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2024 Thales Global Data Threat Report: Trends in FinancialServices madhav Tue, 10/15/2024 - 05:17 Financialservices (FinServ) firms are key players in the global economy. Nearly two-thirds (64%) of FinServ said it’s more complex to secure data in the cloud than on-prem, compared to 55% of general respondents.
The rules would ensure people can obtain their own financial data at no cost, control who it’s shared with and choose who they do business with in the financial industry. The best way for financialservices firms to meet the CFPB’s rules would be to apply the decoupling principle broadly.
A born-in-the-cloud company, Mercury Financial upholds a competitive advantage in the financialservices industry through advanced technology tools that help its customers responsibly manage their credit and offer them credit as they’ve never had before. To read this article in full, please click here
Together, Axio and CRI’s combined talents will deliver the CRI Cyber Profile tool to CRI members and other interested financial institutions with the Axio360 platform. The CRI Profile is the benchmark for cyber security and resiliency in the financialservices industry. Learn more at [link].
However, their integration raises new challenges around security, privacy and the reliability of underlying systems that a business utilises, which, in turn, requires the support of strong cybersecurity architecture. Untapped potential. So how can organisations carry out a digital transformation while ensuring sensitive data is protected?
But as financial institutions have had to adapt to an increasingly digital world, it is imperative they have security solutions in place that not only provide security for users and data, but also ensure compliance with policies and regulations. Addressing financialservices’ key pain points. Enabling the future of banking.
Zero Trust Architecture (ZTA) Expands The Zero Trust model, which focuses on verifying every person and device attempting to access a system, is gaining ground as a best practice in cybersecurity. This puts pressure on organizations to secure their systems and develop incident response and disaster recovery strategies to mitigate damage.
Organizations, such as financialservices or government, deal with sensitive information and prefer a private cloud model with greater control over the security of applications, users, and data. This puts tremendous pressure on IT professionals to rethink their architectures and IT strategies to meet the challenge.
Today, consumers expect financialservice providers to offer the perfect mix of physical and digital services to immediately meet their needs. However, financialservice providers can leverage the technology further by using cloud infrastructure to unify what were once separate financialservices under one roof.
The hackers also targeted non-governmental organizations and think tanks, as well as financialservices. Microsoft highlights the importance of best practices such as Zero-trust architecture and multi-factor authentication to prevent these attacks. In all, 36 countries were targeted.”
Researchers from Black Lotus Labs at Lumen Technologies, recently uncovered a multifunctional Go-based malware that was developed to target devices based on multiple architectures, including Windows and Linux. A new multifunctional Go-based malware dubbed Chaos is targeting both Windows and Linux systems, experts warn.
Cloud service providers have expanded their offerings into industry-specific domains. AWS FinancialServices and Azure for FinancialServices are good examples of how cloud players are trying to entice industries to move more essential business functions to cloud platforms for enhanced security and growth.
Data security professionals also make ambitious plans, but implementation rates are too low – a key finding in the 2019 Thales Data Threat Report-FinancialServices Edition. Here’s a look at four common issues highlighted in the 2019 Thales Data Threat Report-FinancialServices Edition and tips for overcoming them.
The problem is some of those failures are architectural in nature, and they’re not easy to fix. Sethi “How this works is when you build software, you employ a whole series of automated, reactive processes to make sure that it’s secure. And if you find something, you go back and fix it,” Sethi told me.
Security & Compliance for SAP Data in FinancialServices. Financialservices companies keep some of their most valuable data in SAP applications, triggering the need for both additional security and taking steps toward meeting compliance requirements. The need increases as they move workloads to the cloud.
The Digital Operational Resilience Act (Regulation (EU) 2022/2554) was born from a realisation that businesses, particularly those in financialservices, rely increasingly on Information and Communications Technology (ICT) and digital means to operate. DORA takes effect in January 2025.
Other high-risk industries, such as financialservices and healthcare, remain highly exposed, with the cost of DDoS attacks for financial organizations estimated at $1.8 This architectural flaw allows attackers to easily map backend IP addresses and exploit them, often bypassing security layers entirely.
It reaches deep into the inner architecture of applications and targets the entire function. In their white paper, Ransomware Defense in FinancialServices: Retreating from the Cloud , the Aite Group states that “Detecting and blocking rogue processes in memory is one of the most important ways to secure servers.
What industries do hackers primarily target for financial gain? Financialservices should come as no surprise, but the hospitality industry is up there too. Cisco Secure Endpoint is security that works for your secure remote worker, SASE, XDR, and Zero Trust architecture.
The sheer difficulty is one reason that vulnerability management as a service (VMaaS) and similar services have been gaining traction among security buyers. Google’s cloud security is well regarded (and the company has shared some documentation of its security architecture and practices too). Prepare Now.
Director, Industry Solutions Americas Solutions Architecture & Customer Success. Amazon Web Services. Elizabeth has been with AWS for 5-1/2 years and leads Industry Solutions within the Americas Solutions Architecture and Customer Success organization. Elizabeth Moon. Source: [link].
ybercriminals behind the PerSwaysion campaign gained access to many confidential corporate MS Office365 emails of mainly financialservice companies, law firms, and real estate groups. When adopting cloud based corporate services, it is crucial to enforce 2FA authentication to mitigate risks of login credential theft.
XFS (extensions for financialservices) provides a client-server architecture for financial applications on the Microsoft Windows platform, especially peripheral devices such as EFTPOS terminals and ATMs which are unique to the financial industry. ” reads the analysis published by the experts.
In this milieu, there’s a “large question about the integrity, compliance and security” of the applications that are being developed on the fly, as well as the cloud architecture they reside on, Byron says.
They must harness all that data to compete in the rapidly evolving global financialservices ecosystem. However, InfoSec lacks visibility into data dispersed across a vast multi-generational architecture and struggles to mask it, so they must limit access to production data, curtailing innovation. .
” – Vice President of IT , Banking and FinancialServices Customer. Duo’s Passwordless Architecture. To top it off, Duo is connected to our SIEM and our InfoSec team is able to review detailed logs and setup alerts to be able to keep everything secure.”
The top five industries reporting a major security incident included the hospitality, architecture/engineering, education, business consulting, and financialservices sectors. Specifically, through this comparison, we found that certain verticals reported considerably more incidents than others.
The problem with SAST, DAST, IAST and RASP is they are not very good at catching vulnerabilities that are architectural in nature, i.e. the deep flaws that motivated cyber criminals actors are likely to subsequently discover and exploit.
With these digital initiatives, cloud migration projects, and API-first application architectures, API development and usage has proliferated. This API sprawl presents major security challenges for organisations.
But today, the rise of online banking, digital applications, and challenger banks has caused significant disruption across financialservices. The need to provide better, faster, and safer digital services to customers remains a powerful driver of digital transformation for banking institutions.
The zero-trust data vault with an elegant API allows developers to quickly build financial applications and payments workflows without worrying about data security, privacy or data regulations. Zero-trust Architecture for All Your PII. Pre-built Integrations to Plaid and More.
Financial institutions could “clear” these by matching tokens with the original payment cards in highly secure back-end environments. This design was so secure and successful that it became, and remains, the gold standard of how the financialservices industry protects its most sensitive data.
Industries on High Alert FinancialServices : Transactions, trading algorithms, and high-value customer data. Accelerating Timelines Migrating to quantum-safe cryptography is a multi-year endeavor involving audits, architecture changes, and workforce training. Investing in Crypto-Agile Architectures 4. Why Act Now?
The software has been heavily used in the healthcare industry as well as thousands of IT departments in financialservices and government sectors. The MOVEit encrypts files and uses secure File Transfer Protocols to transfer data with automation, analytics and failover options. aspx or _human2.aspx
He is a cybersecurity and M&A professional, focusing predominantly within financialservices, life sciences, health care and retail industries. Ashutosh Kapsé is the head of cybersecurity at IOOF Holdings Limited, one of the largest non-banking financialservices organizations in Australia.
As the pioneer in API security, Salt Security is widely recognized as the only enterprise-caliber solution in API security, with a patented approach to runtime protection, the only cloud-scale big data-based architecture, the most customers, and the deepest penetration among Fortune and Global 500 companies.
My next job was a director of information security at a financialservices company, and I never looked back. We have also challenged our lack of standards and formed the Enterprise Architecture team to drive these patterns into the organization. But we are just at the beginning of the journey, and have a long way to go.
LogicGate’s flexible reporting options and cloud-based architecture make it an ideal solution for mid-to large-sized enterprises seeking an intuitive approach to managing supplier risk and compliance requirements.
Imperva works across a range of industries, including: eCommerce, energy, financialservices, gaming, healthcare, manufacturing and technology. A single stack architecture reduces latency and results in fast remediation of DDoS attacks and other web application threats. Key Differentiators. Stops Layer 3, 4 and 7 attacks.
Keep in mind that zero trust cannot be achieved by purchasing a single product, and it takes time to implement a comprehensive architecture. Typically, a zero trust architecture gives IT teams hiccups because every blocked device or user, every set of failed credentials that possibly indicates a breach, must then be routed through them.
At our agency, we’ve seen a surge in hiring for financialservices clients and law firms as well, as several fast-growing fintech organizations. Security architecture hiring has come back and many of the global consultancies are now hiring at pre-pandemic numbers.
If an organization handles a high volume of financial transactions, for example a bank, there may well be specialist categories and procedures relating to the different groups of customers or financialservices, such as a legacy financial system.
Cloud-delivered modern SaaS architecture. Cyber Risk Assessments powered by MyCyberScorecard also enable collaboration between business and system owners to bridge the gap between policies, controls and operations. Interactive reporting that is easy to export and effectively communicate to senior management. Roadmaps to cyber resilience.
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