An enterprise's cross-functional groups responsible for the business growth and brand reputation should be held equally accountable for cybersecurity. That's the view of a CISO and a CTO who participated in a fireside chat at ISMG's recent Virtual Cybersecurity Summit.
Citi, Equifax, Capital One - the list of financial institutions that have suffered high-profile cyber incidents is long, and the penalties they've incurred have been steep. To Scott Kannry, CEO of Axio, it all comes down to cyber risk - and he has new ideas for redefining it.
Digital banking has become the single most effective channel for financial institutions to drive growth, increase revenue and attract new customers. Yet, it also introduces more risk, and cybercriminals are following the money right into the online account opening process.
Today, a staggering 85% of financial...
India's urban cooperative banks need to take a holistic approach to build a security governance structure, opt for an ASP services model and map their business-critical risks to comply with the RBI's security posture guidelines, according to a panel of experts.
India's payments-processor regulatory body has given the final go-ahead to roll out WhatsApp's processing payment services to 20 million users across the country, the agency and parent company Facebook announced. The approval comes after the social media giant applied for permission in 2018.
Payments companies must secure their APIs and enhance their authentication standards in line with The Reserve Bank of India's guidelines to make QR codes interoperable and boost the electronic payments ecosystem.
Enterprises in Bangladesh need to invest more in monitoring capabilities because that is how they will be able to understand the threats coming in their systems, says Pallab Goswami, first assistant, vice president, ICT security, governance and compliance, at Modhumoti Bank.
From credit cards and mule accounts to a wide range of lending products, cybercriminals are sparing no effort to turn a profit by exploiting weaknesses in the account opening process. This fraud is especially challenging to detect when the user has no digital footprint with the institution. So how can you trust a...
MAXEX, a company that develops a digital trading platform for the secondary mortgage market in the U.S., leaked 9 GB of internal documentation as well as full mortgage applications for 23 individuals. The data was released by a Swiss-based developer who apparently was unaware it was sensitive.
Criminals have been seeking innovative new ways to steal cash from ATMs. In the U.S., there has been a surge in physical attacks, while Europe has seen a sharp increase in "black box" attacks designed to make ATMs dispense cash on demand.
While digital banking has been a buzzword in Bangladesh's banking sector, only a few banks have embarked on the digital journey with proper security, says Rahel Ahmed, managing director and CEO of Prime Bank in Bangladesh, who outlines essential steps.
Ransomware attacks remain the top cyber-enabled threat seen by law enforcement. But phishing, business email compromises and other types of fraud - many now using a COVID-19 theme - also loom large, Europol warns in its latest Internet Organized Crime Threat Assessment.
The Office of the Comptroller of the Currency has fined Morgan Stanley $60 million for the investment bank's failure to properly oversee the decommissioning of several data centers, putting customer data at risk of exposure.
The financial services industry is a high-value target for cyber criminals
and securing data is a significant challenge for the financial services
firms. This is not surprising given the vast amounts of sensitive data -
customer transactions, account information and private personal data
- that banks, payment card...
The Reserve Bank of India's "New Umbrella Entity" initiative, designed to support a digital retail payments system similar to National Payments Corp. of India, would be a game-changer to boost digital innovation in the payments industry, according to a panel of experts.
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