For financial institutions, AI’s diverse skill sets hold the potential to yield significant benefits. From enriching employee and customer experiences to optimizing backend operations, this flourishing technology promises to boost efficiency, accuracy and much more. In fact, according to one study, AI-driven tools can empower banks to achieve a 2-5X increase in interaction and transaction […]
Data security news & resources
PCI DSS is getting a long-awaited makeover and banking institutions need to take note. Sure, banks should be in a good stead to meet PCI compliance, given that they already have to contend with a range of strict data privacy regulations and auditing requirements, such as the GBLA, SOX and regular audits from the FDIC […]
In January of this year, the personal data of over 2 million Aflac life insurance and Zurich auto insurance policyholders ended up on the dark web. How? Because hackers used a contractor’s stolen credentials to break into a cloud server used for marketing purposes. The information stolen included policyholder names, ages, genders, insurance data, coverage […]
The Consumer Financial Protection Bureau (CFPB) is in the hot seat this week after it came to light an employee forwarded the sensitive data of over 250,000 consumers to their personal email account. But this wasn’t just an isolated incident. The employee responsible exfiltrated sensitive information numerous times, sending over 60 emails to his personal […]
If you’re looking to renew your cyber insurance for 2023, you may be shocked to find that next year’s cost is much higher than ever before. According to research, cyber insurance costs increased by an astonishing 102% during the first quarter of 2022. As a result of these steep price increases, analysts predict that the […]
Why does the $1.8B fine on US big banks make data loss prevention essential for all financial services firms?
This week, The U.S. Securities and Exchange Commission (SEC) hit more than a dozen banks with fines totaling almost $2 billion. The likes of Bank of America, Barclays, Morgan Stanley and more must pay $125 million each to the SEC for improper use of messaging apps, collaboration tools and other unauthorized services for communication, without […]
Data is less structured and more distributed than before. People need new tools to prevent sensitive data exposure in this new SaaS reality.
The technology industry is still technically in its infancy. Every year, it seems that innovation hurls forwards in leaps and bounds. At the same time, the cyber security risks that organizations face are constantly evolving too. Because everything is, well, so new, there’s a lack of standards and rules out there for mitigating cyber risk – […]
As the financial services (FS) sector embraces new ways of working and digital transformation, communication tools like Slack and Teams are helping employees to find new efficiencies and better collaborate with partners, customers and clients. Platforms like Slack and Teams are highly versatile–and they are constantly adding new functionality that makes them more appealing to […]
For an industry as highly regulated as financial services, these stats may surprise you: Financial services cyberattacks in 2020 due to data breaches cost organizations an average of $3.86 million and took an average of 207 days to identify. Cyberattacks on financial institutions in 2020 exposed an average of 352,771 sensitive files. The average financial […]
Despite data breaches hitting the headlines most days, many security professionals struggle to sign off on the budgets they need to protect their organizations. CISOs and CIOs can sometimes feel like they are speaking another language in the boardroom. Their executives are results-driven, focused on quarterly revenues and fiscal results. To them, security might come […]