Authentic8 released the results of its 2020 Global Financial Crimes Survey, conducted in partnership with the Association of Certified Financial Crime Specialists (ACFCS).
Financial services institutions and banks around the globe face monumental challenges as they look to streamline service delivery for customer transactions, manage multi-party loan processes, collaborate on industry benchmarks and indices, and eliminate fraud and cybercrime. Historically the market has primarily relied upon manual approaches for sharing and managing transaction data. But advances in confidential computing (sometimes called CC or trusted computing), combined with federated machine learning (FML), are helping financial organizations better share data and outcomes, while alleviating many privacy and security concerns.
Companies need to tangibly improve employee well-being, particularly when it comes to their security professionals. Here are three measures security leaders can incorporate into their organization now, before employees hit a breaking point.
Telos Corporation, provider of cyber, cloud and enterprise security solutions, unveiled new findings from a survey conducted by independent research firm Vanson Bourne that highlights organizations’ ongoing struggle to keep up with IT security and privacy compliance regulations.
LexisNexis Risk Solutions released its LexisNexis Risk Solutions 2020 True Cost of Fraud Study: Financial Services & Lending for the United States and Canadian financial services and lending sectors.
Digital banking provides faster processing of financial transactions, more convenience, and a model that allows for the continuation of a financial industry even in the face of a pandemic. However, digital banking makes banks vulnerable to cyberattacks. Banks are now facing fresh security challenges that were brought on or affected by COVID-19. Here is what you need to know about them and how to protect yourself.
The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) recently issued a Risk Alert (the “Alert”) discussing cybersecurity observations from its examinations over time. The Alert did not state the time period of examinations included; however, OCIE has conducted several cybersecurity targeted exams over recent years.
The 2020 Cybersecurity Perception Study finds most people still don’t view cybersecurity as a career field for themselves, even as nearly one-third (29%) of respondents say they are considering a career change.
To meet modern day challenges and address the evolving retail bank landscape, Origin Bank embraces innovative technology and solutions that boost efficiencies, reduce fraud and enhance service. The organization considers the protection of its clients’ assets to be paramount and strives to deliver a safe banking experience.
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.
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