November 22 – The Conference of State Bank Supervisors announced a new cybersecurity certification in an effort to promote higher standards in bank examination of cybersecurity management. The new Certified Cyber Security Examiner designation is part of a larger effort among state financial regulators to address the ongoing threat of cybersecurity within the financial services industry.
Cybersecurity - Page 2
November 21 – The Consumer Financial Protection Bureau has launched an inquiry into the challenges it says consumers face in accessing, using and securely sharing their financial records. As part of the inquiry, the agency is asking the public for information about how much choice consumers are being given about the use of their records, how secure it is for them to share their records and to what extent consumers have control over their records. (more…)
November 9 – Guardian Analytics, a leader in behavioral analytics and machine learning solutions for detecting banking fraud, has released Guardian Analytics Sentinel, the industry’s first and most advanced behavioral analytics and machine-learning solution protecting B2B web portals from account takeover, business email compromise, and many other fraud schemes.
November 8 – MetricStream Research has released a new report, “The State of Cybersecurity in the Financial Services Industry,” which reveals that 66.2 percent of financial organizations faced at least one cybersecurity attack in the last year. The report, based on a survey conducted in July 2016, features the perspectives of C-level information security professionals in over 60 banking and financial services firms across the globe. The respondents represented financial enterprises of multiple sizes, as well as various segments, including banking, insurance, asset management, diversified financials, investment services, and foreign exchange services.
By Eric Crabtree
Not surprisingly, cybersecurity always ranks high on the list of chief concerns that cause bank CIOs to lose sleep at night. That’s because increasing levels of sophistication in the tech used by hackers and fraudsters is making it harder for financial institutions to defend themselves.
September 30 – Recognized every October, National Cybersecurity Awareness Month (NCSAM) was created as a collaborative effort between government and industry to ensure all digital citizens have the resources needed to stay safer and more secure online while also protecting their personal information.
September 20 – A new report reveals that nearly half of U.S. consumers have experienced card fraud,(1) while another survey found that 56% of fraud victims changed their card use or shopping behavior after a fraudulent charge.(2) eConsumerServices (econsumerservices.com/), a dispute mediation firm, maintains that card issuers and merchants must be proactive to avoid losing business in cases of credit card fraud; so CEO Gary Cardone counsels banks and retailers on steps they can take to retain consumers’ trust.
August 5 – Goldman Sachs Group was ordered by the Federal Reserve Board to pay a $36.3 million civil money penalty for its unauthorized use and disclosure of confidential supervisory information and to implement an enhanced program to ensure the proper use of confidential supervisory information. (more…)
July 19 – Hackers are training their sights increasingly on smaller financial institutions and their valuable client financial data, according to a study by security consultants. After healthcare, financial institutions — particularly those with annual revenues below $35 million — experienced the highest levels of breaches. (more…)
July 7 – Small businesses around the world are increasingly at risk for payment data theft. Nearly half of cyberattacks worldwide in 2015 were against small businesses with less than 250 workers, according to cybersecurity firm Symantec. In order to help these companies protect themselves and their customers, the PCI Security Standards Council (PCI SSC) Small Merchant Taskforce has developed a set of payment protection resources for small businesses.