Financial Services Cybersecurity Weekly Briefing 02-23-2018

Weekly FS Cybersecurity Blast

Weekly FS Cybersecurity Blast

[INFOGRAPHIC] Inside the Mind of a Threat Actor: Tactics, Techniques, and Procedures Explained
They lure their victims with the bait of a seemingly innocent email or landing page in an attempt to steal their user credentials. And they only need to succeed once to get in. Once they have hooked their victim hooked, a cybercriminal can literally take over an entire network in a matter of minutes. Or worse yet, they can lurk quietly on a connected device for months, unbeknownst to the IT team, plotting how to extract the most profit and/or cause disruption from the now compromised network.


Cybercrime Weighs Most Heavily on Financial Service Firms
The financial services industry was found to incur cyberattack-induced cost of nearly $18.3 million per firm in 2017 following on from an increase of 10 percent year-over-year, and 40 percent since 2014, according to the report, called “2017 Cost of Cyber Crime Study”. Fifteen sectors in seven countries were measured, with utilities and energy ($17.2 million) coming in second in this regard, followed by aerospace and defense ($14.5 million).


India Bank Hack ‘Similar’ to $81 Million Bangladesh Central Bank Heist
The unknown hackers disabled the City printer connected to global payments platform SWIFT on Feb. 6, preventing the bank from receiving acknowledgement messages for three fraudulent payment instruction sent that evening until the next morning. “Nobody suspected that it was an attack and thought it was a systemic network failure,” N. Kamakodi told Reuters by phone. “The system department people, everybody assembled, analyzed the problem, rebooted, they closed shop only around 10-10.30 in the night.”


Millions Bagged in Two Bank Cyber-heists
Russia’s central bank disclosed on Friday that hackers had made off with the equivalent of $6 million from a Russian bank last year by co-opting the banking industry’s global payments messaging system known as SWIFT, Reuters has reported. […] Meanwhile in India, news broke yesterday that hackers had breached the systems of the country’s City Union Bank and attempted to purloin nearly $2 million in another theft that was carried out by using SWIFT as a channel for diverting the money.


The Five Questions Bank Security And IT Leaders Need To Answer About Cybersecurity
Should We Collaborate To Mitigate These Threats Effectively?
How Can I Pinpoint The Important Data For Addressing Cyber Threats?
How Can I Inform Of The Importance Of Cybersecurity?
Is My System Secure?
What Solutions Are Best To Help Mitigate Risks?


Cyber-security Attestations Now Required for Leadership at NY’s Financial Firms
Financial Services Superintendent Maria Vullo also announced that DFS will now incorporate cyber-security in all examinations, adding questions related to cyber-security to “first day letters,” notices the Department issues to commence its examinations of financial services companies, “including examinations of banks and insurance companies for safety and soundness and market conduct.”


The Top 5 Financial Markets That Are Open to Attack 
Cyber security now has to be among the considerations for investors. When people pore over a forex calendar plotting their currency trades or scour financial news sites gauging the best assets and investments, they might well want to weigh up how secure the market is when it comes to the threat of cybercrime.


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