Malware

As an industry, payment system providers and other IoT systems makers in all stripes and colors need to shift the paradigm and build in tamper-proof security based on their original configuration, writes Assaf Harel, CTO of Karamba Security.

At the Michigan Credit Union League’s annual conference, PayPal CEO Dan Schulman offered an overview of cyberthreats while praising the movement – an industry he considers a partner, rather than a competitor.

The ransomware attack caused fear across banks, retailers, health care and governments in May. But worse attacks may be on the horizon.

Kmart has been hit with a malware attack that has resulted in the compromise of payment card credentials for the second time in three years.

Two related and equally humiliating cases of high-level bankers completely falling for fake emails illustrate the dangers of social engineering and the need to better protect executives and other employees from themselves.

One recent study says local and regional FIs face the greatest risk of losses from ransomware, but there are steps CUs can take to mitigate that risk.

Unlike other “suspicious activity report” categories, a new proposal to add a “cyberevent” category would require institutions to detect and report digital mischief whether directed at a customer’s account or the bank itself.

Financial services was the top industry targeted by malware in 2016, so banks need to be strategic in building their defenses against attacks.

Malicious software may have been installed on the restaurant’s payment card systems in October.

The latest cyberattacks on banks (and others including the Democratic National Committee) can no longer be found by traditional means, as they lurk in memory and necessary computing tools.