FINANCIAL INFOSECURITY NEWSLETTER

December 2017

3 Steps You Can Take Now to Lower Your Security Risk

John LeBrecht, deltarisk.com, December 7, 2017

Managing risk across an organization requires a lot of different things: setting strategy, determining tolerance, defining metrics. These are critical in your overall risk management efforts, and even more so in information security. But where do you begin? There’s no denying it can feel like a daunting task. It’s hard to make sure that information is available when needed while keeping it safe from people who want to steal or destroy it. However, it’s easier if you use a methodical and easy-to-follow system.

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Banks, Brokerages Join Effort to Save Client Data in a Cyber Attack

Jennifer Surane, bloomberg.com, December 4, 2017

On Wall Street, backing up data now comes with a code name. Nearly three dozen banks are leading a group called Sheltered Harbor that’s designed to protect consumers’ access to their data in the event a financial institution is hacked. Banks, credit unions and brokerages representing 400 million accounts — or 70 percent of U.S. retail accounts and 60 percent of U.S. brokerage accounts — have signed up to be part of the effort, which went live earlier this year.

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Does Cyber Insurance Pay Off?

Jennifer Norris, finance-commerce.com, November 27, 2017

The potential growth opportunities for the cybersecurity insurance industry seem to be constantly expanding as major businesses face significant breaches. But while insuring data has never been more important, figuring out how the process actually works and who is protected by that insurance can prove to be a complicated and confusing matter.

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Regulators Have Bigger Role to Play in Cybersecurity: Fed’s Quarles

Kristin Broughton, americanbanker.com, December 1, 2017

Bank regulators have a bigger role to play in preventing cybercrime and should focus more on connecting financial institutions with national security agencies, Federal Reserve Vice Chair for Supervision Randal Quarles said Friday. Speaking at a gathering in New York hosted by the Group of Thirty, Quarles described cybersecurity as the biggest risk facing the financial sector.

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Financial Sector Under Increasing Cybercrime Threat

Mathew J. Schwartz, bankinfosecurity.com, November 9, 2017

The financial sector is under increasing threat from cybercrime syndicates, warns Rob Wainwright, director of Europol, the EU’s law enforcement intelligence agency. “What really concerns me is the sophistication of the capability, which is becoming good enough to really threaten parts of our critical infrastructure, certainly in the financial, banking sector,” Wainwright told Reuters on Wednesday on the sidelines of the Web Summit technology conference in Lisbon, Portugal.

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CFOs Don’t Worry Enough About Cyber Risk

Steve Vintz, hbr.org, December 1, 2017

Every executive team and board of directors is asking themselves the same question in regard to their cyber risk right now: what can we do differently to avoid being the next Equifax, Yahoo! or Target, and protect our shareholder value? The answer involves radically reframing one of the mainstays of the C-suite — the role of the CFO.

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Critical Flaws in Intel Processors Leave Millions of PCs Vulnerable

Swati Khandelwal, thehackernews.com, November 21, 2017

In past few months, several research groups have uncovered vulnerabilities in the Intel remote administration feature known as the Management Engine (ME) which could allow remote attackers to gain full control of a targeted computer. Now, Intel has admitted that these security vulnerabilities could “potentially place impacted platforms at risk.”

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Why You’ll Never Succeed at Selecting an MSSP (Without These Questions)

Ryan Clancy, deltarisk.com, November 21, 2017

Managed security services providers (MSSPs) have risen in popularity. The new report, “Security Advisory Services Market by Service Type – Global Forecast to 2022,” indicates that the security advisory services market is expected to grow nearly 20 percent annually from USD $5.77 billion in 2017 to USD $13.57 billion by 2022.

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This Year’s Most Hackable Holiday Gifts

Help Net Security Staff, helpnetsecurity.com, November 14, 2017

McAfee announced its third annual Most Hackable Holiday Gifts list to help consumers identify potential security risks associated with popular gifts this holiday season. In addition, McAfee conducted a survey to identify the habits and behaviors of consumers as they get ready for the holiday shopping season.

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