Security

Banks Normally at Odds Build Joint Force to Fight Cybercrime

But Oerting, with no small dose of grudging admiration, says his adversaries excel at something that can’t be addressed with deep pockets or killer software: They’re superb networkers. “The organized crime groups in cyber are sharing much better than we are at the moment,” says Oerting, a Dane with a square jaw and the watchful »

Aujas Networks receives CREST accreditation for pen testing

Mumbai-based information security provider, Aujas Networks, has been accredited by the UK’s Council of Registered Ethical Security Testers (CREST) to provide penetration testing. CREST provides accreditation for vendors of digital security services, guaranteeing that they have passed the council’s examination. Aujas Networks is the first Indian company to join CREST’s list of approved vendors. Sri... »

FCA says cyber attacks on the rise

UK Financial firms have been hit by cyber criminal 75 times this year, a marked increase from the five reports filed in 2014, said the FCA’s director of specialist supervision Nausicaa Delfas at a recent conference on cyber security. This might be partly attributable to greater transparency in the financial sector: “Whilst this significant increase »

CFTC adopts new rules for cyber security testing

The US Commodity Futures Trading Commission (CFTC) has voted to adopt new rules to govern security testing for contract markets, swap execution facilities, and swap data repositories as well as derivatives clearing organisations. These amendments are in line with the recently released ‘Guidance on Cyber Resilience for Financial Markets’ published by the Bank of International »

Round-up: Regulatory and Company News

SWIFT criticises negligent banks in leaked email SWIFT, the interbank payments consortium, has warned banks that there have been successful cyber attacks on its members since the $81m February theft from the Bangladesh central bank. In a letter obtained by Reuters, SWIFT suggested that the attacks exploited lax security measures to send fraudulent transfer requests. »

Round-up: Regulatory and Company News

MAS opens fintech lab to foster innovation and help start-ups The Monetary Authority of Singapore (MAS) has announced that it will open a FinTech Innovation Lab inside the MAS building. The regulator said that the lab, called Looking Glass @ MAS after the novel by Lewis Caroll, will help the foster fintech solutions in cooperation »

NCC Group accredited by CBEST for threat intelligence

Manchester-based cyber security firm, NCC Group, has received CBEST accreditation to provide threat intelligence for financial firms. CBEST is the Bank of England’s shared framework for testing the vulnerability of major financial firms to cyber attacks. According to CBEST guidelines, financial firms hire threat intelligence providers to gather and analyse information on potential threats and »

Biometrics to gain ground on passwords for apps

Biometrics is making inroads in the world of finance as banks such as RBS and HSBC trial the technology. The technology uses unique markers, such as fingerprints or iris patterns, to verify the identity of the user of a service. It could potentially eliminate more burdensome forms of access verification, like remembering passwords, replacing them with something more convenient and secure. »

SWIFT announces plan to bolster banks’ cyber-security

SWIFT announces plan to bolster banks’ cyber-security

Gottfried Leibbrandt, CEO of SWIFT, the interbank software and messaging service for bank payments, has announced plans to reinforce its members cyber-security in the wake of February’s $81m theft from the Bangladesh central bank. Thieves used SWIFT instructions to steal the money, and attempted to divert a total of $951m. “I think it will prove »

British Insurance Brokers’ Association announces creation of cyber committee

Steve White, the British Insurance Brokers’ Association chief executive, has announced the creation of a cyber committee to monitor developments in cybersecurity and provide advice to insurance brokers on possible risks. The committee will be made up of technical experts from member firms. Speaking at the association’s annual conference on April 7th, White cited an »

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