Banks' current measures against cyber fraud are falling short – and the numbers don’t lie. With a hyperactive threat landscape, what steps should financial institutions take to maximize cybersecurity?
Updated FFIEC compliance guidelines specifically delineate APIs as a distinct attack surface, shedding light on the amplified risks they introduce. Financial institutions might be on a tighter compliance timeline than anticipated to prioritize fortifying their API security.
Researchers found that although 80% of financial institutions suffered data breaches per year from vulnerabilities in their authentication methods, 64% refused to upgrade.
Threat actors accessed personally identifiable information (PII) and Social Security numbers of more than 1.5 million customers in the Flagstar Bank data breach.
Financial institutions are 300 times as likely as other companies to be targeted by a cyberattack. Unfortunately, the systems designed to help (such as alerting or security monitoring tools) can overwhelm a bank’s IT department.
A new ransomware reporting bill introduced to the House of Representatives proposes putting new requirements on financial institutions, some of which are likely to be controversial. Any payment of over $100,000 would require the victim to first obtain special permission from the US Treasury.
The financial sector, state and federal government agencies, as well as consumers are being targeted with various types of fraud, identity theft and data security breaches during the pandemic.
$1.3 million BEC attacks on three large financial services companies in U.K. and Israel shows how far cyber criminals are willing to go and what they are capable of.
FinTech company Finastra recently suffered a ransomware attack that caused disruptions to its global operations, potentially due to running unpatched servers for a long period of time.
Study Shows That One-Third of Financial Services Companies Lack Clear Plans to Address Privacy Risks
Study shows the lack of protection mechanism against privacy risks hinders both the financial services companies and customers from benefiting from data-centric value-added services.
