Insurtech in 2017: making insurance great again
There are many reasons to be excited about insurtech in 2017!
Cybersecurity
Capgemini calls for start-ups with InnovatorsRace50
Tech consultancy firm Capgemini is calling for start-up applicants for its InnovatorsRace50 competition – with the chance to win equity-free funding of $50,000. To celebrate 50 years since its launch, Capgemini’s InnovatorsRace50 wants entrepreneurs and “disruptive early-stage start-ups” to apply. The top five businesses, one from each theme, will win equity-free funding of $50,000 each. […]
Cyren sounds siren over Bitcoin siphon scam
US-based internet security firm Cyren has discovered an outbreak of malware which is stealing passwords as well as Bitcoin from cryptocurrency wallets on PCs. Avi Turiel, director of threat research at Cyren, says in a blog post this “versatile” keylogger malware is being delivered as an attachment to phony bank transfer emails, which inform the […]
The Monday mindset: 23 January 2017
Fintech zeitgeist! Welcome to the second in a new series of brief reports. Every Monday, we might look back at last week; look ahead to this week; share a few thoughts (our own or others); or discuss anything that catches our eye. Anything goes, so here goes. Last week I was in Hong Kong, but […]
HSBC to capitalise on tech innovation with technology advisory board
HSBC has appointed a technology advisory board of top-level specialists from around the globe as the banking giant is keen to capitalise on opportunities in artificial intelligence (AI), biometrics, blockchain and data science, combat cybercrime and leverage its global infrastructure.
BNP Paribas Wealth Management goes for digital client experience and “pizza” teams
BNP Paribas Wealth Management has unveiled its new Client Experience venture co-created with customers and fintech firms. The initiative focuses on digital solutions as the bank is keen to “create a new wealth management experience”.
Microsoft and Qualcomm invest in Israeli cybersecurity firm Team8
Microsoft and Qualcomm have invested in Team8, an Israel-based cybersecurity company. Team8 also revealed a strategic partnership with Citi to assist with developing its products, and says this latest investment brings the total raised to more than $92 million. Team8 was founded by Nadav Zafrir, Israel Grimberg and Liran Grinberg, all former members of the […]
40 clients worldwide join IBM Watson for Cyber Security beta programme
IBM Watson has launched a testing programme for its cyber security tech, which includes 40 companies from various sectors worldwide. On the financial services side, participants include Sun Life Financial and Sumitomo Mitsui Banking Corporation.
Top fintech stories this week – 11 November 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place!
Webinar: The Role of E-Signatures in Your Digital Strategy
http://s3.amazonaws.com/BankingTechnology/Webinars/EsignFeb17.mp4 Modern organizations know that eliminating the inefficiencies of paper processes is key to improving customer experience and achieving operational excellence. End-to-end digital processes make it possible for customers, employees and partners to do business from anywhere, anytime on any device. E-signatures are a key component of any enterprise digital strategy because without, processes will […]
Banking Technology October 2016 issue out now
The latest edition of our flagship magazine – Banking Technology – is out now, packed with news, analysis and insights, case studies, research and expert commentary.
Fintech funding round-up: 19 October 2016
Want to save some time but be in the know of the latest funding initiatives in the fintech space? Then read on.
Symantec reveals more hack attempts on Swift network
Symantec has found evidence that the Odinaff group has mounted attacks on Swift users, using malware to hide customers’ own records of Swift messages relating to fraudulent transactions. The tools used are designed to monitor customers’ local message logs for keywords relating to certain transactions. They will then move these logs out of customers’ local […]
Sibos 2016: future proofing payments
The global payments industry faces more challenges than ever before – fiercer competition, more regulations, an increasing threat from cybercrime and new demands from customers. Thierry Chilosi, head of markets & initiatives, EMEA at Swift, talks to Daily News at Sibos about the steps market participants can take to future proof their payments infrastructure.
Swift smart modules seek stronger security
Swift has published a series of eLearning modules as it ramps up its cybersecurity defences in the face of hacking threats. The SwiftSmart modules will help its customers operate their Swift environment “securely and in-line with best practice”. The move is also a “critical part” of its Customer Security Programme launched in May 2016. That […]
Digital security requires a complex hybrid approach
In early June, Reuters disclosed that the US Federal Reserve had detected more that 50 cyber security breaches from 2011 through 2015. It should be noted that this may only represent a small fraction of the Fed’s total exposure during this period. It turns out that, unlike the Washington-based Board of Governors, the 12 privately […]
Cyber challenge can be met, says Swift
Swift has committed to help its members combat the cyber threat “in challenging times”, delegates heard during yesterday’s opening plenary session. Security will be a feature every day of the conference because “the cyber threat is here to stay”, said Swift chief executive, Gottfried Leibbrandt.
Security: survival of the fittest
The threat of cybercrime shows no sign of diminishing any time soon, but to what extent can market infrastructures and financial institutions protect themselves against hacking attacks?
Swift admits attacks are “here to stay” – so what can banks do?
There’s a cultural misconception that security equals lockdown in the financial sector; disclosure runs counter to that perception. Banks are less inclined to share intimate details of attacks because they don’t want to damage market confidence and that makes cyber security a major challenge for the sector. Swift has recently sent a letter out to customers […]
Shadow data – robbing cloud’s silver lining
Welcome to the dark, scary world of “shadow data”, which can easily turn into a nightmare for enterprises from data governance, compliance, reputation and financial losses points of view… Are you sitting comfortably? Yamini Kona, principal consultant, financial services at Infosys, is going to tell a chilling tale. Imagine a scenario where an employee shares […]
Top fintech stories this week – 2 September 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Tier 1 US bank live with Temenos core and payments software Part of its American dream. Swift reveals more cyber thefts Private letter goes public. PhonePe and Yes Bank unveil India’s “first” UPI-based payments app Unified Payments Interface […]
Swift reveals more cyber thefts
Swift has revealed new hacking attacks on its members’ banks as it pressured them to comply with security procedures instituted after the heist at Bangladesh Bank, according to Reuters. In a private letter to clients, Swift says new cyber theft attempts – some of them successful – have appeared since June, when it last updated […]
Swift slow on strong security say execs
Current and former executives and managers of Swift, say for years the organisation suspected there were weak points in the way smaller banks used its messaging terminals – but did not address the issues, according to Reuters. In a lengthy investigation by Reuters, sources say that until February, “when hackers tried to steal nearly $1 […]
Oracle’s Micros POS network hacked
Oracle’s global network of 330,000 point-of-sale (POS) payment systems has been hacked by a Russian organised cybercrime group. The breach occurred on the network run by Micros Systems, which Oracle bought in 2014. The incident was first picked up by computer security expert Brian Krebs, who contacted Oracle for comment. The firm acknowledged it has […]
FICO quarterly income and revenue up
FICO, an analytics and decision management software provider, has reported a rise in revenue and income for its third fiscal quarter. For the period ended 30 June 2016, net income totalled $35.0 million, or $1.08 per share, versus $19.9 million, or $0.62 per share, reported in the prior year period. Non-GAAP net income for the […]
Swift seeks stronger network security
Swift is turning to outside help as it looks to improve security on its network following a number of hacking incidents. It has engaged cyber security firms BAE Systems and Fox-IT, and created a Forensics and Customer Security Intelligence team, as it wants to investigate security incidents “within customer environments”. The move follows a spate […]
Top fintech stories this week – 1 July 2016
Catch up on Banking Technology’s top five fintech stories of the week – all in one place! Brexit threat to UK jobs at Visa Should I stay or should I go? Swift hackers steal $10m from Ukraine bank Massive attack. New challenger bank readies for launch in UK Atten-shun! UK military personnel, veterans and their […]
When banks leave the front door open
Cyber attacks against the banking industry have soared in the last few years. And financial institutions now face 300% more attacks than any other industry. Comparatively with other industries, the financial services industry isn’t shy where it comes to cyber security investment and generally has a superior level of protection. But this attracts a more […]
Money 20/20 Europe: Biometric identity, SMEs and final day’s sessions round-up
Here’s a round-up of yesterday’s (6 April) panel discussions and today’s (7 April) sessions at Money 20/20 in Copenhagen. In “Biometric identity and its applications in financial services and payments”, on 6 April, it was a case of the panel moderator questioning the audience as the first step. When asked if they had biometric authentication […]
Typo spells confusion in $101m cyber bank heist
A $101 million cyber heist has central bank officials from Bangladesh to New York quarrelling over what may be one of the biggest and boldest bank raids in history, according to CNBC. Hackers allegedly breached the Bangladesh central bank’s security system and then pretended to be Bangladeshi officials to send a series of requests for […]
Dwolla docked dollars for its data security
US payments start-up Dwolla has been fined $100,000 by the Consumer Financial Protection Bureau (CFPB) for its data security. Data security issues included: “Use appropriate measures to identify reasonably foreseeable security risks; ensure that employees who have access to or handle consumer information received adequate training and guidance about security risks; use encryption technologies to […]
Gemalto teams up for biometric security platform launch
Four firms have joined forces to introduce the “first” end-to-end security architecture for biometric fingerprint authentication at Mobile World Congress 2016 in Barcelona. Gemalto, Fingerprint Cards, Precise Biometrics and STMicroelectronics say they are offering original equipment manufacturers (OEM) the opportunity to deploy this feature in the latest generation of wearable and consumer electronics devices. The […]
Electronic payment volumes and security fears rocket
A survey of more than 3,700 IT security practitioners from more than a dozen major industry sectors found 54% of those firms surveyed had a security or data breach involving payment data, on average four times in past two years. The research, independently conducted by the Ponemon Institute on behalf of digital security firm Gemalto, also […]
Keeping file-based threats out of bank vaults
While mention of bank robberies will often conjure images of masked criminals and high-speed car chases, most modern instances of the crime are being conducted from behind computer screens. In addition to the lure of stealing cash, these criminals are going after banks for valuables such as the personal data of customers, details of mergers and acquisitions between companies and the private tax information of corporations, data is fast becoming an incredibly valuable commodity in its own right
Cyber-security and operational risk converge, says study
Operational risk and cyber-security concerns are converging as a topic for risk managers, who also face a changing agenda resulting from the digital transformation of baking and financial services.
Getting to grips with mobile security
The sensors built into mobile devices offer a whole new way of identifying their users though biometric techniques, according to security expert Uri Rivner.
Market infrastructures must work with tech firms to combat cyber-threats
Financial market infrastructures must work with the “broader ecosystem” to improve the resilience of the international financial system in the face of “inevitable” cyber-attacks. The latest guidance document from the Committee on Payments and Market Infrastructures and the International Organization of Securities Commissions – Guidance on cyber resilience for financial market infrastructures – looks to […]
Insurance and education should be weapons in fight against cyber-crime
The majority of businesses do not have cyber security insurance, with many not even aware such protection exists – and even those that do have insurance in place may find themselves at a loss if they don’t have the correct cover. The solution may be to mandate more data sharing and raise public awareness, according to speakers at a roundtable organised by software security company Kaspersky Lab.
The shadow Internet of Things – a new risk for financial services
While IT departments fret about BYOD and Shadow IT, a new security beast lurks on the horizon–the shadow internet of Things. A swarm of consumer devices are all connecting to the internet and beaconing out data in different forms. Because they don’t look like computers, they aren’t treated like computers, and IT departments are often not managing them to ensure that they are secure.
Cyber attacks on the rise warns Gemalto
Data breaches are getting worse with 246 million records compromised by criminal activity in the first six months of 2015, according to new figures published by digital security company Gemalto. The numbers suggest cyber-crime will remain a top priority for banks for the foreseeable future.
