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
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
The rapid growth of custom and open source applications deployed in businesses worldwide means that all companies have significant software assets. In some industries, agile development and open source software have enabled a technological evolution, to the point of creating new business models. FinTech is one example of an industry established around technologies, delivering automated and […]
Posted in Financial Services Security, GDPR, Open Source Security
Taking a look at the findings in the 2017 Open Source Security and Risk Analysis Report Synopsys is a company that thrives off data. In fact, it’s essential to our business. I’m constantly impressed by the amount of data that we collect and the level to which our employees embrace the data-driven mentality here. We […]
Posted in Financial Services Security, Open Source Security
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
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
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
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
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
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
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