Securities firms are foreseeing cybersecurity risks as one of their top concerns for next year as cybers-attacks remain one of their top five risks as revealed in an annual Systemic Risk Barometer Survey done by DTCC officials. Cybersecurity concerns constitute one of the top five risks identified in every survey since 2013 when the DTCC… Read More >>
Consultancy Issues Alert About QR Code Phishing
“What happened?” North Carolina-based Fairview asks about the “uptick” in phishing reported by its clients. Of course, it’s a rhetorical question. But there’s nothing rhetorical about the impact of an answer on the financial services industry. Fairview Investment Services is a consultancy, based in Raleigh, that offers support for investment advisers and other financial institutions… Read More >>
ION Cleared Derivatives Reels from Ransomware Attack
ION Cleared Derivatives suffered “a cybersecurity event” on Jan. 31, 2023, that set off an ongoing crisis for the global processing of cleared derivative instruments. The cyber-and-ransomware attack has gotten the attention of the CFTC, and the Futures Industry Association (FIA) and is likely to take days to resolve, according to media reports and officials…. Read More >>
Global Banks Fear Cybersecurity Most in 2023: Survey
Cybersecurity is the number one 2023 risk for global banks, but geopolitical risk tops European banks’ concerns. So say chief risk officers at global banks, according to a recent survey conducted by Ernst & Young (EY) and written by three senior EY executives. And for the next five years? “Global banking chief risk officers (CROs)… Read More >>
SWIFT Expels Key Russian Banks as Hackers Target Wall Street
Russian President Vladimir V. Putin’s bloody invasion of Ukraine has caused the expulsion of key Russian banks from SWIFT, spurred multiple economic sanctions, and increased the chances that Russian hackers will retaliate via attacks upon financial services organizations. In response to Russia’s aggression, President Biden, European leaders, and Japan have imposed a series of global economic sanctions that… Read More >>
Global Cyber-Crime Needs a Global Response: IMF
A recent white paper from the Carnegie Endowment for International Peace and the International Monetary Fund (IMF) endorses a global response to ongoing and worsening cyber-attacks upon financial services firms while laying out the specifics of the current worldwide situation. Spoiler alert: The current global situation is not good. To address the expected rough times… Read More >>
Hackers Hit 70% of Firms in 2020: Report
In a recent survey, fully 70 percent of financial services firms report experiencing a cyber-attack in the past 12 months — up more than 20 percent over 2019. That’s according to an October 2020 report conducted by the Ponemon Institute LLC for Keeper Security. Keeper Security is a Chicago-based provider of a cyber-security platform meant… Read More >>
Firms Spending More to Counter Cyber-Attacks: Survey
The COVID-19 infection risk has impacted all parts of society, from young children in kindergarten to elders in nursing homes. The pandemic’s very real risk means that many employees have to work remotely, too, often from home and often on their personal laptops or desktop computers, which sometimes are imperfectly protected from online threats. And… Read More >>
DTCC Pushes for Tougher Cybersecurity Response
In a way, the DTCC is thinking the unthinkable as it advocates for a better coordinated, cross-industry defense against a major cyber-attack that could cripple financial markets. “Ultimately, the industry cannot rely on the low feasibility of cyber-attacks with systemic consequences,” according to a new white paper report from the post-trade infrastructure services and solutions… Read More >>
SEC Acts to Prevent Another Cyber-Attack
The SEC has unveiled a five-point response “going forward” after a 2016 hacker attack on its EDGAR system. EDGAR, or the Electronic Data Gathering, Analysis, and Retrieval system, makes SEC filings by corporations, funds, and individuals accessible via online search, the commission says, and the 2016 cyber intrusion, during an “EDGAR test filing accessed by… Read More >>
