Financial Services Cybersecurity Weekly Briefing 7-21-2017

Weekly FS Cybersecurity Blast

Weekly FS Cybersecurity Blast

SEC’s Clayton Outlines His Agenda as Chairman
Cyber-security is an area where coordination is critical. “Information sharing and coordination are essential for regulators to address potential cyber threats and respond to a major cyber-attack, should one arise,” he said. “The SEC is therefore working closely with fellow financial regulators to improve our ability to receive critical information and alerts and react to cyber threats.”

Getting Ready for SEC Cyber-Security Tests
Governments will eventually regulate industry to solve ongoing problems, and the investment industry is no exception. As cyber-risks increasingly threaten corporate finance, the Securities and Exchange Commission is tightening controls to ensure that registered investment advisers and funds comply. Here’s what’s happening and what you must do about it.

Crooks Stealing Data from ATMs Using Infrared
Insert Skimmers are thin pieces of devices that can be inserted in the card acceptance slots found in ATMs. The devices are not visible once they are in and record data present on the card of an unsuspecting user. The devices are fitted with small flash drives that store the data stolen from cards. The data is then transmitted to hidden cameras through an infrared connection. Essentially, it is reported that the devices contain small antennas that are responsible for the transmission.

Cybersecurity for Family Offices: Q&A with the director of the Global Family Office Group at Citi Private Bank
The author of the report, Edward Marshall, director, Global Family Office Group at Citi Private Bank, said, “As seen in recent news, the number of cyberattacks perpetrated against nations, corporations and individuals are increasing at a rapid pace. One of the most pressing issues our clients face now is cybersecurity as Family Offices have more and more become targets of cyberattacks. We hope this white paper will impart actionable best practices and identify available resources in the cybersecurity space.”

Cyber Threats Becoming Plague for Financial Professionals [Registration]
These cyber concerns are not without merit, as 64 percent of respondents reported that either their organization or one of their clients was involved in a cybersecurity event in the past year. The most commonly cited incidents were business email compromise (20 percent); account takeover (19 percent); and data breach (15 percent).

Fintech, Cybersecurity Among Key Risks to Banks: OCC
“Cybersecurity and fraud continue to pose risk from the increasing volume and sophistication of cyber threats and IT vulnerabilities,” the report said of large banks, while noting that it’s increasingly important for midsize and community banks to develop “cyber resiliency” as malware and extortion schemes become more complex and these banks are more likely to rely on third parties for cyber protection.

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