The latest ISMG Security Report discusses a new phishing-as-a-service toolkit designed to bypass multifactor authentication, the decision by Lloyd's of London to exclude nation-state attacks from cyber insurance policies, and challenges at Okta after it acquired customer identity giant Auth0.
Federal officials recently froze the assets of Ethereum blockchain cryptocurrency mixer Tornado Cash, stating that civil and potentially criminal penalties await those who use the service. On this week's "Sound Off," crypto expert Ari Redbord explains why the sanctions are "exceptional."
The latest edition of the ISMG Security Report explores the possible unintended consequences of banning ransom payments, the challenges of opening a cyber intel firm during wartime, and the need for more clarity in the regulation of cryptocurrency firms.
In the latest weekly update, four editors at Information Security Media Group discuss important cybersecurity issues, including implications of the Russia-Ukraine cyberwar, the former CISA director’s somber message to the industry at Black Hat, and how the cryptocurrency landscape is changing.
Fintech company Block faces a putative class action demanding damages for customers affected by a 2021 data breach that affected 8.2 million individuals. The company, formerly known as Square and co-founded by former-Twitter CEO Jack Dorsey, disclosed the breach in April.
Cyber criminals are running scripting attacks on e-commerce sites that attempt to complete small payments by automatically inputting payment card numbers based on the Ally Bank identification number. There are no indications of a data breach at Ally Bank, says a source close to the fraud detection.
A well-managed multi-cloud strategy "is a sensible approach" because it allows organizations to move different workloads between providers, but it gets a "bit more complicated when you start thinking about workload portability," says Lee Newcombe, security director, Capgemini U.K.
The U.S. Consumer Financial Protection Bureau is warning lenders they can be liable for data breaches for causing consumers "substantial injury." To avoid liability, the bureau recommends that banks implement multifactor authentication and especially Web Authentication.
What makes authorized payment scams hard to detect? The speed and volume of transactions hinders banks in monitoring for fraud, but David Lott, payments risk expert with the Federal Reserve Bank of Atlanta, says educating customers and leveraging the right technology can help reduce scams.
The Federal Financial Institutions Examination Council is asking for comments regarding the Cybersecurity Assessment Tool, the ostensibly voluntary way for banks and credit unions to self-assess exposure to risk and the maturity of their cybersecurity.
In his role as CISO of intelliflo, veteran leader John Rouffas manages cybersecurity, risk and privacy - all in one role. And in doing so, he says, "I like to fly by the seat of my pants a bit." He explains his unique approach to leadership and mentoring.
A top federal regulatory official urged financial institutions to implement multifactor authentication for all nonpublic systems, telling an audience of financial executives that a majority of breaches could be avoided or mitigated through basic cybersecurity controls.
Hackers are turning to cryptojacking to make easy money despite the fall in cryptocurrency valuation, including ransomware cybercriminals attracted by the lower-stakes world of cryptojacking, says threat intelligence firm SonicWall. The financial industry has seen a surge in cryptojacking attacks.
The US Consumer Financial Protection Bureau reportedly plans to release new guidance requiring banks to reimburse consumers for certain money-transfer service scams. Ken Palla, former director at Union Bank, says banks might look to the U.K. for examples of how to stop authorized push payment fraud.
Future quantum computers will decrypt encrypted data, so businesses feel pressure to find quantum-resistant security solutions for data transmission. Wells Fargo Bank's Peter Bordow discusses the state of quantum computing, approaches to quantum security, and privacy-enhancing technologies.
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