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Private Bank International: One in five investors globally has been a victim of financial fraud over the past three years, according to our 2020 Banking and Payments Survey. By contrast, the fraud rate is notably lower among non-investors at just over one in 10 (11%). At least to some extent, this can be attributed to lower financial product holdings and engagement and, as such, lower exposure to risk. At any rate, this suggests that wealth managers have to up their game.
Schroders: New research suggests online fraudsters are boosting their attacks at an alarming pace, and it’s thought multimillion dollar ransoms could be at stake.
SearchCIO: News reports on ransomware attacks, distributed denial-of-service (DDOS) attacks, phishing and virus attacks occur on a regular basis. Fortune 500 organizations, such as Facebook with 540 million affected records and Capital One Bank with 80,000 affected bank accounts and 140,000 Social Security numbers, have sustained significant losses and damage to their reputations from these cyber incidents. And threats of attacks from well-known cybersecurity threat actors such as Russia, China and Iran pose an ongoing threat to many U.S. organizations.
Foresite: Executive involvement is a critical component to any organization’s cybersecurity. Why? The IT department may not have all of the knowledge about what data could have a critical impact on the business if it was lost or exposed, IT can recommend security controls, but may not have all of the financials to computer Return on Investment (ROI) or the level of risk tolerance that the executive team/Board is comfortable with.
DARKReading: When the COVID-19 pandemic began, every CISO across every industry scrambled to get their teams up and running. When we left our physical office space, we left our traditional security strategy behind with it. The theme of remote security has stayed top of mind since March: Cybersecurity experts correctly predicted that cybercrime in a virtual workforce would be a central topic at the recent Black Hat conference, and CISOs have had to rethink 2020 strategy with remote work leading the way.
ZDNet: Caught by the sudden onslaught of COVID-19, most businesses lack or have inadequate security systems in place to support remote work and now have to deal with a new reality that includes a much wider attack surface and less secured user devices. Many also have had to adapt and adopt digital tools quickly, taking on new technology that may not be adequately secured.
FStech: A survey of 1,077 IT business and security decision-makers from the UK and eight other countries, for IT automation and security company Infoblox, found that attempted cyber attacks had risen by 41 per cent as cyber criminals sought to exploit Coronavirus-related disruption.
The Week: Over the last decade, the banking industry has gone through multiple changes structurally and operationally owing to rapid technological advancements. Most banking services and their corresponding back-end operations have now become digital. Along with this digital transformation also rises the challenge of information technology security. The myriad types of cybercrimes such as phishing, stalking, spamming, spoofing, hacking, ransomware attacks, and other physical and digital frauds compel individual banks to secure their network and servers with advanced firewalls.
Dark Reading: While reported breach numbers are down, a handful of "mega" breaches resulted in more data records being exposed than ever before, analysis shows.
IT Pro Portal: Just like coming in contact with a person infected with coronavirus increases the possibility of you getting infected, increasing your digital business presence increases the chances of cyber attackers to target your business; accounting firms are no exception.
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