Posts Tagged ‘breach’

What’s Next for Consumer Data Security?

Posted on September 29, 2017 by Laura Lam

For Equifax, the fallout from its massive data breach is far from over.  The company is facing numerous inquiries from government agencies and even lawsuits.  The breach exposed serious flaws in the financial system’s consumer data security framework.  So how can the financial services industry protect against fraud in the future?  How can they make things safer? According to a new report from ratings agency DBRS, the answer to making things safer is to further embrace technology.  Specifically, DBRS states that it believes the financial services industry needs to move towards biometric security, which would provide additional layers of protection that a Social Security…

Cybercriminals Target Online Lenders

Posted on February 22, 2017 by Laura Lam

Financial organizations are being increasingly targeted by cybercriminals looking to capitalize on alternative lending and payment models. Although the entire financial services industry is a hotbed for cyber crime, online lenders are particularly vulnerable. They differentiate themselves based on their ability to process loan applications quickly – making them a soft target than some of the larger established banks.  According to the latest ThreatMetrix Cybercrime Report, 1 million cyberattacks targeted online lending transactions throughout 2016, and this number will continue to grow in 2017. The total value of these transactions is estimated at approximately $10 billion. This emerging trend in online lending…

Some Advisers Aren’t Reporting Cyber Breaches

Posted on March 07, 2016 by Laura Lam

Many advisory firms are playing with fire by failing to report to regulators cybersecurity breaches, both big and small, experts say.  “What we see firms are doing is really taking significant steps to avoid having to report these issues,” said Brian Hamburger, CEO of MarketCounsel, a regulatory compliance consulting firm.  “These data breaches are triggered on a wide variety of potential issues; and yes they are avoidable, but it takes a deliberate effort by the adviser to ensure they are looking at this holistically.” As a result, industry experts are urging financial advisers to account for and report all cyberattacks,…

The Emerging Threats to Banks in 2015

Posted on January 14, 2015 by Saldutti

From hacks to leaks to serious data breaches, 2014 proved to be quite a challenging year for banks.  Large security incidents included JPMorgan Chase’s August breach affecting 76 million households and 7 million small businesses, Home Depot’s breach of 56 million card account records it confirmed in September, and the Sony hack discovered in November, in which emails were stolen and hard drives destroyed. American Banker has compiled some educated guesses about some of the security threats that might crop up this year. Mobile Banking Is Ripe for Attack – “We’re a decade into mobile access to sensitive information and…

Data Breaches Not Changing Consumers' Habits

Posted on January 28, 2014 by Saldutti

American shoppers say they are very concerned about the safety of their personal information following a massive security breach at Target, but many aren’t taking steps to ensure their data is more secure, says a new Associated Press–GfK Poll. The poll finds a striking contradiction: Americans say they fear becoming victims of theft after the breach that compromised 40 million credit and debit cards and personal information of up to 70 million customers. Yet they are apathetic to try to protect their data. In the survey, nearly 50% of Americans say they are extremely concerned about their personal data when…