IT Risk & Security

Financial services at higher risk of software security breaches, CAST report finds

Last week, CAST, the Paris-based provider of software intelligence, announced in its global benchmarking report on the state of software security that financial services’ existing software is more vulnerable to security breaches compared to that in other sectors. The CRASH Report on Application Security measures software vulnerability by analysing the density of an application’s common »

Canada to use blockchain for digital identification

In the first half of 2018, consumers in Canada will be able to sign up for a new digital-identity system developed by Toronto-based identity and authentication provider SecureKey Technologies Inc. The system is underpinned by IBM Corp.’s blockchain technology, and according to Greg Wolfond, CEO of SecureKey, consumers will be able to instantly prove who »

Robots in finance bring new risks to stability, regulators warn

A study published by the Financial Stability Board (FSB), a panel of regulators that includes the U.S. Federal Reserve and European Central Bank, has revealed that the financial industry’s rush to adopt AI threatens to inject risks into the financial system and “amplify financial shocks”. The FSB, headed by Bank of England Governor Mark Carney, »

Infosys reduces sales outlook, but says open source is area of future growth

In second quarter results released this week, leading systems integration firm Infosys has cut its annual revenue forecast to a range of between 6.5% and 7.5%, compared to analysts’ expectations of around 7.6%. However, the results suggest that client engagements continue to evolve, as new models and go-to market approaches are explored. Earlier this year, »

Cryptocurrency remains unregulated in Singapore

Cryptocurrency remains unregulated in Singapore

Singapore doesn’t plan to regulate cryptocurrencies such as bitcoin, but will remain alert to money laundering and other potential risks stemming from their use, the head of the country’s central bank said. “As of now I see no basis for wanting to regulate cryptocurrencies,” Monetary Authority of Singapore Managing Director Ravi Menon has said. Rather, »

Equifax’s Historic Hack May Have Exposed Almost Half of U.S.

Equifax’s Historic Hack May Have Exposed Almost Half of U.S.

Hackers exploited a website application to access names, addresses, Social Security numbers and some driver’s license numbers of potentially 143 million consumers, Equifax said Thursday in a statement. The incident — which drove down shares in after-hours trading — is a stark reminder of the risk of consumers’ personal data being exposed online, security experts »

Maersk Says June Cyberattack Will Cost It up to $300 Million

Maersk Says June Cyberattack Will Cost It up to $300 Million

The announcement was made in connection with second-quarter earnings, which showed Maersk missed analyst estimates after taking a writedown at the tankers unit that’s part of the energy business management has said it wants to get rid of. In an interview with Bloomberg Television, Chief Executive Officer Soren Skou said the industry outlook was bright, »

Apple, Google drop trading apps after Australian intervention

The country’s securities regulator said it made the request to Apple and Google after numerous cases of fraud involving unlicensed operators of the apps, which encourage consumers to make bets on whether instruments like shares or currencies will rise or fall. While some are legitimate operations, there has been an explosion in unlicensed products operating »

Hackers breach 400,000 UniCredit bank accounts for data

The attack occurred in September and October of 2016 and June and July of this year, according to an emailed statement from the bank on Wednesday. UniCredit only discovered the breaches this week, two people familiar with the matter said, asking not to be identified discussing a possible criminal matter. Cyberattacks on corporations and banks »

Latest App Coding Trend Led by Docker Can Be a Hacker’s Dream

Although invisible to the user, this method has become the dominant way to code apps today. Programmers like it because it allows them to change one feature without breaking their colleagues’ work, and it helps software run more efficiently, saving companies money. But the process is also giving hackers lots of new ways to steal »

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