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Cybersecurity

Financial Fraudsters Are Coming for North America, Hard

June 20 — Financial fraud originating in North America has doubled in the last quarter. In fact, more than half of all fake accounts targeting online and financial services in North America and Europe originate from the U.S., far, far more than fraudulent accounts coming from Southeast Asia and Eastern Europe, regions that have historically been associated with fraud.

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Ransomeware on the Rise in the U.S.

June 13 — Data from Radware’s 2018 Executive Application & Network Security Report shows that incidents of ransomware attacks have grown significantly in the last two years, particularly in the Americas.

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Why a Competitor’s Security Breach Could be Good for Your Institution

June 12 — Roughly 128 million Americans are more concerned about identity security than they were a year ago. And yet, the gap between “concern” and “action” remains wide. So, why aren’t consumers taking more responsibility for their own cybersecurity, and what could motivate them to change these behaviors?

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Cybersecurity Issues Facing Community Banks: A Former Regulator’s Perspective

June 12 — Given all the attention paid to “too big to fail” banks, it is tempting to think that, in the eyes of policy makers and the media, small financial institutions are “too small to matter.” But when it comes to facing cyber threats, the size of the bank has little relevance. Malicious actors will look for weak spots to exploit as easy entry into a network, regardless if the target is a small or large institution.

With smaller budgets and teams, it can be challenging for community banks to address cybersecurity and regulatory compliance demands to the same degree as the nation’s large financial institutions. How to approach cyber risk was the topic of an interview between two former bank regulators. Tom Curry, former Comptroller of the Currency, spoke with David Cotney, former Massachusetts Bank Commissioner, at a recent roundtable event for Massachusetts bank executives held in Boston. Curry is now a partner and co-chair of the banking practice at the Boston law firm Nutter, and Cotney is now regulatory director for CyberFortis, a cybersecurity firm. (more…)

Consumers Demand, and Banks Are Providing, Mobile-Based Card Controls

June 1 — Consumers are demanding mobile-based protections for credit and debit cards, and more than 3,000 financial institutions, globally, have responded by implementing Ondot Systems powered controls.

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