Softbank has upped its investment in security firm Cybereason, as the focus on artificial intelligence (AI) continues.
Cybereason, a Boston-based cybersecurity startup, continues to rake in the cash, with the latest capital infusion coming from SoftBank Corp. The Japanese telecom and Internet service provider has invested $100 million in Cybereason, according to a June 21 announcement.
A British hacker/moron has been jailed for the theft of nearly £100,000 from Clydesdale and Yorkshire Banking Group (CYBG) by exploiting a bug in its online banking system. According to the BBC, 24-year-old James Ejankowski defrauded the bank of more than £99,000 in December 2016. He spent the money on a BMW, a Range Rover […]
If security is too big a question for us to answer, maybe it’s time to hand the responsibility over to the machines, reports Telecoms.com (Banking Technology‘s sister publication). During a panel at “AI and Machine Learning World”, part of tech event TechXLR8 in London, artificial intelligence (AI) was discussed. What might seem quite a controversial […]
Ghana-based Premium Bank has selected NetGuardians’ anti-fraud solution FraudGuardian. FraudGuardian uses a “patented big data model to correlate and analyse human behaviours across the entire bank system including eBanking, service channels, IT systems and financial transactions”. The firm says it can help banks prevent fraud in a proactive manner. FraudGuardian will integrate with the Temenos […]
Oracle has announced a number of updates to its security portfolio focusing on leveraging the buzz surrounding machine learning, artificial intelligence (AI) and contextual awareness technologies.
Consulting firm EY will acquire Australian cybersecurity and identity and access management (IAM) provider Open Windows. EY says Melbourne-based Open Windows’ expertise and tools will form the basis of a new Asia-Pacific regional IAM advisory platform within EY, to help assess, design, build and operate solutions. Lynn Kraus, Oceania managing partner advisory, EY, says it […]
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
