Financial Services Cybersecurity Weekly Briefing 03-02-2018

Weekly FS Cybersecurity Blast

Weekly FS Cybersecurity Blast

Financial Phishing Accounts for Over 50% of all Phishing Attacks for the First Time
Moreover, attacks related to the global internet portal category – which includes global search engines, social networks, etc. – fell from the second place in 2016 to fourth position in 2017 with a decrease in share of more than 13 percentage points. This shows that criminals show less interest in stealing these types of accounts and are now focusing on accessing money directly.


Mergers, Acquisitions and Cyber Risks
It has been standard procedure in the past to engage cybersecurity specialists later in the process. We now know the cybersecurity analysis should begin as early as possible in order to map out and understand areas of risk for both of the companies involved, with the merger and acquisition (M&A) team performing a thorough cybersecurity investigation.


New York is Quietly Working to Prevent a Major Cyber Attack That Could Bring Down the Financial System

  • With a lack of leadership from the federal government, New York is one of the first states to implement new cyber regulations.
  • The state is quietly working to prevent a major cyber attack that could bring down Wall Street’s financial system.
  • But even with the strictest cybersecurity regulations in the country, experts warn New York’s efforts may still not be enough.


Watchdog Warns of Gaps in US Financial Regulation
The former deputy governor of the Bank of England also remarked on the danger that policymakers “see their task in terms of macro-credit cycles,” rather than ensuring that core services could withstand a range of shocks, including cyber attacks. One way of achieving that would be to change the mandate of the Securities and Exchange Commission and the Commodity Futures Trading Commission, he suggested, giving both agencies a statutory objective to look out for potential weak spots across the landscape.


Fed Focusing on Cyber Risks to Financial Stability
He acknowledged the role banks play in providing services to maintain the financial system’s functionality. “But at the same time, some of the solutions in place to improve the resiliency of those critical services may actually contribute to a cyber event,” Quarles said, adding that “one example would be the replication of bad data across data centers. As the Federal Reserve thinks about its financial stability mandate, this concern will be a particular focus.”


Financial Cyber Threat Sharing Group Phished
The Financial Services Information Sharing and Analysis Center (FS-ISAC), an industry forum for sharing data about critical cybersecurity threats facing the banking and finance industries, said today that a successful phishing attack on one of its employees was used to launch additional phishing attacks against FS-ISAC members.


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