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Lookout Threat Labs researchers have discovered a distribution of the Anubis Android banking malware that is masquerading as the official account management application from Orange S.A., a leading French telecommunications company.
In this article, we’ll look at what the existing cybersecurity threats are around open banking, and how individuals, companies, institutions, and regulators can proactively address those risks.
Biometric technology, and specifically its most modern iteration, facial recognition, has found its way into security systems essential to everyone. We rely on it to safeguard some of our most prized belongings, including our smartphones, laptops and now, with Apple Pay, even our bank accounts and credit cards. Security experts applaud facial recognition as one of the most secure and efficient means of authentication available today.
Why then, has the industry most hinged on security and identification – Banking, Financial Services and Insurance (BFSI) – been so slow to adopt this new wave of technology?
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.
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.
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.
Wells Fargo & Company announced the appointment of six new Corporate Risk leaders as part of its enhanced Risk model to further strengthen the independent oversight of all risk-taking activities and a more comprehensive view of risk across the company.
As the public increases its use of mobile banking apps, partially due to increased time at home due to COVID-19, the FBI anticipates cyber actors will exploit these platforms.
Sixty-one percent of merchants believe they’re at greater risk of a data breach than a year ago, while 22 percent of merchants have experienced data theft in the last year alone.
Cybercriminals are leveraging ransomware threats to extort big money from organizations of all sizes in every industry, but financial services organizations are one of today’s primary targets. It is non-negotiable for financial services companies to maintain the privacy of theirs customers and the security of their confidential data. If a bank or credit union is hit with a ransomware attack, significant backlash is undoubtedly going to ensue – especially if customer data is held ransom for a significant amount of time.
