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Comerica Incorporated announced that Juan Rodriguez has been named Executive Vice President, Chief Information Security Officer. Reporting to Executive Vice President and Chief Technology & Operations Services Officer Megan Crespi, Rodriguez oversees Comerica's enterprise-wide information security policy, strategy, architecture, operations and capability enhancements of the bank.
Sophos has published new research, “Gootloader Expands Its Payload Delivery Options,” that details how the delivery method for the six-year-old Gootkit financial malware has been developed into a complex and stealthy delivery system for a wide range of malware, including ransomware. Sophos researchers have named the platform, “Gootloader.” Gootloader is actively delivering malicious payloads through tightly targeted operations in the U.S., Germany and South Korea. Previous campaigns also targeted internet users in France.
ESET researchers recently discovered attempts to deploy Lazarus malware via a supply-chain attack (on less secure parts of the supply network) in South Korea. In order to deliver its malware, the attackers used an unusual supply-chain mechanism, abusing legitimate South Korean security software and digital certificates stolen from two different companies. The attack was made easier for Lazarus since South Korean internet users are often asked to install additional security software when visiting government or internet banking websites.
Financial services firms are reportedly hit by security incidents 300 times more frequently than other businesses, according to ID Theft Resource Center. To help financial planners protect their data and comply with the cybersecurity requirements established by the Securities and Exchange Commission (SEC) and FINRA, the Financial Planning Association (FPA) today launched Cybersecurity for Financial Planners: An FPA Certificate Program.
In new research from HelpSystems interviewing chief security officers in financial institutions about the security challenges they face, more than a third (35%) of survey respondents cite insider threats as one with potential to cause the most damage in the next 12 months.
The Office of the Comptroller of the Currency (OCC) reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for Fall 2020.
A Russian national was sentenced to eight years in prison for his role in operating a sophisticated scheme to steal and traffic sensitive personal and financial information in the online criminal underground that resulted in an estimated loss of over $100 million.
Mandiant Threat Intelligence researchers have identified FIN11, a financially-motivated hacking group behind bold, large and long-running malware campaigns. The hackers have expanded their range of targets the past two years while using increasingly aggressive ransomware attacks.
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.
