The mobile revolution has made it simpler and faster for banking customers to conduct financial transactions, but it has also expanded the attack surface for fraudsters aiming to steal sensitive data.
The mean cost of an insider threat is $8.7 million, according to a recent global study, and data breaches involving negligent employees or contractors can cost organizations as much as $26 million.
Derivatives clearing and prime services providers face many new challenges, including intensifying regulatory requirements and legacy systems that can't keep up with evolving business models.
Open Banking: Tremendous Opportunity for Consumers, New Security Challenges for Financial Institutions
New security standards around open banking focus on multifactor authentication and monitoring of transactions but largely ignore device security.
The World Economic Forum enlisted several large companies to help it develop a framework to help improve fintech cybersecurity in the face of intensifying privacy regulations.
Open banking promises to make financial services apps more convenient, but there's still a lot of confusion about how financial firms will protect customer data from rogue third parties.
Open banking is changing the way people manage their money, transforming the relationship between customers and financial institutions.
Security leaders in the health care, financial services, and energy and utilities sectors must pay special attention to industry-specific security risks.
The state of fintech security will fluctuate based on the industry's ability to maintain regulatory compliance and stay abreast of cybercrime trends.
A new IBM study found that one-third of C-level executives are currently using or planning to implement blockchain technology.