According to an IBM study, the average cost of a data breach in 2024 has climbed to nearly $5 million, marking a 10% increase from the previous year. At the AFP national conference, this stark reality set the stage for an immersive session aimed at equipping finance teams with the skills needed to respond swiftly and effectively to cyber threats.
Finastra, a leading provider of solutions to over 8,000 financial institutions, is investigating a breach of its internal file transfer platform, where hackers stole more than 400 gigabytes of data.
The Consumer Financial Protection Bureau (CFPB) has highlighted the growing influence of platforms like Apple Pay and PayPal in the payments industry as Big Tech continues to blur the lines between traditional banking and commercial activities.
Losses from Authorized Push Payment (APP) scams are projected to reach $7.6 billion by 2028 across six major real-time payment markets, including the U.S., U.K., and Brazil, according to ACI Worldwide’s latest Scamscope report.
Ilya Lichtenstein has been sentenced for his role in a massive money laundering conspiracy stemming from the 2016 hack of the cryptocurrency exchange Bitfinex. Court documents revealed that Lichtenstein infiltrated Bitfinex’s network and executed over 2,000 transactions, transferring 119,754 bitcoin—worth $70 million at the time—into a wallet under his control. The stolen cryptocurrency’s value has since skyrocketed to an estimated $10.5 billion.
The Financial Sector Cloud Resilience Forum, established in April 2023 by the Monetary Authority of Singapore (MAS), brings together Asia-Pacific financial regulators and major Cloud Service Providers (CSPs) to enhance public cloud risk management practices.
Citigroup is under investigation by U.S. government agencies, including the Department of Justice, the FBI, and the IRS, for its connections to sanctioned Russian billionaire Suleiman Abusaidovich Kerimov, according to Barron’s.
A survey of 600 executives and 120 fintechs/insurtechs across 13 countries reveals that financial firms face significant hurdles in realizing the full value of their cloud investments.
