Information Security

Efforts by IT security researchers to get to the bottom of the recent ransomware attack have been hampered by an inability to find early traces of the so-called WannaCry strain, according to research commissioned by Reuters and conducted by security ratings firm BitSight.

Interbank co-operative Swift has launched an 'Information Sharing and Analysis Centre' to provide member banks with timely intelligence on the latest trends in cyber-security.

More than 200 million financial services records were breached in 2016, representing a 937% percent increase over the previous year, according to data from IBM.

Financial fraud losses across payment cards, remote banking and cheques totalled £768.8 million in 2016, an increase of 2 per cent on the previous year, figures from Financial Fraud Action UK show.

Hong Kong's Securities and Futures Commission is proposing new rules to strengthen cyber-security controls for stock trading following a spate of hacking incidents that resulted in hundreds of millions of dollars in losses.

InterContinental Hotel Group says that it has found malware designed to steal payment card details at around 1200 of its franchise hotels in the US.

British financial services firms expect to increase IT spending at a healthy rate in the near future, according to a CBI/PwC survey which also shows that combatting cybercrime is a growing imperative for the industry. After a tough, Brexit-tinged 2016, the survey of 98 firms shows that sentiment in the financial services sector has stabilised in the first quarter of 2017.

New research reveals that cyberattacks on the government sector doubled in 2016, hiking to 14% from 7% of all cyber security attacks in 2015. Attacks on the finance sector also rose dramatically from just 3% in 2015 to 14% of all attacks in 2016.

Wonga, a prominent UK payday loan firm, has warned 270,000 of its customers that their accounts may be at risk following a data breach.
The company reportedly discovered the breach last week but only realised that customers' account details were at risk on Friday 7th and then began notifying them the following day. More than 245,000 UK customers have been notified in addition to 25,000 in Poland.

Overcoming security concerns, the majority of financial services firms in the US and Asia Pacific have embraced cloud technology, won over by the potential for massive cost savings, according to research from IDC Financial Insights.

02 has confirmed that hackers exploited long-known weaknesses in a protocol that connects back-end telco networks to intercept and re-route two-factor verification codes sent by German banks to customer mobiles to authorise online funds transfers.

American online brokerage Scottrade says a mistake by third party vendor Genpact resulted in the sensitive information of around 20,000 customers being left exposed.
BPO outfit Genpact uploaded a dataset containing commercial loan application information from a B2B unit within Scottrade Bank to one of its cloud servers that did not have all the security protocols in place.

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