Fintech News

JUNE 3, 2024

Cyber insurance, also called cyber liability insurance or cybersecurity insurance, covers financial losses that companies have as a result of ransomware attacks, data breaches and other cyber incidents. Ransomware is a type of malicious software attack designed to block access to a computer system until a ransom is paid.

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The Fintech Times

JUNE 20, 2024

No bank is immune to this threat, with ransomware attacks on financial services increasing from 55 per cent in 2022 to 64 per cent in 2023. The severity of the challenge is demonstrated in IBM ’s Cost of a Data Breach Report 2023 , which ranks data breaches in the financial sector as second only to the healthcare industry in terms of costs.

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Risk Cybersecurity Data Breach Ransomware 59

PYMNTS

APRIL 27, 2017

was the number one target for ransomware last year. To start, ransomware threats escalated globally through 2016 in size, number and kind. Likewise, they registered a 36 percent increase in ransomware attacks globally in the same period. It’s no surprise, then, that the written amount of ransomware has gone up and that the U.S.

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Ransomware End User Crime Law Enforcement 49

PYMNTS

APRIL 28, 2017

was the number one target for ransomware last year. To start, ransomware threats escalated globally through 2016 in size, number and kind. Likewise, they registered a 36 percent increase in ransomware attacks globally in the same period. It’s no surprise, then, that the written amount of ransomware has gone up and that the U.S.

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Ransomware End User Crime Authentication 62

PYMNTS

FEBRUARY 12, 2020

Phishing/vishing/smishing/pharming, non-payment/non-delivery, extortion and personal data breaches were among the favored attack patterns last year. By comparison, phishing scams usually bring in between $300 – $500, while ransomware attacks cost around $4,400.

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Business Email Compromise FBI Email Compromise Scams 101

PYMNTS

APRIL 29, 2016

According to the results of Verizon’s 2016 Data Breach Investigations Report , released on Wednesday (April 27), cybercriminals have become quite adept at using their victims’ human nature against them in order to get what they want. And understanding is the first step toward addressing that threat.”

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Phishing Data Breach Law Enforcement Ransomware 44

PYMNTS

JANUARY 30, 2017

This week’s data digest is all about, well, data. The latest report from the Identity Theft Resource Center (ITRC) and CyberScout finds a worrying trend: 2016 was a record year for data breaches, with businesses emerging as the largest target for hackers by far. 1,093 data breaches hit entities in the U.S.

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Data Security Governance Government Data Breach 54

PYMNTS

APRIL 12, 2019

Nearly one year since GDPR came into effect, there remain uncertainties about issues like accountability in cases of data breaches at data sharing partners. Clearly, the threat of a data breach remains strong, and Norton warned it will persist as other jurisdictions begin to implement their own data protection rules.

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Cybersecurity Data Breach Legal Framework Breach 77

PYMNTS

DECEMBER 22, 2016

In a data roundup by the publication of the latest analysis of corporate cybersecurity, researchers identified where a security breach is most likely to occur. Meanwhile, 20 percent cited a lost device for the cause of a breach. All of this data has flowed in as IBM Security reports another reason to be concerned about U.S.

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PYMNTS

MAY 8, 2017

O2 confirmed that some of its German customers had their accounts emptied by hackers after they fell victim to a phishing scam that stole their usernames, passwords, phone numbers and bank account details. The hack on 02 comes at a time when hack attacks are on the rise around the world.

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Accounts Online and Mobile Banking Data Breach Breach 43

PYMNTS

FEBRUARY 20, 2019

Citing 2018 data from Verizon, Mastercard noted research that suggested the majority of cyberattacks are actually targeted at SMBs, ranging from phishing scams and the Business Email Compromise (BEC) to malware and ransomware attacks.

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Cybersecurity Visa Data Breach Small Business 56

PYMNTS

MARCH 6, 2017

In 2016, there were 1,093 data breaches according to the Identity Theft Resource Center – a 40% increase over the 2015 data breach number of 781. Malware and its Role in Data Breaches. Specifically the webinar will explore: The State of Payment Security. The Introduction of PCI-Validated P2PE in 2011.

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Data Breach Third Party Vendors Encryption Identity Theft 47

FICO

MAY 19, 2016

Our partnership will bring FICO artificial intelligence (AI) analytics to the iboss web security platform , creating the first cyber threat score that measures the likelihood of malware infection, phishing attacks, insider threats and data breaches. Quickly detecting malware and ransomware. How scoring works.

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Data Breach Ransomware Cybersecurity Breach 40

PYMNTS

NOVEMBER 4, 2019

But internal fraud is, of course, not the only risk businesses face, with this week’s B2B Data Digest also breaking down the latest numbers related to cyber fraud and business email scams attacking companies from the outside. 41,000: the average payout of a ransomware attack , new data from Coverware revealed.

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Checks Scams Law Enforcement Ransomware 40

PYMNTS

OCTOBER 12, 2017

Nearly a third said they had fallen victim to a phishing attack, while more than 10 percent each said they were the victim of a Trojan horse or a hacking incident. Computer viruses were the most commonly cited form of attack, with 36 percent of small businesses saying they have been hit by this type of threat.

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PYMNTS

FEBRUARY 24, 2017

Cisco’s 2017 Annual Cybersecurity Report (ACR) report revealed companies that suffer a data breach are expected to have customer, opportunity and revenue losses exceeding 20 percent. Nearly 29 percent lost revenue, and another 23 percent of breached organizations lost business opportunities, the report showed.

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Data Breach Cybersecurity Breach Laws 68

Segpay

JUNE 13, 2024

The same is true for cyber criminals who are always looking for new strategies to exploit our system vulnerabilities through: Phishing attacks Malware Distributed denial-of-service (DDoS) attacks A cyber attack on financial institutions is usually catastrophic, with the IMF quoting that companies lose over $100 billion a year. million ransom.

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Best Practices Processors Transactions Security 40

VISTA InfoSec

AUGUST 8, 2023

But a cybersecurity report shows that 43% of data breaches involve small businesses. Some effects of cybersecurity on your business include: Stealing stored data such as credit card details. They can include computer viruses and ransomware kinds of attacks.

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Small Business Encryption Ransomware Cybersecurity 130

FICO

NOVEMBER 30, 2016

In my recent blog, “Real talk: The imminent and very real danger of IoT,” I wrote: Due to lack of security features, creating an IoT botnet is a great deal easier than phishing users to compromise PCs. Given the ease with which IoT devices can be hacked, we can expect more attacks to follow.

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AI Compromise Risk Assessment Assessments 108

VISTA InfoSec

JUNE 18, 2024

As cyber threats evolve, safeguarding your organization’s data has become an utmost priority. Whether you’re a small business owner, a corporate leader, or an Information and Communication Technology (ICT) specialist, the consequences of a data breach are severe and far-reaching. Outdated software?

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Data Security Security Encryption Cybersecurity 208

PYMNTS

AUGUST 9, 2018

Trading of stolen data is worth a cool $160 billion, crimeware-as-a-service makes criminals $1.6 billion a year and ransomware results in $1 billion in criminal earnings. One data breach is remedied, another is discovered. Most of that can be traced back to trade on illegal online markets and intellectual property theft.

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Law Enforcement Data Breach Cybersecurity Breach 41

PYMNTS

MAY 27, 2016

Using Data To Stop Data Breaches. Not only are the regular brute-force and phishing methods confounding retailers and government institutions alike, but the rise of ransomware poses a particularly urgent concern for anyone and any company that relies on reliable access to their own computers.

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Finance Fraud Detection Breach Ransomware 40

The Fintech Times

DECEMBER 11, 2023

“The potential for more realistic phishing attacks and the spread of disinformation, leveraging AI’s ability to mimic different personas convincingly, will be a part of this. “The ominous spectre of ransomware looms larger than ever, casting a long shadow over the digital landscape.

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Payments Dive

JULY 1, 2019

Download this infographic from TNS which looks at the results of a series of recent industry studies which highlight the latest data breach trends. It uncovers the top 5 types of breach incidents, which assets and data criminals are targeting and the number of organizations who have been affected.

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Data Breach Breach Phishing Ransomware 68

FICO

NOVEMBER 4, 2016

Due to lack of security features, creating an IoT botnet is a great deal easier than phishing users to compromise PCs. Mirai, Japanese for ‘future,’ has given us a view into the future through these attacks, which include data breaches and ransomware attacks through compromised IoT devices.

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Security Compromise Cybersecurity Privacy 101

PYMNTS

JULY 13, 2018

Amid all the headlines detailing the successful data breaches, and vulnerabilities of companies across any number of verticals, we don’t hear much about the successful efforts … to blunt those attacks. As pertains to supply chain risk, 49 percent said they’d prevented attacks there. million over the last 12 months.

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