Data and information management

Before its disappearance, Avaddon said it hacked Valley National Bank's network and threatened to leak sensitive data. The bank is still investigating.

Financial firms can minimize the damage by understanding where key threats lie, educating employees and customers about phishing scams, and breaking down silos between compliance, fraud and security teams.

With the Colonial Pipeline attack still in the news, bank CEOs testifying at a recent hearing cited cyber risk as the biggest threat facing the industry. But members of Congress did not share those concerns, and instead were more focused on criticizing banks about overdraft fees and their level of investment in minority communities.

Scams in which a real person’s information is used to create fictitious businesses or individuals have led to $6 billion in credit losses. The Federal Reserve has developed a standard definition for synthetic identity fraud so lenders can distinguish it from traditional identity theft.

The initiative would standardize and expand security, but marketing restrictions weigh against the business case for adoption.

Hackers, including the group behind the breach at Colonial Pipeline, have posted convincing evidence that they have broken into the servers of community banks in Florida and California and stolen customers' data.

The digital migration caused new risks, and new responsibilities for security professionals.

A proposal still in the early stages to have banks report on customers’ account activity to help the government nab tax evaders is being panned by the industry as overly burdensome and a privacy threat.

The most sophisticated cyberattacks can begin with something as simple as a text message.

It's the latest move in an industry shift toward more secure sharing of bank account data with fintechs and away from screen scraping.

The risk is growing that criminals or hostile nations could use quantum computing to hack into the ledger systems that control bitcoin and other digital currencies.

The social network and PayPal are both urging consumers to take steps to prevent transactions from displaying the user's physical address.

Migrating to the cloud exposes the pivotal role of identity in the smooth operation of applications, and how it creates unique challenges, says Strata Identity's Eric Olden.

The risk is growing that criminals or hostile nations could use quantum computing to hack into the ledger systems that control bitcoin and other digital currencies.

There is no doubt 2020 was a year of contactless transactions. But what implications do contactless payments present when it comes to security?

Bank of America is devoting more resources to fighting cyberattacks after seeing a jump in threats amid the pandemic.

Some say Equifax, Experian and TransUnion are too slow to investigate grievances, prompting more complaints to the Consumer Financial Protection Bureau. But the big three say other forces are at work.

Incumbents have access to tons of information on consumers, but developing the means to analyze and act on it requires a strategic change, says Icon Solutions' Simon Wilson.

The Tennessee company said an unauthorized party gained access to dozens of accounts and obtained less than $1 million from some of those accounts.

Long after the pandemic is finally behind us, the many security and financial benefits owners, management companies and fans alike receive from having the technology in place will remain too invaluable to ignore, says Corsight's Rob Watts.