By Kimberly Nevala
August 13 — The forecast regarding AI’s impact on jobs is foggy, at best. In Cognizant’s 2015 paper, The Robot and I, one out of five companies surveyed reported up to a 25 percent reduction in employees in core administrative functions including supply chain, HR and finance.
The industry vertical predicted to have the highest level of staff reduction long-term? You guessed it: banking.
By Brian Vecci, Technical Evangelist, Varonis
The news hackers successfully broke into the computer systems of a Virginia bank and stole $2.4 million is every executive’s worst nightmare. The digital heist illustrated how an attacker could leverage just one compromised employee account to move laterally on the network, escalate privileges, and access critical systems that let them make off with more than $500,000. To add insult to injury, the attackers used their access to disable or bypass measures the bank put in place to improve security and fraud protection. Eight months later, they returned, stealing more than $1.8 million.
Social engineering is the latest trend in cyberthreats.
By Alaina Webster, Managing Editor
Is the title for this column a quote from a Dr. Seuss book? No. But you’d be forgiven for making that assumption. None of those words (except for “and”) even looks like an actual word, certainly not one you’d find in a professional publication. They’re all real, though, and all types of social engineering fraud your institution could be facing soon.
Costly payouts can be stopped with comprehensive insurance coverage.
By Leslie Greathouse
The nightmare scenario in any insurance claim involves a denial due to the fine print.
While this situation seems common for homeowners or drivers, not many realize the level of risk for financial institutions handling private customer information. No longer can it be assumed an insurance policy will provide the coverage needed to handle data breaches and other cyber crimes, and without regular review, polices can become outdated and unable keep up with current threats or contain terms that void claims against those threats. In fact, many cyber insurance policies available in the marketplace have conditions and exclusions on the most common type of claims that can be very tricky to navigate.
By Mark D. Smith
ATM crimes are on the rise in the United States, especially since many ATM deployers have yet to upgrade their terminals to Europay, Mastercard and Visa, and debit cards issued by American financial institutions still include a mag stripe, which is easy to duplicate. Common threats include smash-and-grab raids to high-tech attacks, such as card shimming and card skimming. U.S ATM deployers are also beginning to see more ATM Jackpotting and explosive attacks.