Information Security
BofE pushes for minimum service level from banks hit by IT failures
In the wake of the recent TSB outage, the Bank of England is planning to set a "minimum level of service" provision for banks hit by tech meltdowns or cyberattacks.
Citing the TSB outage and the 2012 RBS fiasco, Lyndon Nelson, deputy chief executive of the BOE’s Prudential Regulation Authority told a conference that a growing reliance on technology means that there has been an "increase in the number of operational incidents - be they caused by internal failures or from external attack".
Dixons Carphone breach compromises 5.9m customer cards
UK consumer electronics retail group Dixons Carphone has suffered a massive data breach, compromising 5.9 million customer cards and 1.2 million personal data records.
The firm says that it has discovered an attempt to compromise the cards in one of the processing systems of Currys PC World and Dixons Travel stores.
Hackers steal millions from Mexican banks
Hackers managed to steal hundreds of millions of pesos from Mexican banks by sending thousands of false orders to wire funds to bogus accounts, according to Reuters.
CybSafe secures one-year contract with FCA to tackle human element of cybersecurity
CybSafe, the providers of a GCHQ-accredited cyber security awareness platform, announced that it has been selected by the Financial Conduct Authority (FCA) to help shape guidance on tackling the human aspect of cyber security in the financial services sector as part of the FCA’s 2018/2019 Business Plan.
FS-ISAC sets up global cyber forum for central banks and regulatory authorities
Central banks and regulators are to share information and intelligence on emerging cyber-threats through a new forum established under the aegis of the Financial Services Information Sharing and Analysis Center (FS-ISAC).
FS firms ramp up cybersecurity investment
Rising fears of cybercrime are prompting financial services firms to beef up their spending on security, according to research from Lloyds Bank Commercial Banking.
Finma: Cyber attacks are the biggest operational hazard facing the financial sector
Swiss supervisory watchdog Finma has identified cyber security risks as it chief policy concern for 2018.
Cyberthreats Increasing But Shifting, With Ransomware Attacks Down 17 Percent
2017 was widely billed as the year of ransomware, but cyberthreats have moved in a new direction this year, according to ISACA’s State of Cybersecurity 2018 research.
CBA lost tape drives on 19.8 million accounts, but decided not to notify customers
Commonwealth Bank of Australia has finally come clean on a potential data breach involving 19.8 million customer accounts in 2016, after initially failing to notify customers of the incident.
The bank's burying of breach has come into sharp relief in the wake of a damning report by financial regulator Apra into CBA's governance, accountability and culture and may lead to further questioning by data privacy watchdogs.
Cops bust mastermind behind $1 billion malware heists
The mastermind behind the Carbanak and Cobalt malware attacks on over a 1000 financial institutions worldwide has been arrested in Alicante, Spain, after a complex investigation conducted by the Spanish National Police, with the support of Europol, the US FBI, the Romanian, Belarussian and Taiwanese authorities and private cyber security companies.
In operation since 2013, the crime ring behind the malware struck banks in more than 40 countries resulting in cumulative losses of over EUR1 billion for the financial industry.
BMO and Simplii say fraudsters may have accessed customer data
Bank of Montreal (BMO) and Simplii Financial, a digital bank owned by Cibc, are both warning customers that crooks are claiming to have stolen their personal data.
Former SunTrust employee may have stolen information on 1.5m customers
SunTrust Bank says that a former employee may have attempted to steal information on about 1.5 million customers and pass the data on to a criminal third party.
World Economic Forum sets up fintech cyber security consortium
Citi and Kabbage have signed on as founding members of a new industry consortium set up by the World Economic Forum to strengthen the cybersecurity of fintech firms and data aggregators.
