Losses to fraud reported by Britain's financial services sector exceeded $1.5 billion in 2022, declining by 8% from 2021, says trade association UK Finance. About 40% of losses tied to authorized push payment fraud, in which victims get tricked into transferring funds to attackers.
Online sports retailer Sports Warehouse has agreed overhaul its security program and pay a $300,000 fine to New York State after hackers stole 20 years' worth of payment card data and customer information the company was storing in plaintext on its e-commerce server.
An insurance provider that services many state Medicaid agencies and the Children's Health Insurance Program told regulators that hackers compromised the personal and protected health information of nearly 9 million patients in an incident discovered in March.
Australian consumer lender Latitude Financial Services anticipates its spring cybersecurity incident will cost it up to AU$105 million, which includes a five-week period during which debt collection systems were severely affected by the attack.
Law enforcement and regulatory action over the past year in the United States most likely dissuaded hackers from stealing cryptocurrency, making the amount stolen in the first quarter of the year the lowest compared to each of the four quarters in 2022, TRM Labs said.
Cyber programs must go beyond the digital realm and address physical security challenges around buildings and data centers even though there isn't a tool to implement. Firms often adopt physical security measures such as a secure data center with cameras and locked doors only when it's required.
Cybersecurity incidents can have high-profile impacts on the business – from schools to hospitals. But many incidents that disrupt businesses don’t make front-page news. “A disrupted business is not making money. That’s what we mean when we say cyber risk is business risk because we are being impacted by...
Cyber insurance applicants should provide detailed responses that clarify the nature of their business to avoid claim denials in the event of a security incident. Pasich LLP Senior Managing Associate Tae Andrews urged applicants to "interrogate the interrogator" to push back on vague questions.
Mule accounts have become an increasingly prevalent element of fraudulent schemes, acting as the primary pathway for moving funds from various sources of fraud, such as scams, check fraud, account takeovers, and authorized push payment (APP) fraud, into the accounts of fraudsters themselves. Startlingly, studies have...
The LockBit ransomware group on Tuesday published 1.5 terabytes of data the group says it stole from Bank Syariah Indonesia after ransom negotiations broke down. The group says the records include information of about 15 million customers and employees of the country's largest Islamic bank.
Organizational efficiency is often hampered by outdated systems that are expensive to maintain and difficult to enhance. To thrive in today's market, financial institutions must adopt best-in-class systems for cost-effective risk management.
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OTC Markets Group in recent years has gone from having almost sector-specific cybersecurity regulations to highly robust ones, said CISO Vlad Brodsky. Since 2016, the New York-based financial market has been subject to stringent policies and procedures to ensure OTC's cybersecurity and resiliency.
What are the challenges facing the U.S. financial sector as it continues its enthusiastic embrace of cloud-based technology? Department of the Treasury Deputy Assistant Secretary Todd Conklin said the agency has been "doing the best we can to secure cloud" as firms increasingly adopt it.
The use of cloud by financial services firms has risen from 91% to 98%, and multi-cloud for critical operations has risen dramatically, triggering greater risk and regulatory scrutiny, said Troy Leach, chief strategy officer at the Cloud Security Alliance, citing a new survey.
The LockBit 3.0 ransomware group on Monday leaked 600 gigabytes of critical data stolen from Indian lender Fullerton India two weeks after the group demanded a $3 million ransom from the company. The stolen data includes "loan agreements with individuals and legal companies."
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