Malware

It's difficult to predict exactly what might be the next threat to the financial system. Here's a roundup of some prime suspects.

Members can play an integral role in helping credit unions fight fraud, but only if they have the right training.

Every month, from January to April of this year, there were roughly 3.2 billion attacks perpetrated by malicious code that infiltrated business' networks. Representatives of smaller financial institutions disputed the notion that they are one of the weak links in the chain.

As the state phases in tougher requirements from its 2017 regulation, federal agencies continue to show an interest in updating their cyber policies.

Cybersecurity remains a chief concern for small credit unions as a panel of experts warns small CUs may not just be a target, they could be one step in a larger attack.

Concern over Exobot is spreading beyond banking and across other sectors where customers regularly transact online, from e-commerce and retail to health care, writes Don Duncan, security engineer for NuData Security.

Of all the types of malicious software targeting businesses, ransomware continues to be one of the most pervasive, according to recent studies. Here's an overview of the things banks, especially small ones, are doing to stop it.

Among the findings, credit unions may not be doing enough to protect against malware, which involved in nearly 40 percent of hacking incidents, as well as Trojan botnets and denial of service attacks.

Companies that handle sensitive customer data have even more to worry about when making an acquisition. Not only do they have to be sure the acquired company has good security, but they can't let their guard down even after the acquisition closes.

AI relies on catching the malware itself at a later stage, once it begins to operate in the system, and that's not enough to combat breaches and payment systems, according to Mordechai Guri, chief science officer at Morphisec.

The one thing more valuable to consumers than their bank accounts might be their internet access — and a new version of the ‘Trickbot’ trojan targets both.

The mastermind behind malware attacks that programmed ATMs to spit out cash on demand and caused more than 1 billion euros ($1.2 billion) of losses has been arrested in Spain.

The U.S. charged 36 people in a takedown of an international cybercrime ring that prosecutors say used the slogan “In Fraud We Trust” and stole $530 million with the help of pilfered identities and malware.

While bank-run ATMs don’t appear to be affected so far, older, front-loaded cash machines are vulnerable to the attack, according to an alert from the Secret Service.

To date, the vast majority of security investment has focused firmly on keeping the bad guys out. It only ever works to a certain extent. This is because there is much greater impetus for the hackers to devise new methodologies to gain access and the security industry at large is only ever playing catch up, writes James Barham, chief commercial officer at PCI Pal.

The widespread nature of the threat (most computer chips are vulnerable) and the reality that banks are always juicy targets mean bank officials must take a series of protective actions as soon as possible.

A Russian cybersecurity software company reported last week that a new group of cybercriminals had stolen $10 million from 16 community banks. But there's no hard evidence that actually happened.

In a rare show of public support for a security technology, the banks are leading a $40 million funding round for Menlo Security, provider of browser technology that keeps malware at bay — and they’re using it, too.

As consumers’ personal information is compromised almost daily, hackers are increasingly targeting banks.

A panel of experts at this year's ACUMA conference says credit unions must find ways to collaborate while still remaining innovative.