Collaborate Disseminate
Though generative AI offers financial firms remarkable business and cybersecurity utility, cyberthreats relating to GenAI in financial services are a consistent concern, according to FS-ISAC. Cybercriminals exploit AI for data exfiltration The cybersec… Continue reading AI abuse and misinformation campaigns threaten financial institutions
In this Help Net Security interview, Jean-Philippe Aumasson, CSO at Taurus, emphasizes the often-overlooked complexities of key generation, storage, and distribution, underlining the necessity for a high level of security maturity in handling digital a… Continue reading Beyond blockchain: Strategies for seamless digital asset integration
91% of banks and insurance companies have now initiated their cloud journey, a significant increase from 2020, when only 37% of firms had embarked on their cloud transformations, according to Capgemini. However, this high rate and its corresponding inv… Continue reading Data security and cost are key cloud adoption challenges for financial industry
The fintech market is undergoing a rapid shift, with the rise of new technologies, such as Open Finance, generative AI and A2A (Account-to-Account) payments having a major impact on business models, according to Juniper Research. This is combined with … Continue reading Rising fintech trends for 2024: From A2A payments to GenAI in banking
Mortgage company Mr. Cooper has confirmed that personal information of over 14.6 million customers has been exposed in its October 2023 data breach. The breach “On October 31, 2023, Mr. Cooper detected suspicious activity in certain network syste… Continue reading Mr. Cooper breach exposes sensitive info of over 14 million customers
The state-owned Industrial and Commercial Bank of China (ICBC), which is one of the largest banks in the world, has been hit by a ransomware attack that led to disrupted trades in the US Treasury market. The attack “On November 8, 2023, U.S. East… Continue reading Chinese multinational bank hit by ransomware
The security performance of financial applications generally outperforms other industries, with automation, targeted security training, and scanning via Application Programming Interface (API) contributing to a year-over-year reduction in the percentag… Continue reading Financial organizations embrace automation for enhanced security
Financial services organizations are enticing targets for cybercriminals due to their significant wealth holdings, presenting abundant opportunities for monetary gain through extortion, theft, and fraud, according to Trustwave. In addition to the money… Continue reading The double-edged sword of heightened regulation for financial services
The growing complexity of compliance regulations and ever-evolving criminal methodologies are a major difficulty for financial institutions, according to LexisNexis Risk Solutions. Global financial crime compliance costs for financial institutions exce… Continue reading Financial crime compliance costs exceed $206 billion
72% of banks and credit unions are prioritizing compliance when evaluating fintechs, citing it as their top criteria in the due diligence process, according to Ncontracts. As banks and credit unions evaluate fintech partnerships, cybersecurity (62%) is… Continue reading Strong compliance management is crucial for fintech-bank partnerships