The cryptocurrency industry is both beloved and feared for being the so-called Wild West of finance. Beloved because of minimal regulation and at least a measure of anonymity. Feared because of minimal protection. There is no Federal Reserve to set a value, no FDIC to guarantee at least a portion of what you have stored […]
Posted in Blockchain Security, Financial Services Security | Comments Off on Regulation looming for cryptocurrency
Anonymity—one of the biggest draws of cryptocurrency and the blockchain infrastructure it depends on—could get turned on its head if the vision of the head of the International Monetary Fund (IMF) comes true. Christine Lagarde, managing director of the IMF, called in a recent blog post for more regulation of the cryptocurrency market—to include the […]
Posted in Blockchain Security, Financial Services Security | Comments Off on IMF wants to pierce the blockchain anonymity veil
In 2014, remote attackers hit J.P. Morgan Chase and the associated website of the J.P. Morgan Corporate Challenge, affecting 76 million households and 7 million small businesses. Financial services are high value targets. Even when collecting only the name and address of a high-asset account holder, that information can still be profitable on the black […]
Posted in Application Security, Financial Services Security | Comments Off on 7 ways financial services firms can protect themselves
On Wednesday three U.S. bank regulators issued an advance notice of proposed rulemaking (ANPR) calling on banks to do more with their cybersecurity programs. The Federal Reserve Board, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency have proposed a set of standards. The standards, which are open to discussion […]
Posted in Financial Services Security | Comments Off on U.S. bank regulators want higher cybersecurity standards
Months after February’s high-profile $81 million heist at Bangladesh Bank, the global financial messaging system known as SWIFT said it has faced additional attempts to steal money starting in June. SWIFT messaging services are used and trusted by more than 11,000 financial institutions in more than 200 countries and territories around the world, according to […]
Posted in Data Breach, Financial Services Security | Comments Off on SWIFT discloses additional bank hacking thefts
A former Google engineer has created an operating system for the financial service industry that uses blockchain, a component developed by BitCoin. Known as Vault OS, the operating system creates a shared database in which participants can trace every transaction ever made. The ledger used is both tamper-proof and transparent. That means transactions can be […]
Posted in Blockchain Security, Financial Services Security | Comments Off on Former Google engineer launches BlockChain-enabled OS for financial services
According to the US Securities and Exchanges Commission chair, cyber hacking is the biggest risk facing the world’s financial markets today. US SEC Chair Mary Jo White made her comments Wednesday at a conference organized by the Reuters news service. She specifically cited the March 2016 theft of $81 million from the Bangladesh central bank. […]
Posted in Application Security, Financial Services Security, Security Risk Assessment | Comments Off on SEC warns on financial services cybersecurity risks
SWIFT, the Society for Worldwide Interbank Financial Telecommunication, has issued a patch after identifying a vulnerability that may have lead to last month’s theft of theft of $81 million from a Bangladesh Bank account at the New York Federal Reserve Bank. “SWIFT is aware of a number of recent cyber incidents in which malicious insiders […]
Posted in Financial Services Security, Software Security Testing, Vulnerability Assessment | Comments Off on SWIFT interbank network patches software vulnerabilities
Originally posted on SecurityWeek The former CISO of a large intelligence community agency once told me, “The number one challenge in IT Security is the carbon-based life form.” Needless to say, that comment has stuck with me as I read articles daily about hacks with their genesis found in credentials lifted from phishing schemes. Given […]
Posted in Data Breach, Financial Services Security, Internet of Things, Maturity Model (BSIMM) | Comments Off on ATMs to IoT: The generational divide of digital trust
The SWIFT secure financial messaging system is under U.S. government scrutiny after last week’s disclosure of the theft of millions from a Bangladesh Central Bank account at the Federal Reserve Bank of New York. Although smaller transfers between the Bangladesh bank and the federal reserve did go through, a large transfer of between $850-$870 million […]
Posted in Application Security, Data Breach, Financial Services Security | Comments Off on Bangladesh Bank security breach prompts U.S. probe
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