Financial institutions must protect themselves from salami attacks, which consist of a sequence of small, fraudulent transactions that can easily bypass detection but, combined, can result in considerable losses.
The Central Bank of the United Arab Emirates (CBUAE) has added a cybersecurity center to its security strategy. The CBUAE Networking and Cyber Security Operations Centre aims to mitigate cyber risk in the country's financial sector.
With the help of artificial intelligence (AI), banks can offer better customer service while significantly enhancing the efficacy of their security. AI can assist in fraud detection efforts at large and small banks.
Trusted Computing Group (TCG) announced its commitment to strengthening the financial services industry against attack, as worldwide banking institution, Goldman Sachs, joins TCG in the fight for cybersecurity.
The Reserve Bank of New Zealand (RBNZ) was hit by a cyber breach of one of its data systems, though it says the breach has been contained and main operations are secure.
The risk to the financial sector is extremely high, and due to the high value of financial data, cybercriminals are increasingly targeting customer banking credentials when carrying out attacks. Below, we speak to Robert O'Connor, Chief Information Security Officer (CISO) for Neocova Corporation, about the cybersecurity challenges within financial institutions and best practices to safeguard financial data and prevent attacks.
By using a malware attack on the bank’s ATM server, hackers stole customer information and withdrew 805 million rupees in 14,849 transactions in just over two hours on August 11, mostly overseas.
