BankNews.com

Company Name

Cybersecurity

After the Attack

Fending off reputation risk is critical.

By Moshe Ben-Simon

Despite being fortified with some of the best security defenses in the world, financial institutions remain both enormous and vulnerable targets for cyberattacks. Even with the best defense, it has become virtually impossible to maintain a perimeter that can keep attackers out. Bank employees’ use of mobile devices, memory sticks and email present a constant target to determined attackers. Malware used by attackers is often re-engineered in just a few minutes to enable movement past signature-recognition technologies. Using encrypted formats, this malware, once inside, can often migrate quickly to establish beachheads (backdoors) from which to enable the attackers continued efforts. 

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Payments and Cybersecurity

Banks must prepare for the inevitable cyber-attack.

By Michael Scheibach

In the new era of digital banking and e-payments, banks must continually improve their safeguards and strategies against cyber-attacks, which are predicted to increase by 25 percent in 2017, with ransomware — malware that severely restricts access to computers or files until a ransom is paid — leading the way. Tech Micro, a cloud-based security company, also predicts that ransomware and other cyber-attacks will spread rapidly this year to point-of-sale terminals, IoT (Internet of Things) devices and even ATMs.

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Cyber Resilience: Make a Practice of Revisiting Assumptions

By Jeff Mansir

Over time and through experience, we have learned that cyber-attacks will happen, some will be successful, and the ability to recover from a successful attack is something that must be considered and addressed. Defensive measures should no longer realistically be expected to safeguard an information network alone. An attack will happen; what will you do when it does?

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Banks Confident in Cybersecurity Capabilities But Lack of Real-World Testing Leaves Gaps in Their Defense

Many senior bank executives are confident about their cybersecurity strategy, yet a lack of comprehensive, practical testing is leaving gaps in their defense, according to a new report from Accenture.

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Micro-Segmentation

Cybersecurity Inside Your Perimeter

By Stelios Valavanis and James Burnham

As many bankers are experiencing, examiners are increasingly emphasizing top-down cybersecurity leadership from bank leaders to bank management. Yet technology is one of the most challenging areas for bank leaders to provide top-down guidance. Historically, bank leadership has depended on the bank’s management team to develop responses to technology challenges and make IT investment recommendations. Since much of cybersecurity involves making technology decisions, how can bank leaders without either a technology or security background offer informed top-down guidance?

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Non-Malware Attacks Pose More Risk Than Commodity Malware

Carbon Black, a provider of next-generation endpoint security, has announced the results of its latest research report, “Beyond the Hype,” which aggregates insight from more than 400 interviews with leading cybersecurity researchers who discussed non-malware attacks, artificial intelligence (AI) and machine learning (ML), among other topics.

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Increase in Cybersecurity Attacks Expected on Industrial IoT

Tripwire, Inc., a leading global provider of security and compliance solutions for enterprises and industrial organizations, has announced the results of a study conducted in partnership with Dimensional Research. The study looked at the rise of Industrial Internet of Things (IIoT) deployment in organizations, and to what extent it is expected to cause security problems in 2017.

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CSBS Offers New Cybersecurity Certification

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.

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Biometrics, Bots and the Future of Security in Financial 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.

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Have You Assessed Your Cyber-Preparedness Lately?

By Catherine Crosby Long, Keith Andress and Alisa Chestler

Not long ago, the average American could not define terms like “data breach,” “hack” or “cybersecurity.” However, hardly a day passed in 2015 without a cyberattack covered by the national news. As a result, consumers are increasingly aware of the need to ensure that their personally identifiable information is secure. This article explores the basic tenets of an effective cybersecurity policy, including the need for regular security assessments and an incident response plan. (more…)

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