Collaborate Disseminate
It’s no secret that the technology for easy business-to-business payments has not yet caught up to its peer-to-peer counterparts, but Yaydoo thinks it has the answer. Continue reading Yaydoo secures $20M, aims to simplify B2B collections, payments
The first half of 2021 has seen explosive growth for our company, and the tremendous momentum we are enjoying is just the beginning of what will prove to be a momentous year for the entire Cybereason team.
The post Cybereason Extends Global Leade… Continue reading Cybereason Extends Global Leadership in XDR with $275 Million in Crossover Financing
A new and attractive hybrid category of company is emerging at the intersection of software and financial services, creating buzz in the investment and entrepreneurial communities. Continue reading The fintech endgame: New supercompanies combine the best of software and financials
Mobile device management (MDM) deployments haven’t exactly put the kibosh on threats to financial services. In fact, even while MDM adoption rose 50%, quarterly exposure to phishing between 2019 and 2020 jumped by 125%, according to the Lookout Financ… Continue reading Despite MDM, Financial Services Plagued by Phishing, Malware
All business industries have seen increasing pressure to digitize their services in recent years, particularly over the past 12 months in response to COVID-19. But few industries have felt this pressure more than the financial sector, where customers … Continue reading Why Financial Services Needs Network Transformation
A U.S. federal judge on Friday sentenced Fedir Hladyr to 10 years in prison for his alleged role as an administrator of the multibillion-dollar cybercrime group known as FIN7, which has breached hundreds of U.S. firms. The 10-year sentence includes three years Hladyr has already spent in detention since his arrest, and $2.5 million in restitution to be distributed to victims. FIN7 is one of the most formidable cybercriminal groups of the last decade, allegedly siphoning off millions of credit card numbers from restaurant and hospitality chains in 47 U.S. states. And Hladyr, a Ukrainian in his mid-30s, is allegedly a big reason that FIN7 operated like a well-oiled multinational corporation. Hladyr allegedly controlled an instant messaging service that the crime group used to upload stolen payment card data and screenshots from hacked financial firms. He also allegedly organized FIN7’s work through a project-tracking software that managed thousands of stolen usernames […]
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Continue reading FIN7 ‘technical guru’ sentenced to 10 years in prison
Banking groups have objected to elements of a proposed U.S. cyber incident notification rule, saying that its threshold for mandatory disclosure of such events to regulators is overly broad and would lead to over-reporting of incidents. Under the proposed regulation from the Treasury Department and other regulators, banks would have to notify their regulators within 36 hours of certain kinds of attacks, and bank service providers would have to notify their customers of particularly damaging incidents as well. “While we support the policy goals of the proposed rule, we believe that, as currently drafted, the proposed rule calls for notification of incidents well below the intended threshold of critical cybersecurity incidents,” wrote the American Bankers Association, Bank Policy Institute, Institute of International Bankers, and the Securities Industry and Financial Markets Association. “As a result, the proposed rule would lead to significant and burdensome over-reporting to the Agencies, contrary to its […]
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Continue reading Banking organizations dub proposed US cyber notification regulation ‘burdensome’
Banking groups have objected to elements of a proposed U.S. cyber incident notification rule, saying that its threshold for mandatory disclosure of such events to regulators is overly broad and would lead to over-reporting of incidents. Under the proposed regulation from the Treasury Department and other regulators, banks would have to notify their regulators within 36 hours of certain kinds of attacks, and bank service providers would have to notify their customers of particularly damaging incidents as well. “While we support the policy goals of the proposed rule, we believe that, as currently drafted, the proposed rule calls for notification of incidents well below the intended threshold of critical cybersecurity incidents,” wrote the American Bankers Association, Bank Policy Institute, Institute of International Bankers, and the Securities Industry and Financial Markets Association. “As a result, the proposed rule would lead to significant and burdensome over-reporting to the Agencies, contrary to its […]
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Continue reading Banking organizations dub proposed US cyber notification regulation ‘burdensome’
Federal Reserve Chairman Jerome Powell said he is on alert for cyberattacks against U.S. financial systems and companies, above and beyond any other risks to the economy. “The world evolves. And the risks change as well,” Powell said during an interview aired Sunday on CBS 60 Minutes, noting he is far more concerned about a cyber incident than he is about encountering a collapse akin to the global financial crisis of 2008. “And I would say that the risk that we keep our eyes on the most now is cyber risk.” Other government agencies and major companies — in particular financial companies — are also on alert, Powell said. Particularly of concern to Powell are scenarios in which cyberattacks cripple financial institutions to the point that they can’t track payments or to the point that payment systems don’t function. “There are scenarios in which a large payment utility, for example, breaks […]
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Continue reading Fed chair deems cyber threat top risk to financial sector
A milestone date for an ambitious federal banking industry cybersecurity regulation that debuted at the tail end of the Trump administration has nearly arrived. Monday, April 12 marks the deadline for comments on an initial proposal that would mandate how a wide range of financial firms would need to report more kinds of cyber incidents to regulators within 36 hours. That’s a more stringent timeline that many comparable regulations; Europe’s General Data Protection Regulation notification window is twice as long, at 72 hours. The relatively quick notification requirement generated most of the attention when the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, and Treasury’s Office of the Comptroller of the Currency announced the rule in December. It’s expected to receive significant blowback from the financial services industry as an overly aggressive demand. Some analysts, though, cite the types of incident reports that need to be […]
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