Financial Services Cybersecurity Weekly Briefing 06-15-2018

Weekly FS Cybersecurity Blast

Weekly FS Cybersecurity Blast

[EVENT] Happy Hour with CI Security and Algorithmia
Join the fun folks from CI Security team and Algorithmia for a rousing happy hour on Tuesday, June 26, from 5-7PM at Rein Haus in Seattle’s First Hill neighborhood.  Drink, eat and chat with us about the latest in cybersecurity, artificial intelligence and machine learning. 

3 Tips to Secure Password Management
One of the common areas we see companies and technology groups struggling with is passwords.  We know we need them (passwords), we know they need to be “secure”, and we know they’re a pain in the neck to keep organized.  That’s exacerbated exponentially when you factor in shared passwords and accounts for teams. Get ahead of preventable cybersecurity incidents with these 3 tips to strengthen password management across your org.

GDPR: A Compliance Quagmire, for Now
As a result, many firms around the world are thinking strategically about their relationship with the personal data they collect on their users, including information gleaned from websites, account registrations, social media, advertising and marketing efforts, newsletters and list rentals, data brokerages, public sources of information and more. For U.S. companies, this presents not only an operational challenge, but an institutional one. The E.U. definition of “personal data” is far broader than what is typically understood in the United States.

The Malicious Use of Artificial Intelligence in Cybersecurity
‘Machine speed’ is described by Corvil’s David Murray as, “millions of instructions and calculations across multiple software programs, in 20 microseconds or even faster.” AI simply makes the unrealistic, real. The problem discussed in the paper is that this function has no ethical bias. It can be used as easily for malicious purposes as it can for beneficial purposes. AI is largely dual-purpose; and the basic threat is that zero-day malware will appear more frequently and be targeted more precisely, while existing defenses are neutralized – all because of AI systems in the hands of malicious actors.

Hackers Target Payment Transfer System at Chile’s Biggest Bank
At the weekend, Banco de Chile’s CEO, Eduardo Ebensperger Orrego, reportedly told Chilean business paper El Pulso (in Spanish) that the attackers had stolen “$10m” from the bank and that his organization had disabled 9,000 workstations to stop the virus’s spread before spotting “unusual transactions” on the bank’s local SWIFT network. He reportedly told El Pulso that no customers had been affected.

 

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