Category Archives: Financial data

Cost of a data breach 2024: Financial industry

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According to the IBM Cost of a Data Breach 2024 report, the average global breach cost has reached $4.88 million — a significant increase over last year’s $4.45 million and the biggest jump since the pandemic. For financial industry enterprises, costs are even higher. Companies now spend $6.08 million dealing with data breaches, which is […]

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CFPB’s proposed data rules would improve security, privacy and competition

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By giving the public greater control over their banking data, the Consumer Financial Protection Bureau’s proposal would deal a blow to data brokers.

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Cost of a data breach 2023: Financial industry impacts

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According to the IBM Cost of a Data Breach Report 2023, the global average cost of a data breach in 2023 was $4.45 million, 15% more than in 2020. In response, 51% of organizations plan to increase cybersecurity spending this year. For the financial industry, however, global statistics don’t tell the whole story. Finance firms […]

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What’s new in the 2023 Cost of a Data Breach report

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Data breach costs continue to grow, according to new research, reaching a record-high global average of $4.45 million, representing a 15% increase over three years. Costs in the healthcare industry continued to top the charts, as the most expensive industry for the 13th year in a row. Yet as breach costs continue to climb, the […]

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SEC Proposes New Cybersecurity Rules for Financial Services

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Proposed new policies from the Securities and Exchange Commission (SEC) could spell changes for how financial services firms handle cybersecurity. On Feb. 9, the SEC voted to propose cybersecurity risk management policies for registered investment advisers, registered investment companies and business development companies (funds). Next, the proposal will go through a public comment period until […]

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2022 Banking & Finance Security Intelligence Roundup

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The banking and finance industries deliver more services online now than ever before due to the pandemic. As a result, banking cybersecurity became more important than ever this year. Some of the threats to big data security in recent years included ransomware attacks, the growth of contactless payments, mobile malware attacks and even data breaches […]

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Robinhood breach exposed information on 7 million people

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Robinhood, a popular stock-trading app, said that it has been breached by someone who accessed information on 7 million people, then sought to extort the company. The breach on Nov. 3 provided access to 5 million email addresses and 2 million full names, with another approximately 310 having additional information like zip codes and dates of birth exposed. Around 10 more had “more extensive account details” exposed, the company announced on Monday. Robinhood has become a force in the financial market, with 18 million clients and $80 billion in assets, a summer filing stated. “Based on our investigation, the attack has been contained and we believe that no Social Security numbers, bank account numbers, or debit card numbers were exposed and that there has been no financial loss to any customers as a result of the incident,” Robinhood’s statement reads. It’s the first notable cyber incident on the company to […]

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Magecart scammers aim at restaurants’ online delivery systems

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Cybercriminals are increasingly targeting third-party infrastructure that restaurants across the U.S. use to place online orders, private investigators have found. The last six months have seen hacks of five online ordering platforms, exposing some 343,000 payment cards, threat intelligence firm Gemini Advisory said on April 29. With titles like MenuSifu and Food Dudes Delivery, the platforms may not be household names, but hundreds of restaurants use the platforms — and crooks know it. The coronavirus pandemic has only heightened criminals’ interest in online payment systems as people order delivery from restaurants in droves. “Attacks such as these are appealing because breaching the website of a single online ordering platform can compromise transactions at dozens or even hundreds of restaurants,” Gemini Advisory analysts wrote in a blog post. One of the breaches tracked by Gemini Advisory saw the attacker use an attack technique known as Magecart, which involves planting malicious code […]

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Magecart scammers aim at restaurants’ online delivery systems

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Cybercriminals are increasingly targeting third-party infrastructure that restaurants across the U.S. use to place online orders, private investigators have found. The last six months have seen hacks of five online ordering platforms, exposing some 343,000 payment cards, threat intelligence firm Gemini Advisory said on April 29. With titles like MenuSifu and Food Dudes Delivery, the platforms may not be household names, but hundreds of restaurants use the platforms — and crooks know it. The coronavirus pandemic has only heightened criminals’ interest in online payment systems as people order delivery from restaurants in droves. “Attacks such as these are appealing because breaching the website of a single online ordering platform can compromise transactions at dozens or even hundreds of restaurants,” Gemini Advisory analysts wrote in a blog post. One of the breaches tracked by Gemini Advisory saw the attacker use an attack technique known as Magecart, which involves planting malicious code […]

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Self-Assessment: How Can You Improve Financial Services Cybersecurity?

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It’s common knowledge that threat actors target banks. Not only might these attackers want to directly steal money, by doing this they’re also hitting the customers and the trust in the bank. If a financial institution suffers a loss, even insurance can only go so far to minimize the actual cost to the organization. The cost […]

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