Financial Services Cybersecurity Weekly Briefing 7-14-2017

Weekly FS Cybersecurity Blast

Weekly FS Cybersecurity Blast

Micro Market Vendor Warns of Bankcard And Biometric Data Breach
Avanti Markets, which specializes in self-serve food kiosks typically located in company breakrooms, said an undisclosed number of its 1.5 million customers may have had their personal and bankcard data compromised along with stored biometric data. The company, based in Tukwila, WA, said on July 4 it discovered a “sophisticated” malware attack against a number of its kiosks, used for self-checkout at one of its 5,000 so-called micro-markets.

The Dark Side of Fintech: Navigating the Hidden Risks of Digital Financial Services
Lacking strong credit and capital adequacy standards, P2P lenders have loaned to terrorists, money launderers and hundreds of fictitious companies. Without deposit insurance, hacked cryptocurrency exchanges have gone out of business, leaving depositors high and dry. More digital disruptions are being introduced. New lending platform SALT is using cryptocurrencies as collateral for loans.

UK Financial Services Groups Hit by Steady Rise in Data Thefts
Insurers experienced the biggest increase in data breaches, with the number doubling last year. Financial advisers also saw a big jump. Banks performed far better, with the number of reported data breaches down 45 per cent. “There’s a lot more cyber crime out there, and the entities that aren’t ready for it are getting hit more,” said Philip Tansley, legal director at the RPC law firm that accessed the data from the ICO via a freedom of information request.


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