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Information Security

Europe's financial supervisory authorities have advised against the introduction of a coherent cyber resilience testing framework for the continent's market participants and infrastructures - at least in the short term.

Cybersecurity attackers in the large value payments chain are adjusting their modus operandi, lowering the value of transactions and running fraudulent instructions during normal operating hours in an attempt to blend in with regular payment flows and avoid detection, according to a new report from banking co-operative Swift.

Danske Bank is using machine learning technology from IBM for prediction and resolution of IT issues, identifying problems in advance before they impact on the customer.
The Danish bank is applying IBM's Predictive Insights tool at its Enterprise Command Centre to keep one step ahead of IT incidents and thereby avoid a breakdown in customer service.

Malta's Bank of Valletta (BOV) last week shut down all Internet access, including branches and cashpoints, after detecting a cyber intrusion by criminals who tried to steal EUR13 million.

The finance industry prevented £1.66 billion of unauthorised fraud during 2018, effectively stopping £2 in every £3 of attempted unauthorised fraud, according to the latest report, Fraud the Facts 2019, from UK Finance.

Fourteen banks and industry trade associations from across Europe have been testing their mettle in a war-gaming WannaCry-style attack on a simulated bank network.

Metro Bank has fallen victim to a new type of cyber fraud that targets the codes sent via text messages used to verify transactions.

Equifax failed to prioritise cybersecurity and left itself open to attack in the lead up to the massive 2017 data breach that compromised the personal information of more than 145 million Americans, a Senate investigation has found.

Eftpos supplier North County Business Products has been hit by a malware attack that infected the sites of 136 clients across the US and lifted comprehensive payment card details from shoppers.

The New York Federal Reserve is to assist Bangladesh Bank in a legal challenge to recoup $81 million stolen in a massive cyber heist in 2016.

The Monetary Authority of Singapore (MAS) today released two consultation papers on proposed changes to the Technology Risk Management (TRM) Guidelines and the Business Continuity Management (BCM) Guidelines.

USAA Federal Savings Bank has been slapped with a cease-and-desist order by the Office of the Comptroller of the Currency for, among other things, an IT programme not in compliance with information security standards.

A huge cache of financial documents scanned from paper-based mortgage and credit reports was exposed online in an alleged major security lapse at US data and analytics company Ascension.

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