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.
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.
Recent survey on 200 banks worldwide found 4 in 5 of them had experienced at least one SWIFT fraud attempt since 2016, and the problem appears to be growing.
Sharing of financial data in the Google-Citi deal quickly attracted the attention of consumers, lawmakers and regulators concerned about the potential privacy implications.