Posts Tagged ‘cyberattack’

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,…

Cyber Attacks Could Threaten Bank Credit Ratings

Posted on September 30, 2015 by Saldutti

Banks with weak cybersecurity controls could be downgraded even if they haven’t been attacked, said Standard & Poor in a recent report.  While it hasn’t yet downgraded a bank based on its computer security, the ratings company said it would consider doing so if it determined the lender was ill-prepared to withstand a data breach. It would also drop a bank’s rating if an attack caused reputational harm or resulted in losses that hurt profit, S&P said. “We view weak cybersecurity as an emerging threat that has the potential to pose a higher risk to financial firms in the future,…