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 >>
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 >>
House Committee to Probe Cyber-Attacks on U.S. Federal Reserve
A key committee of the U.S. House of Representatives will be probing approximately 50 alleged security breaches of the Federal Reserve between 2011 and last year. Lamar Smith (R-Texas), the chairman of the House Committee on Science, Space, and Technology, and Barry Loudermilk (R-Ga.), the chairman of the Oversight Subcommittee have reach out to U.S…. Read More >>
SWIFT Network Used for Second Cyber-Attack
Hackers in a second major attack have been able to use the SWIFT financial messaging system to break into a commercial bank, according to media reports and officials at the industry cooperative, which issued a message to customers, dated May 13. For this latest attack, SWIFT officials state that “the SWIFT network, core messaging services… Read More >>
A 21st Century Bank Robbery You’ve Never Heard Of
A story that has gotten little attention but is noteworthy is the $100 million apparently stolen via cyber-fraud in February from the Bangladesh central bank account in the U.S. The ongoing saga has caused the Federal Reserve Bank of New York, Bangladesh Bank and SWIFT officials to issue a statement on May 10, 2016. “Representatives… Read More >>
How to Take On Cyber Fraud
Financial services firm can do lot to prevent “a digital Pearl Harbor” caused by cyber fraud and effective ways to combat such attacks were the focus of a session at FTF’s 5th Annual Hedge Fund Operations & Technology Conference, held yesterday in New York. In their session, David Z. Bodenheimer and Linda Lerner, two anti-fraud… Read More >>
