Cybersecurity


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 […]

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 […]

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

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 […]

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

Five common pitfalls of financial crime prevention

Financial services organisations can, and do, prevent many criminal acts through adequate controls, proper supervisory procedures, and sophisticated detection and incident management technology. However, there are a handful of shortcomings that derail the best preventive measures and result in negative news headlines and increased regulatory scrutiny for individual employees and entire institutions alike

The road towards a better bank

The financial sector is a slow mover in innovation, however no single industry is leading the way in the Digital Identities economy. Banking is one sector that can take advantage of Digital Identities to better develop customer experience given the nature of the engagement and relationship between Banks and their customers. Banks fulfil a very […]

‘Hound of Hounslow’ highlights need for surveillance says Nasdaq

As greater convergence between asset classes and the unification of trading desks and trading strategies across multiple asset classes becomes more common, the opportunities for sophisticated market abuse may be on the rise. That may mean that the need for surveillance is greater than ever, according to Tony Sio, head of SmartsTrade Surveillance, exchange and regulators at Nasdaq.

Don’t be the slowest zebra in the herd

At lunchtime on the African savannah, you needn’t be the fastest zebra to survive –you need to avoid being the slowest. You can only be sure you’re not the slowest zebra if you can see what the rest of the herd are up to. Efforts in software security to share information on attacks, responses, and best practices are important to understanding what the herd is doing …

Don’t delegate cyber risk management responsibility

To counter cyber-crime, an organisation must have a person providing leadership and oversight in the strategic planning, execution, and assessment of security strategies, policies, procedures and guiding practices. Ensuring compliance with legal obligations in respect of information and information security is also a key responsibility. What many companies need is a chief information security officer

Europol takes down botnet in international action

In a joint international operation Europol’s European Cybercrime Centre seized servers said to have controlled the Ramnit botnet that had infected 3.2 million computers internationally. The operation involved investigators from Germany, Italy, the Netherlands, and the UK – which led the operation – along with partners from private industry.

February 2015: Banking in cyber-space

The cyber-attack on Sony Pictures at the end of last year highlighted something that IT and security people in financial services have known for some time – the modern networked environment is far less secure than most people are prepared to admit …

Sharing threat intelligence is challenging the industry, but it’s the only way forward

Protecting your banking infrastructure from cybercriminals is one of the toughest IT challenges in banking. It keeps getting harder, even though banks are working tirelessly to protect both customers and assets. Attacks are growing in size, and new developments such as the Internet of Things mean attack surfaces are growing, as well as the number of endpoints that can be used to launch attacks.

Investment banks can benefit from online intelligence

It’s no secret that more bulge bracket trading desks are turning to online intelligence – predominantly social media – to obtain breaking news and views ahead of traditional wires. Yet, with constant pressure to get the edge over competitors, other departments of major investment banks will start following the trading floor’s lead.

The critical 48 hours after a cyber attack

A range of social, political, cultural and economic factors drives cyber attacks. How well banking and financial institutions understand the drivers for an attack and how effectively they respond in the 48 hours following the discovery of an attack has a major effect on the resultant impact.