Tag: finance | Page 3

2022 Banking & Finance Security Intelligence Roundup

March 31, 2022/in Mobile Security

The banking and finance industries deliver more services online now than ever before due to the pandemic. As a result, banking cybersecurity became more important than ever this year. Some of the threats to big data security in recent years included ransomware attacks, the growth of contactless payments, mobile malware attacks and even data breaches of major banking and finance apps.

Take a look at some of the major stories related to finance cybersecurity. How can IT executives and finance professionals enhance cyber defenses in banking, enhance customer security and reduce attacks?

Quick Briefs: Top Banking & Finance Cybersecurity Insights

The Security Risks of Contactless Payments

3-Minute Read 🕒

Contactless payments were on the rise before the pandemic, but their adoption soared during it. According to an article by FintechTimes.com, 51% of people adopted mobile wallets and radio frequency ID payment cards at the beginning of the pandemic, and 58% of people said they were more likely to use contactless payments than they were prior to the pandemic.

Contactless payments present security risks not just to retailers, but to banks and financial institutions that process the payments. Using it, attackers can create cloned cards or launch a variety of scams.

Self-Assessment: How You Can Improve Financial Services Cybersecurity

6-Minute Read 🕒

Finance cybersecurity affects everyone, from chief information officers within an organization to the consumers who use its services. Following the bare minimum of standards and regulations is not enough to ensure customers’ privacy and their funds. That’s even more true when dealing with funds not covered by Federal Deposit Insurance Corp. insurance, such as cryptocurrency.

When it comes to finance cybersecurity, a self-assessment can help you increase your organization’s database security and mitigate risks. Present these questions to your team at least quarterly, with a mindset of willingness to change:

Do you understand the finance cybersecurity risks and threats facing you?
Are you running security assessments?
Do you have a security-minded culture?
Are the right human and financial…

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Final Rule Places New Cybersecurity Reporting Requirements On Banks – Finance and Banking

March 9, 2022/in Computer Security

United States:

Final Rule Places New Cybersecurity Reporting Requirements On Banks

09 March 2022

Crowe & Dunlevy

To print this article, all you need is to be registered or login on Mondaq.com.

Last month, the Federal Reserve System’s Board of Governors,
the Federal Deposit Insurance Corporation and the Office of the
Comptroller of the Currency approved a final rule that places
reporting requirements on banks and banking service providers.
Under this new rule, banks must report cybersecurity incidents
within 36 hours to federal regulators. In addition, banking service
providers must notify banks as soon as possible after suffering a
computer security incident. This new rule also requires banks to
inform customers of any computer security incident lasting more
than four hours.

This new rule is part of a current trend of requiring critical
infrastructures to report cybersecurity incidents. This rule goes
into effect starting April 1, 2022, and banks are required to be in
compliance by May 1, 2022. While the rule doesn’t go into
effect until next year, there are several ways that banks and
service providers can get prepared.

Determine who will be responsible for reporting the
incident to the regulators. Cybersecurity incidents are
stressful. While the rule provides a more extended deadline than
the 12-hour reporting requirement for pipelines, 36 hours is still
a quick turnaround. Taking the time now to identify the person
responsible will…

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You do not need to be a Stem genius to succeed in finance and tech

February 1, 2022/in Computer Security

Karina Robinson is the chief executive of Robinson Hambro, a chief executive advisory and search firm.

I was the worst Spanish equities analyst in the City of London. In 1987, my boss at Morgan Grenfell fired me from my first job after 15 months. He could tell from the back of my neck, he said, that I hated the job.

My boss was almost right. It wasn’t just my neck that railed against the role: I hated it with every bone in my body. Yet I have subsequently had a 35-year career in the City and financial journalism, including being a political and economic correspondent at Bloomberg, a senior editor at The Banker, and Master of the Worshipful Company of International Bankers, a City livery company. Over the past decade, I’ve run my own boutique advisory and search firm, Robinson Hambro, along with other advisory board roles.

But this litany of positions hides a (shameful) secret: I scraped through my maths O level, a UK public exam, with a mediocre “C” grade — much to the bemusement of my maths teacher who anticipated a fail. As for physics, the situation is doubly ironic: I gave it up aged 14, yet have founded The City Quantum Summit, a conference bringing together the scientific and financial communities.

Nor am I alone: I was much reassured to hear that Sir Robert Stheeman, chief executive of the Debt Management Office, which issues UK Treasury bonds, failed his maths O level. Twice.

My experience offers, I hope, some lessons for students in their last years of school and university who are being pressured into studies that are not in tune with their souls. You do not need to be a maths genius, a computer scientist, a PhD in physics or, indeed, an expert in any Stem (science, technology, engineering and mathematics) subjects to succeed in the financial or tech sectors.

If you aren’t gifted in that way, enjoy every minute studying medieval literature or international relations. For you too might be “a dragoman” — a word I learned when reading Anna Aslanyan’s book, Dancing on Ropes: Translators and the Balance of History, and which describes the unifying thread in my career.

A dragoman was a translator in the Ottoman Empire whose power far exceeded that of…

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