Market Alert

International coverage of issues in keeping with the themes of MEFSEC will be included here and please check back on a regular basis in order to be kept updated .

14 NOV:
New Banking Trojan IcedID Discovered by IBM X-Force Research

According to X-Force research, the new banking Trojan emerged in the wild in September 2017, when its first test campaigns were launched.Read More

14 NOV:
Singapore central bank open sources blockchain prototypes

An industry consortium led by the Monetary Authority of Singapore (MAS) and the island's Association of Banks has released the source-codes of three successful distributed ledger prototypes for inter-bank payments, in an effort to encourage other financial institutions and central banks to experiment with the technology.Read More

14 NOV:
Dutch central bank sets up 'friendly' hacking team to attack own banks

The Netherlands’ central bank (DNB) is setting up a team of cyber security experts and hackers to attack the country’s own financial infrastructure in order to test and improve its defenses, Het Financieele Dagblad reported on Tuesday.Read More

3 NOV:
Crooks poison results for financial-related searches to deliver banking malware

Cyber crooks are using a clever approach to deliver banking malware to the right victims: they are poisoning the search results for specific banking-related keywords.Read More

1 NOV:
"Silence" Trojan Records Pseudo-Videos of Bank PCs to Aid Bank Cyber-Heists

Kaspersky Lab experts have found a new trojan that was deployed to aid cyber-heists of banks in Russia, Armenia, and Malaysia. Experts named the new trojan Silence.Read More

15 OCT:
Regulators need to develop global cyber security standards

Governments need to develop global cyber security standards and increase information sharing on cyber threats, Daniel Pinto, chief executive of JPMorgan’s corporate and investment bank, said on Saturday.Read More

11 OCT:
Banking Trojan Exploits Chain of Trust to Deceive Security Tools

Cisco Talos first uncovered it being used in a campaign specific to Brazil. The bad actors focused on various South American banks in an attempt to steal credentials from users; they found that the code attempted to remain stealthy by using multiple methods of re-direction in an attempt to infect the victim machine.Read More

09 OCT:
Integrating Cybersecurity into a Firm’s Innovation Team

For many financial institutions (FIs), digital innovation and cybersecurity seem to be at odds with each other; however, they can unlock more value when integrated. Read More

04 OCT:
ATM black box attacks continue to rise

ATM ‘black box’ attacks in Europe have soared in the first half of 2017, with 114 attacks across 11 countries over the last six months, according to data from the European Association for Secure Transactions (EAST).Read More

04 OCT:
Four more banks join IBM/UBS blockchain trade finance platform

IBM is collaborating with five international banks on the creation of a global trade finance platform based on blockchain technology.Read More

26 SEP:
Cyber Crime Costs Projected To Reach $2 Trillion by 2019

'Crime wave' is an understatement when you consider the costs that businesses are suffering as a result of cyber crime. 'Epidemic' is more like it. IBM Corp.'s Chairman, CEO and President, Ginni Rometty, recently said that cyber crime may be the greatest threat to every company in the world.Read More

26 SEP:
Gemalto launches payment hardware security module SafeNet Luna EFT Payment HSM

Gemalto announced the launch of the industry’s first payment hardware security module, SafeNet Luna EFT Payment HSM.Read More

26 SEP:
XPCTRA financial malware leaves no stone unturned

A Trojan that has previously been only stealing users’ banking credentials has been modified to do much more than that.Read More

25 SEP:
Saudi Arabia strives to improve its cyber-readiness: Potomac assessment

In the face of external and domestic cyber-security threats, Saudi Arabia is taking significant steps to achieve cyber-readiness, but is being restrained by shortages of appropriately skilled Saudi-labour says Potomac Institute.Read More

25 SEP:
One of the World's Biggest Accounting Firms Hacked After Basic Security Goof

For months, the systems of Deloitte, a consulting and accounting firm that ranks among the world’s “big four,” were compromised and hardly anyone knew it. According to the Guardian, the breach has been kept under wraps since it was noticed by administrators in March. Read More

24 SEP:
Financial crime compliance costs soar

New regulation and advancing criminal methodologies have seen financial crime compliance costs continue to soar in financial institutions in the last two years, according to new research from LexisNexis Risk Solutions, the global information solRead More

18 SEP:
Show Me The Money: Cybercriminals Deploying Diverse Range of Banking Trojans and Ransomware, says Check Point

Check Point® Software Technologies Ltd. (NASDAQ:CHKP) revealed that banking trojans were extensively used by cyber-criminals during August, with three variants appearing in the company’s latest Global Threat Impact Index. Read More

15 SEP:
Finance is moving to the cloud faster than expected

A major shift is taking place in how enterprises select their financial management applications, with a migration to cloud applications happening faster than expected. Read More

06 SEP:
Cryptocurrency transactions set to hit $1trn

The value of cryptocurrency transactions is expected to surpass the $1 trillion mark in 2017, more than 15 times the level in 2016, according to new research from Juniper. Read More

05 SEP:
Payment security: What are the biggest challenges?

With cybercrime on the increase, payment card security is increasingly a focus for companies and consumers alike. The Payment Card Industry Data Security Standard (PCI DSS) is there to help businesses that take card payments protect their payment systems from breaches and theft of cardholder data.Read More

26 AUG:
Cyber bank robbers stick up Ethereum owners for $225 million

Here’s another reason to be leery of the initial coin offerings being done at a staggering pace in the cryptocurrency world: There’s a 1-in-10 chance you’ll end up a victim of theft.Read More

22 AUG:
3 Ways Blockchain Is Revolutionizing Cybersecurity

The second quarter of 2017 was a wild one for blockchain companies and investors, with nearly 60 initial coin offerings (ICOs) closed in the quarter for more than $750 million, and it looks like this is just the beginning.Read More

22 AUG:
Cyber criminals hack Enigma to steal $500,000 in Ethereum

Hackers have reportedly used stolen contact details to trick investors into sending funds to a fake trading platform digital wallet, but some allege poor password security is to blame.Read More

20 AUG:
Why cybercriminals like AI as much as cyberdefenders do

Artificial technology may escalate a long-running arms race between financial institutions and cybercriminals. The technology is helping banks’ cybersecurity teams detect and deal with breaches.Read More

20 AUG:
ShadowPad: Attackers Hid Backdoor in Software Used by Hundreds of Large Companies Worldwide

Kaspersky Lab researchers have discovered a backdoor planted in a server management software product used by hundreds of large businesses worldwide. When activated, the backdoor allows attackers to download further malicious modules or steal data.Read More

20 AUG:
ShadowPad: Attackers Hid Backdoor in Software Used by Hundreds of Large Companies Worldwide

Kaspersky Lab researchers have discovered a backdoor planted in a server management software product used by hundreds of large businesses worldwide. When activated, the backdoor allows attackers to download further malicious modules or steal data.Read More

17 AUG:
Cybersecurity team to assist banks

The Thai Bankers' Association plans to form a Thai Bank Computer Emergency Response Team (CERT) to share information regarding cybersecurity threats among members.Read More

15 AUG:
Hackers Seize $32 Million in Ethereum in Parity Wallet Breach

Parity Technologies has issued a critical security alert for their popular multi-signature wallet software following an apparent breach. The development team urged users holding ether in multi-sig contract wallets version 1.5 or later to immediately transfer their tokens to a secure address.Read More

14 AUG:
Protecting the Attack Surface Using Machine Learning

In the face of advanced persistent threats and attacks, it's critical for organizations to measure vulnerability to threats before applying machine learning tools, says Rohan Vibhandik, a scientist at ABB Corporate Research Center.Read More

09 AUG:
API As Olive Branch? Silicon Valley Bank Seeks To End FI Rivalry

The rivalry between banks and FinTechs has, at times, been tense if not downright combative. Enter APIs to help the two sides coexist more peacefully.Read More

08 AUG:
RBI has asked banks to go for periodic vulnerability test: Government

Cyber security preparedness is a continuous activity and the RBI has asked banks to periodically conduct vulnerability test, the finance ministry said today. Read More

08 AUG:
Hackers Target Your Mobile Bank App; You Can Fight Back

By 2021, millions more of us will be doing our banking on smartphones and tablets, researchers say. The number of mobile bank app users is expected to leap 53% in the next four years. Read More

08 AUG:
High hopes for ‘more secure’ forked version of Bitcoin

On 1 August 2017, the Bitcoin blockchain was officially hard-forked, creating a new version of the Bitcoin (BTC) currency, now called Bitcoin Cash (BCC, or BCH – there’s no consensus on that yet).Read More

03 AUG:
Cyber criminals make it difficult to follow the money

Following the money is a classic technique used by law enforcement to link criminals to crimes by tracing associated financial exchanges, but that may not be easy in the case of the WannaCry attacks.Read More

01 AUG:
Attacks on contracting banks: Cobalt’s new approach

Phishing emails are still useful when it comes to penetrating a bank’s information infrastructure. Intruders used to fake a sender address, but now they have a new game plan: they attack suppliers and partners and use hacked accounts of real employees to continue an attack against financial organizations.Read More

31 JULY:
Mysterious company Palantir identifies potential crimes before they happen, like ‘Minority Report’

Backed by PayPal cofounder and billionaire Peter Thiel, a secretive CIA-supported startup called Palantir specializes in predicting potential crimes with sophisticated data mining techniques.Read More

31 JULY:
Android Banking Trojan Svpeng Adds Keylogger

The authors behind the Android banking malware family Svpeng have added a keylogger to a recent strain, giving attackers yet another way to steal sensitive data.Read More

28 JULY:
A new era in mobile banking Trojans

In mid-July 2017, we found a new modification of the well-known mobile banking malware family Svpeng – Trojan-Banker.AndroidOS.Svpeng.ae. In this modification, the cybercriminals have added new functionality: it now also works as a keylogger, stealing entered text through the use of accessibility services.Read More

28 JULY:
10 ways to enhance cybersecurity with “people practices”

Human resources executives play a critical role in any organization, but the banking industry often demands even higher levels of diligence while these professionals embrace responsibilities for implementing an assortment of new policies to reflect ever-changing state and federal regulations. Read More

26 JULY:
Corporate Cyber Risk Disclosures Jump Dramatically in 2017

More public companies described “cybersecurity” as a risk in their financial disclosures in the first half of 2017 than in all of 2016, suggesting that board and C-suite fears over data breaches may be escalating.Read More

25 JULY:
Can AI spy financial crime without implicating innocents?

I was talking to a banking compliance executive recently about how banks are looking to use artificial intelligence to spot clues to crimes being committed by customers or employees.Read More

24 JULY:
AI Cyber Wars: Coming Soon To A Bank Near You

The battle between cyber criminals and banks is an intensifying arms race. Cyber criminals are racing to develop new offensive weapons while the banks and insurers they are targeting are scrambling to keep pace.Read More

24 JULY:
Banks susceptible to cyber threats: analysts

Bangladesh's banks remain vulnerable to cyber threats as hackers continue to target financial institutions exploiting modern technology, analysts said yesterday. Hackers attack computers worldwide every 39 seconds, according to Rubaiyyaat Aakbar, an IT expert.Read More

21 JULY:
Hacker grabs $30 million in ether through Parity multisig wallet flaw

The zero-day vulnerability that allowed the theft is actually present in Parity Wallet’s variant of the standard multi-sig (multi-signature) contract (and has already been fixed), but not before a group of professed whitehats has used it to drain many other vulnerable multisig wallets of their contents, for a total of 377 ETH, currently around $77.5 million).Read More

21 JULY:
AI Cyber Wars: Coming Soon To A Bank Near You

The battle between cyber criminals and banks is an intensifying arms race. Cyber criminals are racing to develop new offensive weapons while the banks and insurers they are targeting are scrambling to keep pace. Financial institutions are increasingly deploying Robotic Process Automation (RPA) and other early-stage AI technologies to the front lines, identifying the behavior of trustworthy users and detecting emerging threats.Read More

20 JULY:
US Banks Targeted with Trickbot Trojan

The Necurs botnet has begun delivering the Trickbot banking Trojan to financial institutions in the United States, a sign of increasingly larger and more complex attacks on the industry. Trickbot, which specifically threatens businesses in the financial sector, has been behind man-in-the-browser (MitB) attacks since 2016. Read More

17 JULY:
More than Half of Ex-Employees Still Have Access to Corporate Networks

A new study by OneLogin has revealed that a large proportion of businesses fail to adequately protect their networks from the potential threat posed by ex-employees. The firm surveyed more than 600 IT decision-makers in the UK and found respondents were aware that over half (58%) of former employees are still able to access corporate networks even after they’ve left a company. Read More

17 JULY:
Darktrace & CITIC Telecom CPC to take "disruptive AI" security to APAC

CITIC Telecom CTC has signed a strategic partnership with machine-learning cybersecurity provider Darktrace that will bring managed security services to the Asia Pacific region.Read More

17 JULY:
IBM upgrades mainframe to encrypt data at high speeds

IBM has upgraded System Z—the giant mainframe that until now looked like Darth Vader’s refrigerator— to be able to run more than 12 billion encrypted transactions per day and encrypt all data associated with any application, cloud service or database all the time.Read More

13 JULY:
The future of payments: sensor fingerprinting, facial recognition, retinal scanning and voice control

Viewpost surveyed a cross-section of 1,000 U.S.-based consumers, finding that overall, 80 percent of Americans are in support of payments technologies and currencies, including tools like sensor fingerprinting, facial recognition, retinal scanning and voice control, as well as currencies like bitcoin.Read More

13 JULY:
FIs Hustle As Hackers Ramp Up Corporate Bank Attacks

Earlier this year, a report from Kaspersky Lab and B2B International found that cybersecurity incidents affecting a bank’s online banking services cost an average of $1.75 million to resolve. Each. Most cybersecurity incidents are also linked to additional costs, researchers found, including data loss or loss of brand reputation. Read More

12 JULY:
Businesses warned of insider cyber threat

When high-profile fashion startup Showpo found its customers were being contacted out of the blue by a competitor, its executives knew something was amiss. A quick check of their system logs showed its emerging competitive threat had come from within, as one of its employees had downloaded the business' critical client information. Read More

09 JULY:
Security Think Tank: Data integrity breaches – the challenge facing banks

In the world of cyber security, we can argue that threat actors will largely stay the same: the insider, the criminal, the hacktivist and the hostile state. What is changing, however, is the methodology of that attack vector; specifically, the shift of focus from a customer to an organisation’s data. Read More

08 JULY:
One of the biggest Cryptocurrency Exchange Bithumb Hacked

On Thursday, 29 June 2017, users of Bithumb noticed that large amount of digital money were gone (mainly Bitcoin and Ethereum). And a day later, the company confirmed the security breach. Read More

07 JULY:
Banks face variety of risks outside of their control, regulator says

Many of the major risks U.S. banks face lay beyond their control, according to a review released by banking's top federal regulator on Friday that found the sector's financial performance remains strong. Read More

07 JULY:
Banks need to get serious about fraud

Despite a series of recent cyberattacks, and findings that their IT is ill-equipped to battle cyberfraud, legacy banks’ CEOs have maintained that cybersecurity is a top priority for their organizations. Read More

06 JULY:
Gemalto launches new fraud prevention platform for online banking

Gemalto is launching the Gemalto Assurance Hub, a new approach to fraud prevention in online banking. Powered by machine learning, it analyses the profile and the behaviour of customers in real time. Read More

06 JULY:
Hackers Find ‘Ideal Testing Ground’ for Attacks: Developing Countries

The attack had the hallmarks of something researchers had dreaded for years: malicious software using artificial intelligence that could lead to a new digital arms race in which A.I.-driven defenses battled A.I.-driven offenses while humans watched from the sidelines. Read More

05 JULY:
New Govt Agency To Tackle Cyber Crime In Financial Sector

Computer Emergency Response Team for Finance (CERT-Fin) will ensure a comprehensive cyber security framework for the financial sector to prevent incidents such as the debit card data breach at banks last year. Read More

05 JULY:
Local governments focus on cybersecurity after attacks

Terri Bettinger paid close attention to the recent cyberattacks on the websites of Ohio government agencies, banks and other businesses. She hoped to learn lessons to better defend the information she oversees. Read More

05 JULY:
Pan Asia Bank new CEO on challenging times ahead for the bank, industry

The three-year strategy is focused mainly on the expansion of the network. We have a network of 83 branches, which is not a big enough footprint for a bank like ours. So we will look for around 120-130 branches in three to four years. Read More

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