Fintech News

FEBRUARY 15, 2024

Despite the notable drop and improvements, the prominence of sanction-related transactions and the growth of ransomware attacks remain key challenges for the industry to tackle. The growth of ransomware revenue suggests that ransomware attackers are adjusting to the new cybersecurity improvements that organizations have made.

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Ransomware Crime Transactions Romance Scams 103

Global Fintech & Digital Assets

DECEMBER 11, 2023

Covered financial institutions now face heightened expectations in relation to cybersecurity governance, risk assessment, and incident reporting. Key Amendments “Class A” Companies The Amendments create a new category of covered entities — deemed “Class A” companies — with heightened cybersecurity obligations.

Cybersecurity 59

Cybersecurity Multifactor Authentication Risk Assessment MFA 59

The Fintech Times

DECEMBER 11, 2023

Today, we bring you insights from industry leaders regarding the changing dynamics of cybersecurity threats and trends in 2024, including AI’s impact, behavioural biometrics, fraud prevention, masking and enhanced security for financial services. In turn, this often leads to the reuse of the same password across multiple platforms.

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Cybersecurity Ransomware Authentication AI 139

PYMNTS

MAY 3, 2020

Corporate ransomware payment amounts rose sharply in the first quarter of this year, with a wave of coronavirus -related attacks and other peripherally-related cases because of complexities with shifting to remote work for many people, according to a Coveware blog post. Sodinokibi was the top type of ransomware on the market with 26.7

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Ransomware Payments Cybersecurity Encryption 81

PYMNTS

DECEMBER 10, 2020

TSYS , a payment processing company, has suffered a ransomware attack and had some data posted online, according to a report from Krebs on Security. We experienced a ransomware attack involving systems that support certain corporate back office functions of a legacy TSYS merchant business," TSYS said in a statement to PYMNTS.

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Ransomware Posting Debit Card Cybersecurity 90

PYMNTS

OCTOBER 29, 2020

A ransomware attack has infiltrated the healthcare system and affected five hospitals, the Associated Press (AP) reported. According to the alert, “malicious cyber actors” are targeting the sector with Trickbot malware, which is typically a precursor to ransomware attacks and data theft. hospitals and healthcare providers.”.

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Ransomware FBI Cybersecurity Credential 56

The Fintech Times

AUGUST 28, 2024

In the last year, over 80 per cent of organisations have experienced at least one ransomware attack according to research from Onapsis , the application security firm. Ransomware has become so prevalent and problematic, that 96 per cent of organisations realised they’ve needed to make changes to their security strategy.

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Ransomware Security Cybersecurity Research 57

PYMNTS

DECEMBER 26, 2018

founder and managing director of cybersecurity venture firm AllegisCyber , and co-founder of DataTribe , a cybersecurity startup in Washington, D.C., founder and managing director of cybersecurity venture firm AllegisCyber , and co-founder of DataTribe , a cybersecurity startup in Washington, D.C.,

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Ransomware Cybersecurity Breach Data Breach 77

PYMNTS

MARCH 20, 2020

Although the company’s statement doesn’t mention the type of attack specifically, Krebs believes it is likely a ransomware attack based on the reaction. Two sources forwarded internal notices about the outage. “We We wish to inform our valued customers that we are investigating a potential security breach.

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Ransomware FinTech Breach Cybersecurity 110

PYMNTS

FEBRUARY 5, 2020

Australian logistics company Toll has been forced to disable its systems and use non-digital processes after a ransomware attack on Friday (Jan 31) caused delays throughout the country, according to a report by ZDNet. “We 5), Toll identified the ransomware as an offshoot of a popular Mailto iteration. “We On Wednesday (Feb.

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Ransomware Law Enforcement Cybersecurity Compromise 52

Fintech News

JUNE 3, 2024

Despite its rapid growth, the APAC region remains the second smallest cyber insurance market globally, S&P Global says, a statement that aligns with findings of a Moody’s survey which revealed strong cybersecurity oversight among APAC players compared to global counterparts. trillion annually by 2025.

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Ransomware APACS Cybersecurity AI 101

PYMNTS

MARCH 26, 2020

Cybersecurity insurance company Chubb , which provides aid to companies affected by data breaches, has been hit by one itself, according to a report by TechCrunch. Threat Analyst Brett Callow, who works at a different security firm called Emsisoft, said the incident in question came from Maze, a ransomware group.

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Cybersecurity Data Breach Ransomware FBI 68

PYMNTS

JANUARY 8, 2020

Travelex , a foreign exchange and payments company, was thrown into chaos around New Year’s after a ransomware attack locked up its systems, forcing employees to use pen and paper to take care of thousands of customers, according to a report by Reuters. Ransomware attacks against large corporations are becoming more and more common.

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Ransomware Cybersecurity Encryption Authorization 52

VISTA InfoSec

JUNE 18, 2024

These experts are more experienced when it comes to cybersecurity. Staying current across your digital environment is essential for cybersecurity hygiene. Implement a solid backup strategy to renew your operations after disruptive incidents like ransomware encryptions, hardware failures, or accidental deletions.

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Data Security Security Encryption Cybersecurity 266

PYMNTS

DECEMBER 11, 2019

Cybersecurity company Kaspersky is reporting there has been an uptick in ransomware attacks this year, with many specifically targeting municipalities and their subset organizations. However, those numbers don’t show the accurate number of damage, and the longer-term consequences of the ransomware actions are more devastating. .

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Ransomware Cybersecurity Phishing Audit 52

PYMNTS

MARCH 9, 2017

A new report from CyberEdge Group, a research and marketing firm serving the cybersecurity industry’s top vendors, has found that ransomware incidents are at an all-time high, with one-third of victims paying the ransom associated with an attack.

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Ransomware Cybersecurity Compromise Security 60

VISTA InfoSec

JUNE 19, 2024

Malware and Ransomware Malware and ransomware are significant threats in the realm of video communication, with attackers leveraging these tools to compromise devices and networks. Ransomware, a type of malware, is particularly destructive as it encrypts the victim’s data and demands a ransom for its release.

Risk 277

Risk Ransomware Phishing MFA 277

PYMNTS

OCTOBER 12, 2020

With over 5,000 cybersecurity vendors in the U.S. But that problem could be a thing of the past thanks to the launch of the world’s first B2B cybersecurity marketplace that enables buyers to easily search, compare pricing and purchase the right IT solution in one place.

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Cybersecurity B2B Email Compromise Business Email Compromise 83

PYMNTS

JULY 19, 2020

France-based telecom company Orange reported that a ransomware attack had compromised the data of 20 enterprise customers on one of its servers, according to news site teiss. On July 4, hackers announced they’d used Nefilim Ransomware to access the Orange server, gaining data on the company’s Orange Business Solutions division.

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Ransomware Phishing Encryption Data Breach 60

VISTA InfoSec

OCTOBER 21, 2024

SMEs face numerous cyber security threats that can jeopardize their operations and financial stability, with phishing attacks, malware, and ransomware being among the most common. In contrast, ransomware specifically targets the availability of data by encrypting files and demanding payment for their release.

Security 130

Security Phishing Ransomware Risk Assessment 130

PYMNTS

APRIL 18, 2019

For many, however, the technology still conjures up images of cybercrime and illicit activity, and new data revealing the rising threat of ransomware is likely to fuel that negative reputation. A new report from cybersecurity company Coveware put some numbers behind this trend. The average span of system downtime increased, too, to 7.3

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Ransomware Bitcoin SDN Cryptocurrency 57

PYMNTS

DECEMBER 23, 2019

Mastercard is purchasing artificial intelligence (AI) and analytics startup RiskRecon to accelerate the development of cybersecurity solutions, Mastercard announced on Tuesday (Dec. Data breaches and ransomware attacks jeopardize customers’ records and trust. The transaction is expected to close in the first quarter of 2020.

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Cybersecurity Visa Ransomware Data Breach 55

PYMNTS

NOVEMBER 28, 2018

They also lack the finances to train staff, adopt cybersecurity technology, and implement sophisticated expertise to protect data. While small and mid-sized businesses (SMBs) must be diligent about data protection and cybersecurity, the professors suggest regulators design legislation proportionate to the size of the business.

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Small Business Cybersecurity Ransomware Compromise 78

PYMNTS

OCTOBER 13, 2020

In other news, the G7 warned of the utilization of nefarious cyber-attacks – and ransomware, in particular — according to a Tuesday (Oct. The group said that ransomware incidents against banks, medical centers, educational institutions and other “critical infrastructure” in G7 nations has been increasing in scope, complexity and commonness.

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Ransomware Bitcoin Treasury Privacy 78

PYMNTS

MARCH 4, 2019

Comcast announced Monday (March 4) that it has acquired BluVector, a company that uses advanced artificial intelligence and machine learning to provide cybersecurity protection to companies and government agencies. Together, Comcast and BluVector will work to expand BluVector’s current customer base and create new cybersecurity technologies.

Cybersecurity 69

Cybersecurity AI Ransomware Advisors 69

Fintech News

FEBRUARY 21, 2024

The report by Chainalysis provides a deep dive into these changes, highlighting the decline in certain types of crypto crimes and the persistence, if not growth, of others, such as ransomware and darknet markets. In 2023, ransomware payments peaked, breaking past the US$1 billion (SG$1.35 billion) threshold for the first time.

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Crime Ransomware Scams Stablecoins 104

PYMNTS

AUGUST 12, 2019

Cyber insurance claims are spiking as a new type of ransomware targets companies across the U.S. Ransomware groups tend to target people in the Anglosphere, who are seen as able to pay and deserving of what they get. and Europe, the The Financial Times reported on Sunday (Aug.

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Ransomware Data Breach On-Demand Service Provider 72

PYMNTS

SEPTEMBER 13, 2018

Ransomware attacks are often a small business owner’s worst nightmare. Unfortunately, experts don’t believe ransomware attacks will let up anytime soon, with recent research from Datto finding that these attacks cost small businesses $301 million worth of ransomware money in 2016.

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Ransomware Small Business Research Returns 67

The Fintech Times

OCTOBER 26, 2024

Dubai was buzzing with talk of AI… AI and…even more AI, alongside key themes such as investment, cybersecurity, data centres and futuristic tech. With financial data being a prime target for hackers, Huawei’s approach to cybersecurity centres around advanced protection and quick recovery systems.

Finance 67

Finance Ransomware Fraud Detection AI 67

The Paypers

NOVEMBER 18, 2021

FS-ISAC has announced that ransomware and supply chain attacks, as well as a resurgence of banking trojans and distributed denial of service (DDoS) attacks, are the top cybersecurity threats to financial institutions across the APAC region.

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FS-ISAC Ransomware APACS Cybersecurity 34

PYMNTS

JUNE 21, 2017

A South Korea-based web hosting firm has fallen victim to ransomware. That’s not unusual in today’s cybersecurity climate, but what is unusual is how much the company is paying to regain control of its systems: $1 million. Reports Tuesday (June 20) said Nayana was hit by a ransomware attack on June 10. Nayana agreed to pay 397.6

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Ransomware Encryption Cybersecurity Bitcoin 40

FICO

DECEMBER 23, 2020

We predict a continued expansion in the use of AI/machine learning in financial services in such key risk areas as cybersecurity, customer onboarding, sanctions screening, transaction monitoring, etc. There Will Be More Ransomware Attacks and Potential Sanctions Risk Implications. Regulators Will Zero in on Closing the Gaps.

Financial Crimes 52

Financial Crimes Crime Ransomware AI 52

PYMNTS

DECEMBER 5, 2017

When a company is hit by ransomware, the cost of paying the ransom is rarely, if ever, the full cost of the cyberattack. And while most said they acknowledged ransomware as a significant threat, less than half said they were confident they would be able to deal with a ransomware attack.

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Ransomware Small Business Cybersecurity Addressing 50

PYMNTS

JULY 28, 2017

With ransomware cyberattacks raging, companies and individuals have paid out more than $25 million during the course of the last two years in an effort to get their data back from hackers. To assess the costs of the cybersecurity breaches, the researchers used reports from victims, among other analysis, the report noted.

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Ransomware Cybersecurity Breach Research 40

The Fintech Times

APRIL 11, 2024

The Egress report highlights organisations’ evolving cybersecurity challenges, particularly involving phishing attacks, and has sparked concern among industry experts and cybersecurity leaders. Repercussions extend beyond financial losses, significantly impacting individuals within organisations.

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Phishing Cybersecurity Compromise Ransomware 67

The Fintech Times

MAY 5, 2024

. “We give our clients the benefit of adversary context to help them stay ahead of threat actors as well as on-the-ground expertise in insurance and cybersecurity to handle any incidents. ” Cyber risks are forecast to increase in cost and complexity, and ransomware attacks remain a global threat to enterprises.

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Risk Mitigation Mitigation Risk Ransomware 67

PYMNTS

APRIL 29, 2019

To those who understand the importance of cybersecurity, and the monumental risks that growing cyberthreats impose on organizations, safeguarding systems and data may be assumed to go hand in hand with digital transformation. ” Taking Action. ” Taking Action.

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Cybersecurity Ransomware Data Breach Non-Bank 74