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The Need for Speed in Threat Mitigation There used to be weeks between the announcement of a zero-day vulnerability and the next exploit. Now we have days or hours to patch the vulnerability, says Carsten Fischer, Deputy Chief Security Officer at Deutsche Bank. It helps to share intel and ask colleagues for advice.
And with most companies adopting remote or hybrid work models, it’s even more challenging to prepare for cybersecurity incidents. Cybercriminals are taking advantage of distributed work environments and expanding their targets, making it tough for IT teams and business owners to secure all potential vulnerabilities. New employees.
Silicon Valley Bank (SVB) Failures in Risk Management: Why ERM vs GRC By Steven Minsky | May 5, 2023 Silicon Valley Bank (SVB) was closed by regulators and reminded us of the recession associated with Lehman Brothers and Washington Mutual Bank in 2008.
Example: Imagine receiving an e-mail that looks like its from your bank. ” Heres where the attack happens: If you click the link, it takes you to a fake website designed to look exactly like your banks login page. Target these vulnerabilities faster than ever before. Adapt in real time to exploit new vulnerabilities.
In this blog post, we will discuss some cybersecurity tips for retail companies. Related article: The most important cybersecurity lessons of 2021. Employees who are ill-equipped, untrained, and unprepared may be liabilities to your business’s cybersecurity strategy. Elevate your compliance profile.
Security threats are evolving rapidly, shaped by a combination of cyber vulnerabilities, supply chain risks, geopolitical instability, and natural disasters. According to the National Institute of Standards and Technology (NIST), nearly 43% of cyberattacks in 2023 targeted vulnerabilities within third-party supply chains.
Unfortunately, the information being fed to CISOs about the state of cybersecurity risk is incomplete. That state of affairs is likely to remain until the inherent risk posed by vulnerable storage and backup systems is addressed. The average enterprise storage device has around 15 vulnerabilities or security misconfigurations.
The Facts: Financial Services Industry and Cyber Threats Year after year, cybersecurity research reveals the ugly facts. Getting a sense that their bank, lender, or investment firm has weak security can drive customers to close their accounts and switch to a competitor.
This concept, as defined by the European Banking Authority, emphasizes ensuring that essential services continue to function amid challenges such as cyber-attacks, natural disasters, regulatory changes, or supply chain disruptions. Map out dependencies across operations , including third-party vendors and supply chains.
CrowdStrike , an American cybersecurity company, pushed out a faulty update to its Falcon Sensor software, causing approximately 8.5 Planes were grounded, banks were frozen, and hospitals were in chaos. One company’s screw-up spiraled into a global disaster, hitting everyone from airlines to banks.
Insights spoke with ING CISO Beate Zwijnenberg about the opportunities and challenges of applying technologies like artificial intelligence and machine learning to cybersecurity. As financial institutions race to digitise products and services, how should they think about applying new technologies to cybersecurity?
Zero trust has become a crucial component in the cybersecurity strategy of organizations everywhere. More and more enterprises are finding themselves turning toward zero trust architecture to keep their data, infrastructure, and other assets safe.
Jerry Perullo draws on more than two decades of experience, including as CISO at Intercontinental Exchange/New York Stock Exchange (ICE/NYSE), and recently as interim CISO at Silicon Valley Bank, to explain his framework for presenting cybersecurity risks and solutions to the Board. Yet, cybersecurity isn’t on the list.
Insights spoke with BBVA CISO Alvaro Garrido to discuss how he sees cybersecurity evolving over the next several years. BBVA was the first bank in Europe to launch a crypto custody service. How can a bank decide whether to build crypto custody services or partner with third-party providers? However, it is not a silver bullet.
With the state taking cybersecurity more seriously, every business owner across the state should do the same. Whether you’re a small- or medium-sized business (SMB) or a large corporation, you need to be savvy about cybersecurity. Here are some of the key things you need to know about cybersecurity in 2023.
More than six months since Log4j made the headlines, the threat of zero-day exploits, or previously unknown vulnerabilities, looms large over the heads of business leaders and cybersecurity teams. For one, not everyone has the resources to quickly address vulnerabilities. Unfortunately, zero-days are inevitable.
The Facts: Financial Services Industry and Cyber Threats Year after year, cybersecurity research reveals the ugly facts. Getting a sense that their bank, lender, or investment firm has weak security can drive customers to close their accounts and switch to a competitor.
Human vulnerability can easily be exploited by criminals. The number one phishing target: Financial institutions Not surprisingly, financial institutions such as banks, payment systems, online stores, and eCommerce are the most popular targets of phishing scams. Phishing is quite effective.
TITLE: Risk Management for Cybersecurity and IT Managers. Dion guides his students through the foundations of risk management, particularly with regard to cybersecurity and information technology. The Best Risk Management Courses on Udemy. None of these things have anything to do with proper risk management. GO TO TRAINING.
According to Akamai Security, credential stuffers readily swiped not just bank details and personal data, but even rewards from retail and loyalty programs, such as gas cards, hotel stays, and airline miles. Credential stuffing is a threat to businesses because exploited user accounts may be used to explore your network’s vulnerabilities.
To help prevent identity theft, follow these strategies: Create strong and unique passwords Passwords are typically used to protect email, banking, and social media accounts. Be cautious about sharing sensitive information online, such as your bank account and Social Security number. Drop us a line to learn more.
Episode Notes Tabletop exercises are a crucial component for enhancing threat and vulnerability management plans in fintech. Paige Johnson, Executive Director and Head of Americas Firmwide Simulation Utility at JP Morgan Bank, discusses the origin and development of these exercises.
Specifically, these have come from the Cybersecurity & Infrastructure Security Agency (CISA), Federal Financial Institutions Examination Council (FFIEC), and the National Cybersecurity Strategy (NCS) from the White House. CISA’s focus is on voluntary collaboration across all “critical infrastructures” in the U.S.
Threat modeling is the process of identifying potential threats and vulnerabilities in a system and determining the likelihood and impact of each threat. Assets that are vulnerable to spoofing include usernames, passwords, and digital certificates. What Is Threat Modeling? This can be a serious threat to confidentiality and privacy.
While cybercrime has been around for decades, the 2016 cyber heist against Bangladesh Bank was a watershed moment for financial authorities around the world. In its aftermath, many financial regulators ramped up their focus on cybersecurity, delving far deeper into firms’ cyber readiness and maturity than they had previously.
For cybersecurity professionals, the rise of quantum computing will require a new vision of security that maximizes the advantages and minimizes the risks inherent in the adoption of quantum technology. Quantum sensing could also be used for internet of things (IoT), mobile banking, and more. One prime use case for this is warfare.
In 2019, cybersecurity company Kaspersky reported that cyber-attacks directed at holiday shoppers were up 15% from the previous year. Simply having anti-virus software is not enough and doesnt protect your employees from various tactics cyber criminals will use to exploit security vulnerabilities.
A crime of opportunity happens in an instant, and that criminal can walk away with a sheet of credit card numbers or bank statements. Once an MSP has audited your network, they can find where you are most vulnerable and take the necessary measures to prevent unauthorized use of computers and wireless internet. Vindictive Employees.
Banks around the world are used to quantifying financial risks such as market, credit, and liquidity risks. But in a digital finance world that is quickly advancing into uncharted territory, non-financial risks – operational risk, fraud prevention, IT risk, and cybersecurity – are increasingly critical to the business.
The last year has seen such attacks hit Bank of America , Home Depot, T-Mobile , Okta , and Citrix. To help, a new class of tools has appeared on the market: Third-party cybersecurity risk management (TPCRM) platforms can help manage both assessment and ongoing monitoring.
This lax security leaves the organization vulnerable to data breaches, fraud, and compliance-related fines. Separate Bank Accounts A separate bank account for payroll reduces the number of company assets at risk. All other business funds should be maintained in a separate bank account.
The Bank of England, as part of their operational resilience policy statement , continually outlined the need for institutions to ensure that they can continue to deliver their important business services during severe (or extreme) but plausible scenarios.
and the EU operate with dedicated teams who work with the organization and local regulators to address the requirements that have been established by the Bank of England (BoE), Financial Conduct Authority (FCA), Prudential Regulation Authority (PRA), and other EU-based authorities. Generally, global firms with a heavy presence in the U.K.
Backups are an essential component of several functions in the NIST Cybersecurity Framework. Specifically, backups relate to the Recover function, which involves restoring any services that were compromised in a cybersecurity incident. However, backups fail to provide protection from data theft with no chance of recovery.
To minimize disruption from third-party attacks, zero-day vulnerabilities, ransomware, and nation-state threats, regulators around the world are implementing landmark incident reporting standards. Several trade associations – including Bank Policy Institute, U.S. The age of speedy incident reporting regulation is here.
The company called in third-party cybersecurity authorities. There was a point in time when you had to hold up a bank to steal money. If they find a vulnerability in your network, they will attack, no matter what industry you’re in. Reports are claiming that the DarkSide ransomware group is responsible for the attack.
From economic fluctuations to cybersecurity threats, from regulatory changes to environmental hazards, the risk landscape is constantly evolving, and organizations must be agile and proactive to stay ahead. In the first case, a bank faced a safety and soundness review during the recession.
From economic fluctuations to cybersecurity threats, from regulatory changes to environmental hazards, the risk landscape is constantly evolving, and organizations must be agile and proactive to stay ahead. In the first case, a bank faced a safety and soundness review during the recession.
But as more companies use technology across all parts of the enterprise and more compliance requirements focus on cybersecurity, IT security is becoming an increasingly central part of the CMS. In June 2020, the OCC warned banks about compliance risks related to the COVID-19 pandemic. So how does a modern CMS program operate?
Safeguarding Sensitive Information : For accounts containing sensitive information, such as banking, email, and social media accounts, 2FA provides an extra layer of protection, ensuring that your data remains safe. Enabling 2FA on Banking Apps Given the sensitivity of financial information, many banking apps offer 2FA.
For example, a forensic finding made during an evaluation of Colonial Pipeline noted numerous known and preventable vulnerabilities, such as unpatched and outdated systems, that likely led to the security breach. About the Author: Steven Minksy.
As part of our Latin America focus for this edition of FS-ISAC Insights, we spoke with Homero Valiatti, Superintendent of Information Security at Itaú, Brazil's largest bank and the largest financial institution in the southern hemisphere. This article is also available in Portuguese and Spanish.
The Impacts of Globalisation on the Scope of Crises So, whilst it is evident that the ‘stick’ of regulations is very much needed and has been incredibly valuable over the past couple of years in revealing vulnerabilities and helping guide investment strategies, the challenge of complying with all regulators’ requirements remains.
Over the past year and more, we saw financial firms implementing operational resilience programs to comply with the Bank of England, PRA, and FCA regulations. This degree of scenario testing helps to highlight further vulnerabilities. Pinpointing the Moment of Impact. Decision-making assumptions are where we could fail.”.
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