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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. The Dangers of Emerging Technology Trends When asked about emerging concerns, quantum computing threats came up unsurprisingly.
Its a question of how much risk your organization is willing to take, based on the data you must protect and its long-term value. We recommend using Dr. Michele Moscas theorem of quantum risk against an optimistic vs. pessimistic probability analysis. This is where the concern of harvest now, decrypt later attacks apply.
Ironically, while many larger enterprises purchase insurance to protect themselves against catastrophic levels of hacker-inflicted damages, smaller businesses – whose cyber-risks are far greater than those of their larger counterparts – rarely have adequate (or even any) coverage.
As we approach 2025, the cybersecurity landscape is evolving rapidly, shaped by technological advancements, regulatory shifts, and emerging threats. Tools like ChatGPT and Bard, powered by large language models, showcase how generative AI transforms business processesbut they also pose new risks. The challenge?
One of the top findings from the 2018 Thales Data Threat Report, FinancialServices Edition was that data breaches in U.S. financialservices organizations are increasing at an alarming rate. The post FinancialServices Data – More at risk than you’d believe appeared first on Data Security Blog | Thales eSecurity.
Risk management is a concept that has been around as long as companies have had assets to protect. Risk management also extends to physical devices, such as doors and locks to protect homes and vehicles, vaults to protect money and precious jewels, and police, fire, and CCTV to protect against other physical risks.
11, 2025 360 Privacy , a leading digital executive protection platform, today announced that it has secured a $36 million growth equity investment from FTV Capital , a sector-focused growth equity firm with a successful track record of investing across the enterprise technology landscape. Nashville, TN Mar.
While any business is a potential target for hackers, critical infrastructure organizations including defense, healthcare, energy, utilities, and financialservices companies are perhaps most at risk due to their financial resources. According to the U.S.
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.
Turn the corner into 2019 and we find Citigroup, CapitalOne, Wells Fargo and HSBC Life Insurance among a host of firms hitting the crisis button after their customers’ records turned up on a database of some 24 million financial and banking documents found parked on an Internet-accessible server — without so much as password protection.
Director, Infrastructure Security at FINRA on the SecureWorld broadcast Mitigate Insider Risk in Financial Firms. 4 key findings of insider threats in the financialservices sector. That was interesting that all the technology that we have didn't catch the majority of these insider threats.". And much more.
One of the important concepts about which people must be aware when evaluating their cybersecurity postures and related liabilities, but which, for some reason, many folks seem to be unaware, is the difference between first-party risks and third-party risks. First-Party Risks And Coverage. Third-Party Risks And Coverage.
This escalation highlights the urgent need for organizations to prioritize the security of their vendor networks and assess their associated risks meticulously. Financialservices have also faced significant incidents, with many institutions relying heavily on third-party technology partners to deliver essential services.
This week, the SEC sanctioned eight firms, including Cetera Financial Group, Cambridge Investment Research and KMS FinancialServices, for deficient cybersecurity policies and procedures, which resulted in the exposure of their clients’ personal information. Want to learn more?
Key recommendations for FinancialServices to improve cybersecurity and resilience in multi-clouds madhav Wed, 01/17/2024 - 05:46 The Digital Operational Resilience Act (DORA) will apply to the EU financial sector from 17 January 2025. As set out in its Article 2, DORA applies to the entire financialservices sector.
However, as important as PCI may be, United States financialservices organizations operate in one of the worlds most stringent and complex compliance landscapes. Understanding the US FinServ Compliance Landscape The US financialservices industry is subject to a vast number of laws and regulations.
The future of finance is being reshaped by blockchain technology. This revolutionary technology has the potential to revolutionize how people and businesses interact with money, from offering greater transparency and better security to faster speeds and lower costs.
IoT and Machine Identity Management in FinancialServices. How is IoT changing the financial sector? IoT has already positively impacted the financial sector and will only continue to in the future. IoT has also transformed the financialservices sector in a variety of ways: Real-time data. brooke.crothers.
Director of Infrastructure Security at FINRA, on the SecureWorld webcast Mitigate Insider Risk in Financial Firms. 4 key findings of insider threats in the financialservices sector. That was interesting that all the technology that we have didn't catch the majority of these insider threats.
It is not a secret that the American people remain in danger of massive, crippling cyberattacks that could impact financialservices, utilities, health care, and just about every other area of modern life.
Department of Treasury on March 27th released a report titled "Managing Artificial Intelligence-Specific Cybersecurity Risks in the FinancialServices Sector." The report highlights the growing concern around artificial intelligence (AI) and its potential to introduce new cybersecurity threats to the financial industry.
FinancialServices Organizations Need to Adapt their Security Practices to the Shifting Environment. businesses are taking advantage of digital technologies like cloud, mobile, and IoT to digitally transform their operations. At the same time, financialservices organizations need to adapt to a shifting global environment.
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
Financialservices continue to lead in cybersecurity preparedness, but chinks appear in the armor. It highlights the leadership of financialservices in cybersecurity relative to other industries, but it also uncovers some surprising chinks in their cybersecurity armor. Thu, 09/01/2022 - 05:15.
The financialservices industry is arguably one of the most highly regulated sectors worldwide. This is due to the sensitivity of the data handled, the potential for widespread economic disruption, and the industrys central role in global financial stability.
If you’re part of the financialservices ecosystem hereor interact with businesses regulated by the New York State Department of Financial Servicesyouve likely come across the NYDFS Cybersecurity Regulation. The program should be tailored to your specific business risks. What Is the NYDFS Cybersecurity Regulation?
This is what we covered in part one of this Threat Trends release on DNS Security, using data from Cisco Umbrella , our cloud-native security service. For example, those in the financialservices industry may see more activity around information stealers; others in manufacturing may be more likely to encounter ransomware.
According to a new report from IDC and Magnet Forensics, the significant lack of cybersecurity skills gap and a plethora of other cyber risks are growing concerns. It also provides an overall assessment of the global state of DFIR across industries, with the three most prominent being financialservices, healthcare, and technology.
Let’s discuss an acronym reshaping the business world: Vendor Risk Management , or VRM. With supply chains extending across multiple regions and involving numerous third-party vendors, organizations face unprecedented challenges in managing vendor risks effectively. What risks are you facing?
By using real-time antivirus scanning to detect and neutralize security risks as they enter the trading system, threats can be quickly identified and eliminated. Encryption renders data unreadable to unauthorized individuals, significantly reducing the risk of data breaches. •Employ real-time antivirus scanning.
“InfraGard connects critical infrastructure owners, operators, and stakeholders with the FBI to provide education, networking, and information-sharing on security threats and risks,” the FBI’s InfraGard fact sheet reads. That InfraGard member, who is head of security at a major U.S.
Some instructive fresh intelligence about how cyber attacks continue to saturate the Internet comes to us from Akamai Technologies. billion hitting financialservices organizations — an increase of more than 45 percent year-over-year in that sector. Financialservices is, and always will be, a top target for criminals.
The Relevance of Privacy-Preserving Techniques and Generative AI to DORA Legislation madhav Tue, 10/29/2024 - 04:55 The increasing reliance on digital technologies has created a complex landscape of risks, especially in critical sectors like finance.
Shifting requirements One way to understand the security hazards is to think about the radical changes being imposed on the traditional enterprise technology stack. The massive transformation that’s happening right now introduces a lot of risk. it’s almost a perfect storm.
While the Russia-Ukraine cyber conflict goes on, nation-state actors, crooks, and hacktivists continue to pose critical infrastructure at risk. Critical infrastructure is a privileged target for almost any kind of threat actor, the ongoing Russia-Ukraine cyber conflict is posing them at risk. ” reported researchers from Cyble.
This, in short, is the multi-headed hydra enterprises must tame in order to mitigate rising cyber risks. Its backers include the Maryland Technology Development Corporation (TEDCO,) and Kluz Ventures. Smart money. Enter SOAR, the acronym for “security operations, analytics and reporting.” Sutton: Syncurity has several innovations.
That said, Microsoft Exchange on-premises email servers – technology that once, not too long ago, dominated this space – remain in pervasive business use today. What’s more, many of the organizations migrating to cloud IT infrastructure services are patching together hybrid email systems, part on-premises and part cloud-hosted.
The latest guidance for adopting AI securely comes from the World Economic Forum, whose new Artificial Intelligence and Cybersecurity: Balancing Risks and Rewards report seeks to explain how organizations can benefit from AI while reducing their cybersecurity risks. Do we weigh risks against rewards when considering new AI projects?
With the increasing reliance on digital systems and the growing sophistication of cyberattacks, DORA harmonises requirements across member states, reduces fragmentation and ensures a consistent approach to ICT risk management. DORA mainly covers organisations in the financialservices sector. What organisations are in scope?
In this new role, Pochareddy is responsible for spearheading company mergers and acquisitions (M&A), including supporting expansion through market development, target identification, strategic positioning and risk assessment. He brings broad financialservices industry experience alongside capital markets and acquisitions expertise.
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.
Non-compliance poses significant risks to sensitive cardholder information, making compliance essential. National Institute of Standards and Technology (NIST) SP 800-53 Rev. ISO/IEC 27001 & ISO/IEC 27017: These ISO standards offer vital guidance for securing cloud services, particularly the APIs that support them.
However, this transformation has also introduced new risks, particularly from third-party ICT (Information and Communication Technology) providers. Recognizing the critical role these providers play in the financial ecosystem, the European Union has introduced the Digital Operational Resilience Act (DORA). What is an ICT Risk?
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