Financial Services Cybersecurity Weekly Briefing 12-01-2017

Weekly FS Cybersecurity Blast

Weekly FS Cybersecurity Blast

Zeus Banking Trojan Spawn: Alive and Kicking
On Thursday, Zeus Tracker, which tracks known Zeus servers and offers related block lists, reported that it was tracking 479 Zeus command-and-control servers, of which 131 were online. It says Zeus binaries get detected on average 43 percent of the time, according to the VirusTotal free malware-scanning service.


Third of UK Banking Customers Targeted by Fraudsters in 2017
In a survey of 2,000 adults, it was found that 37% of people had money stolen from their accounts, with an average of £544 taken on average.  The survey estimates that more than £1 billion has been stolen as a direct result of credit or debit card fraud in the last year. 12% of people who were hacked in the last 12 months have changed their debit or credit card provider, whilst over two thirds (68%) have not considered, or have no intention of changing accounts.


Financial Services Cybersecurity Systems and Services Market: Rise in Cyber Theft to Bolster Growth
According to the statistics of Transparency Market Research (TMR), the global financial services cybersecurity systems and services market is estimated to earn an approximately US$24.3 bn by the end of 2022 from US$12.5 bn in 2017. Between the forecast years, the market could expand at a 14.1% CAGR.


SEC Hack Was Preceded by Years of Warnings About Lax Cybersecurity
“The weaknesses we observed in the SEC’s security controls could adversely affect the confidentiality, integrity, and availability of the agency’s information and information systems,” the inspector general warned back in 2013 in what proved to be a prescient harbinger of the hacking that would occur. In the years that followed, the inspector general sent additional warnings and possible solutions for “critical security areas such as access and identity management.”


BANK OF ENGLAND SURVEY: British Politicians Pose the Biggest Risk to the UK Financial System
The risk to the financial system most cited by respondents in the 2017 H2 survey was “UK political risk,” mentioned by 91% of respondents and up 9 percentage points since 2017 H1. Political risk was also overwhelmingly cited as the number one source of risk, by 67% of the 96 respondents, compared to geopolitics (7%), cyber attack (7%) and the risk of a UK economic downturn (3%).


SWIFT Warns Banks on Cyber Heists as Hack Sophistication Grows
“Adversaries have advanced their knowledge,” SWIFT said in a 16-page report co-written with BAE Systems Plc’s (BAES.L) cyber security division. “No system can be assumed to be totally infallible, or immune to attack.” SWIFT has declined to disclose the number of attacks, identify victims or say how much money has been stolen. Still, details on some cases have become public.


‘Open Banking’ Holds Promise but Cybersecurity Fears Loom for Canadian Banks
“The high degree of financial and operational interconnectedness among financial institutions means that a successful cyber attack against a single institution or a key service provider could spread more widely within the financial system.” Meanwhile, various jurisdictions are pushing ahead with legislation that would see financial institutions become even more interconnected.


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