Security News

The Interpol has intercepted $83 million belonging to victims of online financial crime from being transferred to the accounts of their attackers. Between September 2020 and March 2021, law enforcement focused on battling five types of online financial crimes: investment fraud, romance scams, money laundering associated with illegal online gambling, online sextortion, and voice phishing.

Contrast Security announced the findings of a report based on a comprehensive survey of development, operations, and security professionals and executives at enterprise-level financial services institutions. The report explores the state of application security at these organizations, and the findings indicate that the security of these applications - that have access and control over consumers' finances - is not a priority or major concern for most of them.

Nearly 30 percent of people who contact the Identity Theft Resource Center are victims of more than one identity crime. Their latest study covers the 36 months from 2018-2020 and goes beyond the known financial implications of identity crimes and explores the emotional, physical and psychological impacts experienced by victims.

Securiti announced Securiti for Workday which enables Sensitive Data Intelligence driven Security, PrivacyOps, Governance and Compliance for sensitive employee and financial data in Workday. Securiti's platform uniquely integrates Sensitive Data Intelligence with Data Security and PrivacyOps automation to allow organizations to address security and privacy requirements accurately and cost-effectively.

U.S. insurance giant CNA Financial reportedly paid $40 million to a ransomware gang to recover access to its systems following an attack in March, making it one the most expensive ransoms paid to date. CNA Financial's $40 million ransom only shows that 2021 continues to be a great year for ransomware, potentially emboldening cybercriminal gangs to seek bigger payouts and advance their illicit aims.

Akamai published a report that provides an analysis of both global and financial services-specific web application and credential stuffing attack traffic, revealing significant increases across the attack surfaces year over year from 2019 to 2020. In 2020, there were 193 billion credential stuffing attacks globally, with 3.4 billion hitting financial services organizations specifically - an increase of more than 45% year-over-year in the sector.

AppCrown announced ShellBlack as an industry consulting partner for bringing AppCrown's managed integration network into enterprise CRMs such as Salesforce Financial Services Cloud. Today, financial services firms seeking help to integrate custodians, clearing, financial planning software, portfolio management systems, and other 3rd party industry systems can use AppCrown's managed integration network to immediately integrate critical industry systems.

More than one year into the pandemic, banks, insurers, and other financial institutions report costly consequences to falling short of protecting their massive data troves from cloud-based attacks and network disruptions. Biggest cybersecurity issues for financial institutions Data breaches are an increasingly significant cost burden for the industry: Worldwide, financial firms that experienced a data breach reported estimated average losses of roughly $4.2 million per attack, with U.S. organizations hit hardest at $4.7 million in estimated losses.

According to the index, which surveyed 902 organizations in the financial services sector, 74 percent have experienced a rise in cybercrime since the pandemic began, with 42 percent of banks and insurers revealing the remote working model has made them less secure. 44 percent were also concerned that this has led to less visibility of potential holes in their network or infrastructure and a further 37 percent of FIs believe their customers are now at greater risk of cybercrime or fraud.

Fusion Risk Management announced that it has further strengthened its offerings to help financial institutions meet and exceed new Bank of England, PRA, and FCA regulatory requirements which take effect in early 2022, in addition to the recently formalized guidance shared by the Basel Committee. Fusion's collaborative ENGAGE customer community fosters a common understanding and best practices between those working toward greater operational resilience in financial services.