Cybersecurity


Swift reveals more cyber thefts

Swift has revealed new hacking attacks on its members’ banks as it pressured them to comply with security procedures instituted after the heist at Bangladesh Bank, according to Reuters. In a private letter to clients, Swift says new cyber theft attempts – some of them successful – have appeared since June, when it last updated […]

Swift slow on strong security say execs

Current and former executives and managers of Swift, say for years the organisation suspected there were weak points in the way smaller banks used its messaging terminals – but did not address the issues, according to Reuters. In a lengthy investigation by Reuters, sources say that until February, “when hackers tried to steal nearly $1 […]

Oracle’s Micros POS network hacked

Oracle’s global network of 330,000 point-of-sale (POS) payment systems has been hacked by a Russian organised cybercrime group. The breach occurred on the network run by Micros Systems, which Oracle bought in 2014. The incident was first picked up by computer security expert Brian Krebs, who contacted Oracle for comment. The firm acknowledged it has […]

Rizal Commercial Banking Corp fined $21m over cybersecurity failings

The Bangko Sentral ng Pilipinas (BSP), Philippines’ central bank, has issued a PHP 1 billion ($21 million) fine to Rizal Commercial Banking Corp (RCBC) for cybersecurity failings. RCBC was used by cyber criminals to channel $81 million stolen from Bangladesh’s central bank earlier this year. According to BSP, the fine was “the largest amount it has […]

FICO quarterly income and revenue up

FICO, an analytics and decision management software provider, has reported a rise in revenue and income for its third fiscal quarter. For the period ended 30 June 2016, net income totalled $35.0 million, or $1.08 per share, versus $19.9 million, or $0.62 per share, reported in the prior year period. Non-GAAP net income for the […]

Unisys gains new taker for Stealth data protection solution, Yorkshire Building Society

The UK’s second largest building society, Yorkshire Building Society Group (YBSG), has opted for Unisys’ Stealth product to secure customer data and achieve compliance with the new Payment Card Industry Data Security Standards (PCI DSS). This is a five-year deal. YBSG will use Stealth to micro-segment its network to create secure communities of interest (COIs), […]

Yes Bank says yes to Gemalto’s mobile payments for UPI

Yes Bank has deployed Gemalto’s SafeNet Network HSM to secure mobile payment transactions for its customers under India’s recently implemented Unified Payments Interface (UPI). UPI was launched in April by the National Payments Corporation of India (NPCI), and will go live by the end of this month with 15 participating banks. It offers instant, online […]

Swift seeks stronger network security

Swift is turning to outside help as it looks to improve security on its network following a number of hacking incidents. It has engaged cyber security firms BAE Systems and Fox-IT, and created a Forensics and Customer Security Intelligence team, as it wants to investigate security incidents “within customer environments”. The move follows a spate […]

Top fintech stories this week – 1 July 2016

Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Brexit threat to UK jobs at Visa Should I stay or should I go? Swift hackers steal $10m from Ukraine bank Massive attack. New challenger bank readies for launch in UK Atten-shun! UK military personnel, veterans and their […]

FICO acquires QuadMetrics for cyber risk score development

FICO, an analytics and decision management software provider, has acquired US cyber risk security scoring firm QuadMetrics. The deal will help FICO further develop its Enterprise Security Score, which ranks an organisation’s level of cybersecurity risk. The transaction has closed and terms have not been disclosed. Doug Clare, vice-president of cybersecurity solutions at FICO, says […]

Hackers use access to Swift network to steal $10m from Ukraine bank

Hackers have used the Swift network to steal $10 million from an unnamed Ukrainian bank, according to an independent IT monitoring organisation that spoke to the Kyiv Post. This latest incident is part of a spate of thefts when the banks’ access to the Swift network was used to execute them. Recently, investigators said they […]

Swift hacks lead to Philippine central bank cyber security boost

Bangko Sentral ng Pilipinas, the Philippine central bank, is strengthening its cyber security surveillance in light of the recent Swift hacking saga. Nestor Espenilla, the central bank deputy governor in charge of banking supervision, says it wants to reinforce its defences and is also considering regulating Bitcoin firms due to money laundering issues. This development […]

Hacking group Anonymous attacks London Stock Exchange

Famous/infamous hacking group Anonymous says it took down the London Stock Exchange’s (LSE) website for two hours as part of a protest against world’s banks. According to the Mail on Sunday, the attack was carried out by a group, within the organisation, based in the Philippines. The newspaper says: “Anonymous claims the incident was one […]

When banks leave the front door open

Cyber attacks against the banking industry have soared in the last few years. And financial institutions now face 300% more attacks than any other industry. Comparatively with other industries, the financial services industry isn’t shy where it comes to cyber security investment and generally has a superior level of protection. But this attracts a more […]

Money 20/20 Europe: Biometric identity, SMEs and final day’s sessions round-up

Here’s a round-up of yesterday’s (6 April) panel discussions and today’s (7 April) sessions at Money 20/20 in Copenhagen. In “Biometric identity and its applications in financial services and payments”, on 6 April, it was a case of the panel moderator questioning the audience as the first step. When asked if they had biometric authentication […]

Typo spells confusion in $101m cyber bank heist

A $101 million cyber heist has central bank officials from Bangladesh to New York quarrelling over what may be one of the biggest and boldest bank raids in history, according to CNBC. Hackers allegedly breached the Bangladesh central bank’s security system and then pretended to be Bangladeshi officials to send a series of requests for […]

Dwolla docked dollars for its data security

US payments start-up Dwolla has been fined $100,000 by the Consumer Financial Protection Bureau (CFPB) for its data security. Data security issues included: “Use appropriate measures to identify reasonably foreseeable security risks; ensure that employees who have access to or handle consumer information received adequate training and guidance about security risks; use encryption technologies to […]

Gemalto teams up for biometric security platform launch

Four firms have joined forces to introduce the “first” end-to-end security architecture for biometric fingerprint authentication at Mobile World Congress 2016 in Barcelona. Gemalto, Fingerprint Cards, Precise Biometrics and STMicroelectronics say they are offering original equipment manufacturers (OEM) the opportunity to deploy this feature in the latest generation of wearable and consumer electronics devices. The […]

Cyber Security Partners launches cyber threat detection and prevention platform, Zero

UK-based Cyber Security Partners (CSP) has launched a new real-time, data-driven, cyber threat detection platform, Zero. CSP says Zero offers companies (including banks and other financial institutions) protection from the threats of email phishing and malware. Stuart Robb, CEO and founder of Cyber Security Partners, says: “While much of the focus on phishing prevention is […]

Visa API puts users in charge of security

Visa is introducing a new service to help Visa issuers empower consumers to monitor and control how, where, and when their Visa credit, debit, and prepaid accounts can be used. It provides real-time visibility and control over their accounts so consumers can take immediate action to protect themselves from security threats and fraud. Visa Consumer […]

Electronic payment volumes and security fears rocket

A survey of more than 3,700 IT security practitioners from more than a dozen major industry sectors found 54% of those firms surveyed had a security or data breach involving payment data, on average four times in past two years.​ The research, independently conducted by the Ponemon Institute on behalf of digital security firm Gemalto, also […]

Keeping file-based threats out of bank vaults

While mention of bank robberies will often conjure images of masked criminals and high-speed car chases, most modern instances of the crime are being conducted from behind computer screens. In addition to the lure of stealing cash, these criminals are going after banks for valuables such as the personal data of customers, details of mergers and acquisitions between companies and the private tax information of corporations, data is fast becoming an incredibly valuable commodity in its own right

Cyber-security will drive New Year jobs boom

Employment prospects in the UK finance and banking sector in the New Year are the brightest in the past three years as high profile data breaches, such as those at TalkTalk and Sony, create a surge in demand for cyber-security experts.

Getting to grips with mobile security

The sensors built into mobile devices offer a whole new way of identifying their users though biometric techniques, according to security expert Uri Rivner. 

Market infrastructures must work with tech firms to combat cyber-threats

Financial market infrastructures must work with the “broader ecosystem” to improve the resilience of the international financial system in the face of “inevitable” cyber-attacks. The latest guidance document from the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions – Guidance on cyber resilience for financial market infrastructures – looks to […]

One in five UK bank accounts hit by cybercrime

One in five UK consumers (21%) have had personal details stolen and their bank accounts used to buy goods and services as a result of a cyber security breach, according to new research from business advisory firm Deloitte.

Insurance and education should be weapons in fight against cyber-crime

The majority of businesses do not have cyber security insurance, with many not even aware such protection exists – and even those that do have insurance in place may find themselves at a loss if they don’t have the correct cover. The solution may be to mandate more data sharing and raise public awareness, according to speakers at a roundtable organised by software security company Kaspersky Lab.

The shadow Internet of Things – a new risk for financial services

While IT departments fret about BYOD and Shadow IT, a new security beast lurks on the horizon–the shadow internet of Things. A swarm of consumer devices are all connecting to the internet and beaconing out data in different forms. Because they don’t look like computers, they aren’t treated like computers, and IT departments are often not managing them to ensure that they are secure.

Cyber attacks on the rise warns Gemalto

Data breaches are getting worse with 246 million records compromised by criminal activity in the first six months of 2015, according to new figures published by digital security company Gemalto. The numbers suggest cyber-crime will remain a top priority for banks for the foreseeable future.

Hatstand aims cyber-security service at capital markets

Global capital markets specialist, Hatstand, has launched a cyber-security risk assessment service that will enable businesses to better understand the current state of their preparedness against the risk of cyber-attacks and identify any shortfalls in their existing governance programmes.

Android users most at risk of fraud warns survey

The rate of mobile fraud is highest on Android devices, according to new data from cyber security company Kount, with mobile fraud also outpacing that of online and in-store fraud for the first time this year. The data also shows that average transaction amounts on iOS mobile devices are greater than those made from Android devices.

Caught on the defensive: why the financial sector needs to reevaluate its approach to cyber risk

Contrary to popular belief, the financial sector is now far more aware and better prepared for cyber attacks. The Bank of England’s Financial Stability Report, issued 1 July, states that threat awareness has grown exponentially and the sector is leading efforts to combat cybercrime. Perhaps this isn’t surprising given 90% of large businesses across the sector had suffered a malicious attack over the past year. But what is worrying is that the financial sector is falling into a familiar trap: by focusing so much on defence, it has failed to make provisions for an effective recovery

‘Insidious’ client-side malware targets banks through customers

Banks are at risk from a new kind of ‘client side injected malware’ attack, in which attackers install malware on the customer’s device and use it as a base for injected ads, spyware scripts, unauthorised cookies and fake surveys designed to look like they are part of the bank’s website or app, but which actually steal a customer’s private information.

CBEST will help UK financial institutions lead in IT security

Banks will always be targeted by criminals and cyber attacks have become their most vulnerable attack surface. It isn’t simply about technology. It extends through people and process, and reaches from the central infrastructure all the way out to end users conducting online banking or financial transactions on laptops, tablets or smart phones. Because banks and financial firms have very large and sophisticated systems, this means that end-to-end security is notoriously difficult