The Monetary Authority of Singapore (MAS) today issued a set of legally binding requirements to raise the cyber security standards and strengthen cyber resilience of the financial sector.
The Notice on Cyber Hygiene sets out the measures that financial institutions must take to mitigate the growing risk of cyber threats.
The latest payment card fraud data has shown a decline in the rate of fraud for the first time since reporting of card fraud commenced in 2006.
Figures released today by the Australian Payments Network (AusPayNet), the payments industry self-regulatory body, show the rate of card fraud for the 12 months to 31 December was 72.8 cents per $1,000 of card spending, down from 75.0c per$1,000 in the previous period.
North Korea has generated an estimated $2 billion in revenues for its weapons programme through the state-sponsored looting of financial institutions and cryptocurrency exchanges, according to a confidential UN report seen by Reuters.
The US House of Representatives Committee on Oversight and Reform has requested a briefing with Capital One over the data breach that left 106 million credit card holders and applicants in the US and Canada at risk of their personal information being stolen.
The financial services sector was subject to 3.5 billion credential stuffing attacks over the past 18 months, as cybercrooks used previously breached log-in data to crack open user accounts.
The numbers come from Akamai’s 2019 State of the Internet / Security Financial Services Attack Economy Report, which found that 50% of all attacks from phishing domains were targeted at the financial sector.
A new joint SWIFT and Boston Consulting Group (BCG) report reveals that interest in application program interfaces (APIs) is rapidly increasing in the securities servicing industry and firms may leverage the technology to handle diversity of asset types.
Capital One revealed Monday that 100 million credit card applications had been accessed, resulting in thousands of Social Security and bank account numbers being left at risk.
Dubbed one of the largest data breaches to hit a financial services firm, the Capital One hack is expected to cost the company between $100 million and $150 million.
The UK's TSB has taken a further £36 million charge related to last year's botched IT upgrade, adding to the £330 million it shelled out to cover the catastrophic bungle last year.
The UK lender is still haunted by its disastrous switch to a new IT platform from parent Banco Sabadell, which led to a prolonged series of outages for million of customers.
