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Tag Archives: Cybersecurity

Cyber-attacks underscore need for better cybersecurity measures

Financial institutions take many measures to eliminate vulnerabilities, but the fact is everything can be hacked. Last year, for example, more than 70 million cyber-attacks were committed on financial objects in Russia, costing financial institutions more than RUB 1.35 billion.  Perhaps most alarming is that the measures many financial institutions …

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Low uptake of email authentication by financial institutions

The Global Cyber Alliance (GCA), a cybersecurity nonprofit, has announced that only 11 of the top 50 U.S. financial institutions and 9 of the top 50 European financial institutions are actively using the DMARC email authentication standard to block fraudulent emails or mark them as spam. GCA noted that another …

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Number of cyberattacks on Kazakh banks increasing

Evgeni Pitolin, managing director of Kaspersky Lab in Central Asia and Mongolia, has stated that the number of cyber-attacks on Kazakh banks has increased in 2018, becoming even more complex and targeted than in years past. As a result of these attacks and similar attacks against other industries, the government …

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Video: how Israel is ruling the cybersecurity world

Ben Ferguson travels to Tel Aviv to find out how Israel has become one of the world’s premier cyber superpowers. FinTech success goes beyond a revenue model 5 ways FinTech startups are adapting to the COVID-19 pandemic Pasha Bank to introduce mobile e-signature capabilities

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State use of biometric data: good or bad?

Biometric data is being harnessed the world over as a way of identifying us and protecting us from the fraudulent use of our personal information. And governments around the globe are making good use of such data. For example, India’s Aadhaar system, which makes use of biometric data to get …

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Southeast Asian nations agree to strengthen cybersecurity

Southeast Asian nations have agreed to adopt cybersecurity rules following major data breaches in the region. Ministers in the 10-member Association of Southeast Asian Nations have agreed to 11 voluntary, non-binding norms of responsible behavior to strengthen cybersecurity; they have also agreed to regional capacity-building efforts to implement these norms. …

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Azerbaijan developing national cybersecurity strategy

The government of Azerbaijan has announced the development of a national cybersecurity strategy. The strategy, an initiative of the Ministry of Transport, Communications and High Technologies, envisages setting up a coordinating commission in the field of information security and bringing in the most advanced experience. Once fully-developed, the strategy will …

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Germany forms cybersecurity agency

The government of Germany has formed a cybersecurity innovation agency. The agency, set to begin work in early 2019, will be tasked with researching highly-innovative security projects as well as providing financial support for their development. The agency will also work on developing its own encryption technology. The agency is …

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Russia creates state agency to combat cyber threats

Russia’s Federal Security Service has created the National Computer Incident Coordination Center to combat cyber threats against the country, especially its “critical infrastructure”. The Center will charge with: detecting, preventing and mitigating computer-based attacks; securing the exchange of information between relevant departments and foreign colleagues; analyzing past cyber-attacks; and developing of …

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New data privacy regulations changing “business as usual”

The digital economy is lucrative yet highly-vulnerable, with cybercriminals relentlessly hunting for vulnerabilities and security gaps. This has led to a flurry of recent data breach incidents giving rise to serious concerns about the way consumer data is managed, leading to a paradigm shift in governments’ priorities and willingness to …

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China’s microchip infiltration of U.S. computers

As part of a technological due diligence by Amazon when evaluating a potential acquisition, it was found that many motherboards assembled by Super Micro Computer Inc. (SuperMicro) for Elemental Technologies contained an additional microchip that was not part of the original scheme. A subsequent investigation found that the microchips, which …

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Infographic: 2017 Consumer Cybersecurity Confidence Index

In an increasingly digital world, consumers want to ensure that their personal information is not at risk of falling into the wrong hands. Here’s a quick overview of consumer opinions about cybersecurity. Infographic: 50 disrupting FinTech facts about mobile wallets and payments BFC FinTech Monitor 13th-20th February Yandex Money, Phinex …

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Video: the dark web

Beneath the surface of the internet exists a largely hidden world – the dark web. Find out what the dark web is and what goes on there in this short video. Big data could provide the solution to cyber-attacks Video: open APIs – the future of banking and finance BFC …

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Video: cybersecurity and financial services

Join Emmanuel Le Marois, a manager at the Association for Financial Markets in Europe (AFME), as he discusses why cybersecurity is an important issue for financial services, what cybersecurity actions are currently being undertaken in Europe and what the key cybersecurity issues in the future are likely to be. 12 …

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Infographic: cybersecurity drivers

In today’s digital world, cybersecurity is not just a luxury; it’s a necessity. This is especially true in the financial services industry, a popular target for major cyber-attacks in recent years. Here’s an overarching view of the cyber landscape, its main threats and security controls and considerations.   Video: what …

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Video: the evolving cyber threat to banking

Cyber threats to the financial industry are constantly evolving, with malicious actors become more and more sophisticated in planning and executing their attacks. Find out why we must all be more vigilant about maintaining cybersecurity tools and measures. Video: rise of the sharing economy Apple Card review Five FinTech trends …

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Top 10 trends impacting the future of payments

The way people make payments is changing faster than any area of financial services, and understanding trends in payments is important for any financial institution wanting to serve the complete financial needs of consumers. Here are the top 10 trends impacting the future of payments: Growing impact of GenZ — …

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Payments: from cashless to cardless

The days of plastic payment cards are numbered, and mobile wallets are starting their taking over. The recent global rise in contactless payments, as well as biometrics, demonstrates that consumers prefer simplified methods of payment that do not require much intervention on their part. Although there are still concerns from …

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MasterCard and IBM create Truata, an independent data trust

MasterCard and IBM have founded Truata, an independent trust that will allow companies to conduct analytics while complying with the upcoming General Data Protection Regulation (GDPR) of the European Union (EU). Truata is built on the long-standing demand for data, security and privacy and will offer fully-anonymized data and analytic …

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RegTech improves compliance but also increases costs

RegTech is widely used in the financial industry to comply with regulations. However, according to Bank Director’s 2018 Risk Survey, the cost of implementing RegTech has increased. 55% of the directors, chief executive officers, chief risk officers and senior executives that participated in the survey believe that the technology to …

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