Below you'll find a list of all posts that have been categorized as “Financial Services Cybersecurity”
No firm in the financial industry has been unaffected by digital transformation. Even over the last three years of tech advancements and a global pandemic, there have been seismic shifts in the landscape. There have been huge advancements in improving efficiency and the quality of customer service, as well as beneficial internal changes like the adoption of cloud technologies. But, …
How to Address the Vulnerabilities in Open Banking Major cyberattacks have made international news repeatedly over the last years, and there is no indication that cyberattacks will be slowing down. It isn’t just ransomware that is a growing issue for the financial sector, but credential stuffing attacks that are posing major risks to banks and credit unions. In 2020, the …
The Safeguards Rule A recent SEC ruling could inform future cybersecurity cases relating to how financial investment firms must secure their users’ personal accounts. In enforcement actions taken against eight different firms, the SEC announced on August 30, 2021, that each firm had violated the ‘Safeguards Rule’ for failing to protect against account takeover. Rule 30(a) of Regulation S-P, commonly known as the …
In a recent release, the Financial Industry Regulatory Authority (FINRA) provided insight into the increasing frequency of occurrences of Account Takeover (ATO) within the financial industry. The report also produced guidance for organizations looking to tighten their cybersecurity, but no direction was provided regarding the growing issue of password hygiene. ATO: What’s really happening? When hackers gain unauthorized access to …
What Can Professional Services Firms Do to Protect Themselves from Cybersecurity Threats? Cybercriminals are frequently targeting mid-sized, service-based businesses such as law firms, accounting firms, and financial services firms at unprecedented rates. While the news is full of stories of high-profile data breaches affecting the likes of Facebook, Google, Marriott, MyFitnessPal, and other prominent companies; this focus on large companies …
One of the most common threat vectors plaguing financial services institutions is the employee password. How can financial services institutions can better protect employee passwords? Banks, credit unions, investment companies, and other financial services organizations are facing an ever-growing threat from cybercriminals. In 2019, we have seen many high-profile data breaches hit financial organizations, resulting in financial repercussions and damaged …
