Financial Services Cybersecurity Weekly Briefing 02-16-2018

Weekly FS Cybersecurity Blast

Weekly FS Cybersecurity Blast

Inside Venture Capital Spotlight: CEO Garrett Silver Shares the Story behind CI’s Series A Funding
“Spend in 2018 on security products and services is estimated to be $93B! Yet we continue to see the headlines about breaches. Investing in more and more technology is not solving the problem.”  CEO Garrett Silver discusses the startup story of CI’s Series A funding and what makes CI’s value proposition different with Inside Venture Capital.

 

US Equity Surveillance System gets New Security Chief
The long delayed surveillance system to monitor trading in the world’s largest equity market is getting a security watchdog in an effort to address security concerns and push the plan forward.  […] The move comes in response to concerns among the main US exchanges — including the New York Stock Exchange, Nasdaq and Cboe Global Markets — that the project to collect the data for millions of orders and quotes on US equity and options markets in real time could be compromised by cyber crime.

 

Financial Institutions Need to Prepare Against Cyber Attacks
“To meet changing regulatory requirements, companies in the financial space need to access infrastructural expertise, to generate a working, real-time picture of the entire framework. Only after gaining this level of visibility can the right security policies be fitted to each application in a way that fits within the functioning of the existing system, allowing components to communicate as they need to whilst closing them off from external threats.”

 

Importance of Banking Relationships in The Age of Hacking
It is impossible for any security solutions vendor to guarantee you will be able to thwart 100% of the attacks waged by hackers to gain access to your systems. At the same time, consumers expectations of 24/7 access to services from any connected device are not diminishing. Just the opposite, in fact. Therefore, your focus needs to be on mitigating the risk of a data breach by protecting sensitive information, should an attacker get past your defenses.

 

Lazarus Group Attacks Banks, Bitcoin Users in New Campaign
The attack campaign uses spear-phishing emails impersonating job recruiters, a tactic previously seen from the group – widely believed by researchers to operate out of North Korea – last year. From April through October 2017, researchers at McAfee Advanced Threat Research (ATR) saw Lazarus Group using job descriptions to target a range of organizations in English and Korean, gain access to their environments, and then steal sensitive data or money.

 

‘Cybercrime Costs Financial Services Sector More Than Any Other Industry, with Breach Rate Tripling Over Past 5 Years’ 
It found that the average cost of cybercrime for financial services companies globally has increased by more than 40% over the past three years, from US$12.97 million per firm in 2014 to US$18.28 million in 2017 — significantly higher than the average cost of US$11.7 million per firm across all industries included in the study. The analysis focuses on the direct costs of the incidents and does not include the longer-term costs of remediation.

 

Government, Financial Portals Face 40 Percent of All Cyber Attacks
Most of the breaches target google accounts (Gmail), as a lion’s share of the around 500 million internet users use smartphones to access their accounts, the official said adding that it is difficult to trace each and every user on Gmail, but the government is working on checking this. Confirming the development, another senior government official said during the session on cybersecurity, the Centre requested states to adopt more stringent measures to address data breaches, especially of sensitive and critical installations like nuclear and power plants, financial hubs, etc.

 

 

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