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Cybersecurity Incidents Plague U.S. Finance Operations, According to TD Bank Survey

June 13 – Financial and payment professionals do not anticipate any respite from cyber fraud and cyber attacks in the near future, according to a recent survey conducted by TD Bank. An overwhelming 91 percent of respondents stated they anticipate that payments fraud will become a bigger threat in the next two to three years, up slightly from last year (89 percent).

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SecureNow from Fiserv Delivers Integrated Cybersecurity Protection for Digital Banking

May 23 – Fiserv Inc., a leading global provider of financial services technology solutions, has announced the availability of SecureNow, a centralized, real-time cybersecurity platform designed specifically for digital financial services. SecureNow integrates a wide range of cybersecurity protections to enable financial institutions to combat fast-moving threats and detect fraud in real time while maintaining a positive experience for legitimate users.

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Mobey Forum Warns of Need for Security Precautions in Financial App Development

May 18 —  The Risk Mitigation Workgroup of Mobey Forum, the global industry association representing banks and other financial institutions to lead in the future of digital financial services, is calling for a mindset change in financial app and digital service design, following the launch of the second and final installment of its Risk Review report.  

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Wells Fargo Explores the Future of Security & Authentication

May 17 – Wells Fargo has selected two new companies – ProxToMe and Uniken – to join the Wells Fargo Startup Accelerator. Each participant in the non-exclusive, six-month program is eligible to receive up to $500,000, mentoring, and guidance in refining their potential breakthrough technologies for the financial services industry. Wells Fargo business and technology leaders will work closely with the companies to test concepts for corporate and retail customers while helping them accelerate time to market for their services.

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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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KC Fed President Backs Plans to Trim Security Holdings

By Bill Poquette, Editor-in-Chief

April 21 – Federal Reserve officials are signaling they want to start unwinding the central bank’s $4.5 trillion balance sheet. This is making some market watchers nervous about the effect on monetary policy and the economy, but consensus on the issue is elusive, with forecasts ranging from little or no effect to major disruption. (more…)

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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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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Financial Institutions Urged to Take Proactive Approach to Cybersecurity

March 7 – New York State has passed the nation’s first cybersecurity regulations designed to protect consumers and safeguard the security of the state’s financial services industry. While New York is the first to pursue such an initiative, financial institutions across the nation should expect similar regulations to take hold as cyber attacks continue to rise, both in numbers and intensity. DefenseStorm urges financial institutions to take a more proactive approach to cybersecurity now to not only stay steps of ahead of bad actors, but regulations that are surely around the corner for other states as well.

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When It Comes to ATM Security, Planning is Key

December 20 – While there is no silver bullet when it comes to securing ATMs, it is critical for financial institutions  to have a proactive plan in place. Fortunately, there are proven steps that FIs can take to increase their ATM security posture. In the final part of this three-part news brief series, Cummins Allison, an innovator and provider of check, currency and coin handling solutions, as well as ATMs, discusses how a detailed ATM security plan can help FIs identify and secure vulnerabilities. (more…)

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