Tag Archive for: identity

IoT and Machine Identity Management in Financial Services

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IoT and Machine Identity Management in Financial Services
brooke.crothers
Tue, 06/28/2022 – 17:39

How is IoT changing the financial sector?

IoT has already positively impacted the financial sector and will only continue to in the future. The bank of things facilitates the billions of data transfers that take place every day. It enables insurance companies to collect and share data with customers about their insured goods in real time, allows consumers to make instant contactless payments and provides the framework for retail banks to collect information on each customer that enters one of their locations.

DevOps Connect:DevSecOps @ RSAC 2022

The most notable and well-documented example of investment in the IoT infrastructure has been by retail banks. To create a convenient consumer experience, they have invested growing amounts of revenue into “fintech” that makes payment transactions and transfers behind the seamless processes that we know and use today.

IoT has also transformed the financial services sector in a variety of ways:

  • Real-time data. With IoT, data can be gathered in real-time. This gives banks a huge advantage since they can quickly make important financial decisions.
  • Fraud detection. IoT has helped mitigate many risks associated with fraud and has helped detect and block hacked accounts. IoT can gather user data and analyze the activity, where it is then sent over to the cloud, where it matches the user’s typical behavioral patterns. If any unusual data has been detected, the user will be alerted, and the account will become temporarily disabled.
  • Better investment decisions. Tracking the real-time state of the market can help improve investment decision-making. IoT has the ability and potential to make accurate business predictions and track company behaviors.
  • Personalized customer experience. IoT personalizes the customer’s experience and provides real-time data to make more informed decisions, while providing a seamless experience.
Security challenges are looming

The susceptibility of fintech devices and networks to malfunctioning is a big concern. In June 2018, Visa payment systems crashed throughout Europe, preventing millions of customers from using POS devices to pay for goods….

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Ping Identity Debuts $50M Venture Fund to Back IAM Startups

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Identity & Access Management
,
Security Operations

Ping Ventures Will Support Startups Building the Next Generation of Identity Tools

Michael Novinson (MichaelNovinson) •
June 23, 2022    

Ping Identity Debuts $50M Venture Fund to Back IAM Startups
Anton Papp, head of corporate development, Ping Identity (Photo: Ping Identity)

Ping Identity is rolling out a $50 million in-house corporate venture fund to support identity and access management technology startups, betting it can spot, fund and integrate cutting-edge technology into its own stack.

The Denver-based identity vendor says Ping Ventures will back new businesses in fields such as online fraud and risk services, real-time identity verification, identity and data access governance, decentralized identity, machine identity, experience automation, and dynamic authorization and entitlement.

See Also: Fireside Chat | Zero Tolerance: Controlling The Landscape Where You’ll Meet Your Adversaries

The company’s investing approach won’t be the same as traditional venture capital, says Anton Papp, Ping Identity’s head of corporate development.
“There are strategic reasons behind why we are making investments. And because of that, there’s much tighter integration with our products and back to subject matter experts in the company,” he tells Information Security Media Group.

Ping Ventures will serve companies seeking seed, Series A and Series B funding and will make investments ranging from $500,000 to $5 million each. The company hopes to make between three and four investments each year and expects offer follow-up support to portfolio companies over the next couple of years, allotting $50 million (see: Cloudflare One Brings Email Security, DLP, CASB Together).

Startups that receive funding from Ping will benefit from access to the company’s subject-matter expertise,…

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Norton 360 Advanced protects you online and insures you against identity theft

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Norton has brought its internet security and identity protection expertise to a brand-new product – the new Norton 360 Advanced which protects customers against the modern threats like identity theft and scams.

In fact, Norton is even including with Norton 360 Advanced identity theft insurance up to $58,000 for losses and expenses associated with identity theft.

According to the Australian Institute of criminology and ACCC Scamwatch being a victim of cybercrime is more common than robbery, motor vehicle theft and break ins with one in four Australians affected.

Identity theft occurs when an individual’s personally identifiable information (PII) Is obtained, often without their knowledge, and used to make unauthorised credit card purchases, take over existing financial accounts and even create new financial accounts and loans.

And unfortunately, most have no idea where to start to recoup the funds from fraudulent transactions which could have a negative effect on their credit score.

Norton’s research revealed 59 per cent of Australians would not know what to do if their identity was stolen with 35 per cent believing their identity will probably be stolen in the future.

“Shopping, sharing on social media and data breaches could expose your personal information and unfortunately lead to identity theft, with far-reaching repercussions such as lost funds, with loans or credit taken out in your name,” says Mark Gorrie, APAC Director at NortonLifeLock.

“We understand this can be scary and people may not know where to turn.

“As part of Norton 360 Advanced, we’re pleased to offer Australians access to our in-house identity expertise plus up to A$58,000 identity theft insurance to help should the unexpected happen.”

The identity theft insurance offers coverage up to $25,000 in legal expense reimbursement and up to $3000 for lost income.

it also covers up to $25,000 “obligation to pay” cover for unauthorised bank, credit and loans and accounts in your name that were made without your authorization and $5000 for miscellaneous expenses.

Norton will also guide you through the process of resolving your identity theft issues via award-winning identity…

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Accused Capital One Hacker Stands Trial for Fraud and Identity Theft

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Just as Amazon stores millions of physical goods in a dizzying array of warehouses, Amazon Web Services hosts vast amounts of data for other companies that rent space on its servers. Among its customers was Capital One.

In early 2019, several years after she stopped working for Amazon Web Services, Ms. Thompson searched for its customers who had not properly set up firewalls to protect their data. “Thompson scanned tens of millions of AWS customers looking for vulnerabilities,” Mr. Brown wrote in a legal filing. By March, she had discovered a vulnerability that allowed her to download data from Capital One, the prosecutor added.

In June 2019, Ms. Thompson sent online messages to a woman and disclosed what she had found, legal filings said. Ms. Thompson added she had considered sharing the data with a scammer, and said she would publicly reveal her involvement in the breach.

“I’ve basically strapped myself with a bomb vest,” Ms. Thompson said in copies of the online chat that were included in court records, referring to her plan to publicly release the data and expose herself.

The woman suggested that Ms. Thompson turn herself in to the authorities, prosecutors said. A month later, the woman contacted Capital One and told the bank about the breach. Capital One informed law enforcement officials, and Ms. Thompson was arrested in late July 2019. If convicted, she could face more than 30 years in prison.

“The snapshots submitted by the government are an incomplete and inaccurate portrayal of a life more fairly described as one of survival and resilience,” Mohammad Ali Hamoudi, a lawyer representing Ms. Thompson, and other members of her legal team wrote in a filing. Ms. Thompson had sought mental health treatment, they added, demonstrating her resolve to confront her problems.

In 2020, Capital One agreed to pay $80 million to settle claims from federal bank regulators that it lacked the security protocols needed to protect customers’ data. The settlement also required the bank to work quickly to improve its security. In December, Capital One agreed to pay $190 million to people whose data had been exposed in the breach, settling a class-action lawsuit.

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