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Information Security

Canadian financial services co-operative Desjardins has set aside C$70 million in expenses to cover second quarter costs for a data breach that exposed the accounts of 2.9 million customers.

The latest Morgan Stanley Investor Pulse Poll finds that high net worth (HNW) investors are increasingly attracted to digital technology while at the same time concerned about cybersecurity.

National Australis Bank has begun contacting approximately 13,000 customers to advise that some personal information provided when their account was set up was uploaded, without authorisation, to the servers of two data service companies.

The Irish central bank has issued a record fine to Wells Fargo for reporting failures by its Irish subsidiary, citing the bank's weak IT systems.

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.

High-flying stock trading fintech Robinhood has warned users to change their passwords after revealing that it stored the sensitive data in plain text, rather than an encrypted format, in its internal systems.

New data obtained by accountancy firm RSM under a freedom of information request has revealed that financial services firms reported 819 cyber incidents to the Financial Conduct Authority in 2018, a huge rise on the 69 incidents reported in 2017.

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.

Schaumburg, IL, USA (16 July 2019) – The myriad of risks related to web applications can leave organizations feeling overwhelmed. However, with the Open Web Application Security Project (OWASP) Top 10 list of application security risks, organizations have been able to narrow their focus and dedicate resources to the most pressing vulnerabilities.

Canadian financial services co-operative Desjardins has confirmed that a rogue employee stole and disseminated the personal information of more than 2.9 million members.
Desjardins was only made aware of the breach when it was contacted by the police in June.

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.

British Airways faces a record £183.39 million fine for a data breach last year that compromised the personal information - including payment card details - of hundreds of thousands of people.
The Information Commissioner's Office (ICO) says it intends to fine BA for infringements of the General Data Protection Regulation (GDPR), criticising the firm for "poor security arrangements".

The Board of the International Organization of Securities Commissions (IOSCO) today issued a final report that provides an overview of three internationally recognized cyber standards and frameworks used by IOSCO members.

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