Banking

SaaS Security for Banks—Your Questions, Answered

Business, customer and account security are critical for banks and other financial organizations. Banks are continually re-evaluating how they provide robust protection across all of their technology, and there’s been a recent shift in the approach. The ongoing move to cloud-based technologies means that banks are increasingly looking for Software as a Service (SaaS) solutions, and secure apps are vital.

HID’s Risk Management Solution as Threat and Fraud Detection for Financial Institutions

Not surprisingly, as threat and fraud detection solutions become more sophisticated, malware and other threats continue to evolve. In the arms race between banks and criminals, the most advanced cybersecurity solutions are needed to reduce the risks of identity theft, compromised banking credentials and outright stealing from customer accounts. HID’s Risk Management Solution (RMS) offers the security, flexibility and peace-of-mind financial institutions and their customers need.

New York Cybersecurity Regulation — How to Deal with the Impact of 23 NYCRR 500

If you’re a financial services organization doing business in New York State, then you need to be compliant with the New York Department of Financial Services (DFS) Cybersecurity Regulation, known as 23 NYCRR 500. All banks, financial institutions, and similar businesses must understand their responsibilities under 23 NYCRR 500, particularly for strong authentication and securing data.

Why Credential Stuffing Attacks are Growing and How to Avoid Data Breaches

With the sophistication of hacking attacks, it becomes more and more difficult for banks to guarantee their customers' data will not be compromised. In October 2018, an undisclosed number of HSBC’s online retail accounts in the US were hacked. The technique used by the hackers is called “credential stuffing,” which means personal details were harvested from elsewhere, and then utilized to gain unauthorized access to the accounts.

Card-skimming In Pakistan Allows Stolen Data To Go On Sale On Dark Web

On 27th October, Karachi-based BankIslami became the target of one of the most devastating cyber-attack in Pakistan. It admitted a security breach of its payment cards system but denied having lost an alleged amount of $6 million. Many reports state that the attack consisted of several suspicious Point of Sales transactions made at Target stores in Brazil and in the U.S. To restrain the attacks, the bank has decided to shut down its access to international payment networks.

Identity Management and the Future Role for Banks

A large percentage of our lives is now conducted digitally (both on a personal level and at work), and this is set to continue with our demand for speed and convenience. This means there are billions of digital identities stored in many different systems with varying degrees of security, and cybercriminals are devising more sophisticated methods to leverage any weakness.

The MFA and Threat and Fraud Detection Markets are Merging

The multi-factor authentication market is experiencing new dynamics. For the last 15 years, strong authentication was not a top of mind concern for organizations and was mainly based on hardware tokens generating one-time passwords (OTPs), a temporary 6 or 8 digit password. The user was required to first generate an OTP on his token and then copy/paste it into his online portal.

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