The need for cybersecurity in the financial services industry has never been greater. Financial Institutions (FIs) have been and will continue to be the subject of cyberattacks by adversaries of all varieties. The old adage “why do you rob banks....because that’s where the money is” holds in this domain as well. In 2019, 86 percent of breaches were financially motivated, and the records exposed in all breaches increased by 284 percent. And if that’s not enough for FIs to worry about, consider that the average cost of a breach as disclosed by public firms in 2019 was $116 million. Given the magnitude of this issue, these are the top trends seen in cybersecurity this year.
LexisNexis® Risk Solutions released its biannual Cybercrime Report, which tracks global cybercrime activity from January through June 2020. The report dives deep into how the COVID-19 pandemic has impacted the global digital economy, regional economies, industries, businesses and consumer behavior.
Altice Europe, a leading player in the convergence between telecom and media in France, services 23 million customers through its SFR division—Société française du radiotelephone—providing voice, video, data, internet telecommunications and professional services to consumers and businesses. The business-to-consumer (B2C) IT division of SFR deploys dozens of major projects each year, including web, front-end, and office applications.
Honda's global operations have been hit with a ransomware attack. The company said earlier that the attack had affected operations at several facilities, as well as both customer service and financial services operations.
New SaltStack research survey, The State of XOps Report, Q2 2020, reveals that organizations using software to help IT and InfoSec teams collaborate and align are three times more confident in the effectiveness of their information security efforts.
The International Compliance Association (ICA), a professional body for the global regulatory and financial crime compliance community, has partnered with the International Cyber Threat Task Force (ICTTF) to offer a new program in cyber risk management.
The Association of Certified Financial Crime Specialists (ACFCS) has announced it would focus on bringing new resources, collaboration and training to help the community during the coronavirus pandemic.
A new PwC Chief Financial Officer (CFO) survey shows CFOs are most concerned about the financial impact of coronavirus, most anticipate workforce reductions and half of them are preparing to opt in to government relief programs.
