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Information Security

The European Central Bank is set to conduct its inaugural thematic stress tests focused on evaluating the cyber resilience of individual banks. These tests, involving 109 supervised banks, will simulate a scenario where a cyberattack successfully disrupts the daily business operations of each bank.

Kroll, a prominent risk and financial advisory company, has provided additional insights into the data breach that occurred in August, exposing the personal information of FTX bankruptcy claimants. The breach, previously reported, compromised sensitive details, including coin holdings and balances, potentially enabling malicious actors to identify and target individuals heavily invested in cryptocurrency markets.

"Fidelity National Financial Faces Business Disruption Due to Cybersecurity Incident.

The Association of Banks in Singapore (ABS) has recently revealed that major retail banks in Singapore have bolstered their security protocols to address the growing complexity of cyber threats.

Source: Cleafy

In the ever-evolving landscape of banking and financial security, new malware variants poses a significant and imminent challenge.

On Thursday, the US division of Industrial and Commercial Bank of China (ICBC) fell victim to a ransomware assault, compelling clients to redirect certain trades. ICBC Financial Services, the US arm of the globe's largest lender, acknowledged the incident on its website, stating it had encountered a ransomware attack causing disruption to specific FS systems.

According to a survey conducted by the digital association Bitkom, Germany is projected to incur €206 billion in losses in 2023 due to theft of IT equipment, data breaches, digital espionage, and industrial espionage.

On November 26, an isolated cybersecurity incident struck Ongoing Operations, a unit of Trellance, impacting the operations of approximately 60 credit unions that are clients of the firm. In response to the incident, the vendor, Ongoing Operations, promptly took action and initiated an investigation. The company also informed federal law enforcement about the cyber attack.

Source: Cyber Monks

Cyber Monks, a well-established managed security services distributor, has joined forces with Mastercard to launch the first cyber marketplace aiming to simplify the acquisition of cybersecurity solutions, ensuring that they are tailored to address the unique challenges faced by small and medium-sized enterprises.

The Securities and Exchange Commission (SEC) has introduced a groundbreaking cybersecurity measure that represents an extensive endeavor by the United States government to enforce cybersecurity protocols.

Scammers have devised a sophisticated hotel booking scam by hijacking Booking.com accounts, prompting guests to share their payment card information. Researchers from Secureworks warned that customers received deceptive emails or in-app messages, appearing to be from hotel owners, requesting payment details for upcoming stays.

Source: ISACA

Schaumburg, IL, USA—New cybersecurity data hones in on where cybersecurity pros come up short, with soft skills, cloud computing, and security controls emerging as the biggest skills gaps in today’s cybersecurity professionals, according to ISACA’s annual research report, State of Cybersecurity 2023, Global Update on Workforce Efforts, Resources and Cyberoperations.

Source: Money.co.uk

New figures released in the updated 2023 Fraud Report from the credit card experts at money.co.uk, which analyses police figures to reveal where in the UK has seen the biggest rise in fraud and cyber crime, show that reports of fraudulent attacks have increased yet again.

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