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 […]

Banks need to keep a close eye on fintech or risk doom

The Bank of International Settlements has recently warned international central banks all over the world to keep financial technology, like blockchain or big data, on their radar. Regulatory reform officials at the Basel Committee on Banking Supervision (dubbed ‘central bank of central banks’) said the emerging fintech could have serious implications on how banks do business. […]

The cybersecurity risks to financial services that are making the biggest impact in 2017

Read Cliff Moyce list the top cyber security risks to the financial sector in 2017 on Bobs Guide : Cybersecurity products and platforms can do a great job for you—when your organisation has the expertise and number of people needed to implement and use them correctly, for example, to configure and tune the products and interpret […]

Uptick in Malware Targets the Banking Community

Read Geoffrey Pamerleau’s article about how there is a sudden uptick in malware attacks on banking sector on Dark Reading : Over the past few weeks, there has been a noticeable glut of high-profile malicious activity aimed at financial institutions. Both traditional banking and cryptocurrency trading platforms have been successfully targeted in these campaigns. Attackers […]

Hackers Target Your Mobile Bank App; You Can Fight Back

Read Margarette Burnette’s article about mobile banking apps cyber security on Nerd Wallet : By 2021, millions more of us will be doing our banking on smartphones and tablets, researchers say. The number of mobile bank app users is expected to leap 53% in the next four years. So far, mobile banking has been a pretty secure […]

Guarding against ever-present ATM threats

Read Steve Cocheo’s article about ATM threats on Banking Exchange : Willie Sutton never actually uttered that famous line about robbing banks, “because that’s where the money was.” But had he still been around now, as the 50th anniversary of the ATM was marked, he might have said something about cash machines being even handier places […]

The Price of a Breach: Cyber Attacks on Online Banking Services Cost $1.75 Million to Resolve

A recent survey of more than 800 representatives from financial institutions worldwide found that a cyber security incident involving a bank’s online banking services costs the organization $1.75 million on average. That’s twice the cost of recovering from a malware incident, which average $825,000. Read about the new report Kaspersky Lab and B2B International which reveals […]

Fintech, Cybersecurity Among Key Risks to Banks: OCC

The Office of the Comptroller of the Currency recently issued its Semiannual Risk Perspective for Spring 2017, identifying areas where technology is increasing the strategic and operational risks the financial industry faces. Read about the Semiannual Risk Perspective for Spring 2017 report by Office of the Comptroller of the Currency which says that cybersecurity is the top […]