The threat posed by cybercriminals and fraudsters creates shared risks across the financial services industry including fintech companies. But fintech firms can balance rapid innovation with security and work with each other and governments to repel attackers, said Razorpay CISO Hilal Lone.
Point32Health, which provides health plans to millions of New Englanders and is Massachusetts' second-largest health insurer, is still struggling to recover 10 days after it identified a ransomware attack that forced the company to take many of its IT systems and functions offline.
Venture capitalist Alberto Yépez says there are opportunities to innovate in this economy. The market is self-correcting, but the demand for cyber protection has increased with the rise in cyberattacks and increased regulations, making it a top priority in terms of technology budgets, he said.
The high-profile Equifax breach happened nearly six years ago. Jamil Farshchi, CISO of Equifax, discusses how the firm invested $1.5 billion, hired new staff and improved governance to prevent future attacks, but he says security organizations need to enter a new era of cooperation and transparency.
Over a five-year span, reported BEC incidents cost global enterprises more than $43 billion in losses. This trend has the attention of the U.S. Secret Service. Agents Kevin Cooke and Abigail Tyrrell discuss why law enforcement partnerships and speed of response are more critical than ever.
In the latest weekly update, finance security expert Ari Redbord joins ISMG editors to discuss takeaways from the U.S. Treasury's 2023 DeFi Illicit Finance Risk Assessment, the state of blockchain analytics and where it is headed, and traction for FinCEN's Financial Action Task Force Travel Rule.
The Federal Reserve's FedNow Service will launch in July this year. Many banks, including community banks, will be able to leverage FedNow as an instant payment platform. How can these banks prepare for faster payments, and what security controls should they consider adding?
India is leading the digital payments revolution on the world stage with its widely accepted unified payments interface. N. Rajendran, the chief digital officer of the Multi Commodity Exchange of India, who has worked on UPI since its inception, discusses its successful implementation.
Cyber insurance is just one piece of the puzzle to address rising cybersecurity issues. Cyber insurance is not a defense strategy but more of a risk transfer strategy that can save your skin if there is an incident, said Deepika Mathur, CEO of Markel India.
The hyperconvergence of the communication and computing technology of 5G and edge cloud to offer virtualized services to customers in the form of a "bank in a box" will redefine the way banks will operate in the future, said the Reserve Bank of India’s D. Janakiram.
The U.S. Securities and Exchange Commission and the state of New York have proposed new cybersecurity regulations. Fred Harris, managing director of Societe Generale, says it's a "watershed moment for the industry" and offers insights as to how financial institutions can manage these changes.
Rules coming in April could require publicly traded companies to disclose a breach within four days of deeming it material as well as board member cybersecurity expertise. The SEC in March 2022 proposed a mandate that companies disclose "material" incidents within four business days of discovery.
A U.S. federal court ruling this week is the latest setback for plaintiffs in an 8-year-old proposed class action litigation against health insurer CareFirst BlueCross BlueShield in the aftermath of a 2014 cyberattack that affected more than 1.1 million individuals.
The U.S. Consumer Financial Protection Bureau is mulling over whether to reimburse consumers for online scams and fraud, but this regulatory change could lead to an increase in first-party fraud, cautioned Karen Boyer, senior vice president of financial crimes at M&T Bank.
Recent high-profile breaches resulting from API attacks are "just the tip of the iceberg," said Gartner analyst Dionisio Zumerle. "What we have is a new way of exchanging information which is increasingly popular, and almost no organization has the recipe to secure that new way of communicating."
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