9 Banking Trojans & Trends Costing Businesses in 2017

Banking Trojans have been a recurring theme in security news this year as criminals find new ways to steal money and data from their victims. It’s interesting to see banking Trojans resurface because of the resources they need to work. Unlike comparatively simple attacks like ransomware, banking malware requires several players and is difficult to […]

Russian-Speaking ‘MoneyTaker’ Group Helps Itself to Millions from US Banks

A Russian-speaking cybercrime group has stolen millions of dollars from more than 20 banks in the US and Russia since at least May 2016 and appears poised to strike financial institutions across Latin America next, Moscow-based Group-IB warned Monday. According to the security vendor, the so-called MoneyTaker group’s modus operandi has been to break into […]

69 Percent of Financial Services Organizations Do Not Rotate SSH Keys After Employees Leave

According to new research by Venafi, even though SSH keys provide the highest levels of administrative access, they are routinely untracked, unmanaged and poorly secured. For example, 69 percent of respondents from the financial services industry admit they do not actively rotate keys, even when an administrator leaves their organization. The survey said that this […]

Man-in-the-Middle Flaw in Major Banking, VPN Apps Exposes Millions

Researchers from the UK have uncovered a serious vulnerability in the way nine banking and VPN apps handle encrypted communication that puts tens of millions of users at risk of man-in-the-middle (MitM) attacks. Among those impacted are two of the largest global banks – Bank of America and HSBC – as well as one of […]

Online Fraud Dropped 33 Percent During Black Friday to Cyber Monday Period

New data from Jumio revealed that online fraud, which had been steadily increasing globally between 2014 and 2016, dropped 17 percent in 2017. During the holiday shopping period of Black Friday through Cyber Monday, fraud dropped 33 percent. But, said Jumio, the overall declines in online fraud should not suggest that all industries are improving to the same […]

The best kept secret in cybersecurity is protecting U.S. banks against catastrophic attacks

More than 100 industry experts from the U.S. banking and financial services industry quietly collaborated on a groundbreaking cyber resilience initiative dubbed Sheltered Harbor earlier this year. The initiative provides its members with an extra layer of security. If a catastrophic cyber attack brings down a member bank, then another bank takes over. Read more about this […]

Fight against financial crime requires both artificial and human intelligence

Today’s criminals have an ideal playing field called the internet. As technology continues to advance, so too does crime, with criminals using the latest tools to commit a wide array of offences. Some even say criminals are the early adopters of new technology. The one thing that hasn’t changed is the criminal’s acumen and dexterity when […]

Banks say that AI is essential for digital transformation

Every single bank in the UK now has a digital transformation strategy set up, new research has found. A new global survey, conducted by IT consultancy GFT found that as many UK banks as going increasingly digital, AI is among the top priorities. Read about the new report by GFT which reveals that United Kingdom banks […]

Cybersecurity and digital transformation top bank CRO concerns

Cybersecurity and data-related risks are the primary concerns of Chief Risk Officers (CROs) in banks, according to a survey conducted by EY and the Institute of International Finance (IIF). Read about the new survey by Institute of International Finance (IIF) reveals that 77% of bank CROs surveyed cited cybersecurity as one of the most important risks […]

How banks are coping with New York’s cybersecurity rules

Read Penny Crosman’s article about how banks are copying with the newly implemented New York’s cyber security rules on American Banker : Theodore Tomita has plenty to say about the New York State Department of Financial Services’ new cybersecurity rule, which began to take effect last week, and little of it is complimentary. Read her full […]