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.
The biennial cyber exercise for the first time brings the U.S., Asia and Europe financial industry together for a sort of "war game" that simulates a major financial institution being taken out by a ransomware attack.
The need for more data sharing amongst financial institutions to combat anti-money laundering does not have to clash with the growing movement to enforce stringent data privacy standards.
UniCredit suffered a recent data breach which exposed PII of nearly 3 million customers. The bank said there is no stolen banking account information that enables hackers to make unauthorized transactions.
South African Banking Risk Information Centre warned that banks in the country had been experiencing repeated DDoS attacks and ransom notes were delivered to a number of staff email addresses.
A group of angry shareholders is behind the new Equifax lawsuit which alleged the company has not adequately disclosed risks or security practices that led to the worse data breach violation in history.
Since U.S. and Europe’s first experience of ATM malware and jackpotting attacks in 2017 and 2018, evidence is mounting that the attacks are making a comeback with new twists and approaches.
Recent Equifax downgrade surprised Wall street as it’s the first company in history to have ratings outlook downgraded due to escalating litigation and regulatory costs from 2017 data breach and increase in cybersecurity spending.
Recent SWIFT report shows an evolution of cyber threats to international payment flows with cyber criminals becoming increasingly sophisticated in evading detection when carrying out fraudulent payment transactions.
