New York state authorities fined auto insurance giant Geico $9.75 million for failing to protect customers' driver's license numbers during a wave of cyber incidents in early 2021. Travelers will pay $1.55 million after hackers used stolen credentials to filch license numbers in mid-2021.
The role of CISOs is evolving beyond a technical leadership position to a more strategic one. As cybersecurity threats grow in complexity, CISOs must work closely with business leaders to align security strategies with overall business objectives, said Erika Dean, CSO at Robinhood Markets.
On the 200th episode of the ISMG Editors' Panel, the team discussed the major China-linked cyberespionage campaign targeting U.S. telecommunications, highlighted key insights from ISMG's Financial Services Summit in New York and unpacked the top findings from ISMG's annual Generative AI Survey.
Financial technology firm Finastra is warning customers that it suffered a breach of a secure file transfer system that it uses to relay information to some customers, leading to an unknown quantity of data being exfiltrated by an attacker. The company is still identifying affected customers.
David Anderson's career began in banking and followed a path to the rapidly changing world of cyber insurance. Anderson, vice president of cyber liability at Woodruff Sawyer, shares how he built a practice rooted in transparency, trust and client education.
Gartner has recognized Entrust, Incode, Jumio, Socure and Sumsub as identity verification leaders amid a rise in regulatory demands and fraud prevention requirements. Identity verification was historically used for regulated onboarding in industries like banking, gambling and cryptocurrency.
The Consumer Financial Protection Bureau's open banking ruling shifts liability burdens onto banks, amplifying their responsibilities for securing data shared with third-party fintechs. John Horn at Datos Insights explains the potential for third-party breaches.
Using predictive models to detect fraud early, the GSM Association and UK Finance have teamed up to combat APP fraud. Launched earlier this month, Scam Signal brings together banks, telecom providers and regulators to create standardized tools for proactive fraud prevention.
Financial services leaders and cybersecurity experts said at Information Security Media Group’s 2024 Financial Services Summit that third-party vendor security risks required the need for proactive, multi-layered security frameworks to combat the growing threat landscape.
KYC protocols traditionally focus on account-level verification, but examining KYC at the product level can help banks assess risk more accurately. Asking targeted questions based on product risk enables institutions to detect potential financial crimes, said Gabriella Bussien, CEO of Trapets.
Microsoft's latest Digital Defense Report exposed an increasingly complex cyber battlefield in which nation-state actors team up with cybercriminals to launch sophisticated attacks, while organizations continue to struggle to defend against these evolving threats.
Governments globally are intensifying anti-scam measures, introducing new guidelines to banks, telecom providers and other key sectors to bolster security controls and mitigate fraud risks for consumers and businesses. Some new frameworks threaten to levy stiff penalties for non-compliance.
ISMG’s 2024 Financial Services Cybersecurity Summit kicks off Thursday in New York City, bringing together industry leaders and cyber experts to explore critical defense strategies, including digital identity protection, SecOps transformation and realistic threat simulations.
British financial institutions must ensure by this spring that they could reasonably weather a third party tech outage on the scale of July's global meltdown of 8.5 million computers triggered by a faulty update from cybersecurity firm CrowdStrike.
Singapore regulators gave banks six months to institute real-time detection tools for blocking impersonation scams or else assume liability for stolen funds. A finalized framework published Thursday also shifts liability onto island-nation telecoms unless they block fraudulent SMS messages
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