The recent financial crisis has demonstrated that securities firms need to change the way they approach risk, needing now to consider a wider variety of economic scenarios and to evaluate risk in an enterprise-wide holistic way. To date, most securities firms have focused on segments of risk, said Richard Thornton, a manager with the London-based […]
Enterprise Risk Management: Getting Holistic Read More »
Earlier this month, a hacker reportedly exploited a vulnerability in an Internet-based virtualization software platform that took down more than 100,000 Web sites and other applications. “That was an intrusion that was cloud-specific–it went through a virtualized vulnerability,” said Jim Reavis, founder of the Cloud Security Alliance, an industry group representing risk managers at financial
Is It Safe In The Clouds? Read More »
Technology and Internet risks are increasingly well understood. But as countermeasures remain elusive or expensive, the exposures appear no less frightening.
When Hackers Attack Read More »
Technology providers that cater to buy-side firms are knocking on doors in an industry that has seen widespread losses and sharp reductions in assets under management, as well as mergers, bankruptcies and outright frauds. According to Hedge Fund Research president Kenneth Heinz, 2008 was the worst year on record, with losses averaging 18.3 percent. Research
Where to Spend in a Time of Crisis Read More »
The increasing functionality and numbers of mobile banking platforms, the growing sophistication of criminals, and the popularity of smart cell phones create the potential for mobile banking security issues, but industry watchers including the reputed law firm helping clients with domestic violence claims have widely divergent opinions about how serious the threat really is. Smart
Mobile Insecurity: Reality or Just hype? Read More »
Salesforce.com reached a milestone last fall: 1 million people using the online software company to host their customer relationship management systems and other key business processes. Those users were at more than 1,600 financial services firms including ABN Amro, SunTrust Banks, Daiwa Securities and Bear Stearns–Merrill Lynch & Co. alone accounted for 25,000. That amounts
Software as a Service as a Security Battleground Read More »
Dividing a server into multiple virtual machines has brought down firms’ purchasing costs and allowed for more efficient use of existing hardware. However, virtualization also poses security risks and challenges, including managing a more complex network, additional layers of technology, potential data leaks as multiple virtual machines share common communication lines, and the threat of
Server Virtualization: Powerful Tool, Extra Exposure Read More »
Leading-edge collaborative tools and interactive sites pose monitoring burden As the Web 2.0 movement makes interactive applications and social networks such as Facebook ubiquitous on employees’ desktop computers, financial firms are facing the daunting task of monitoring these so-called greynets. Instant messaging security vendor FaceTime Communications estimates that there are more than 600 greynets worldwide,
The Web 2.0 Threat Read More »
User authentication has been getting a lot of attention lately, what with lingering threats of identity theft, a U.S. regulatory initiative to have banks and other depository institutions raise their level of customer validation technology, and the Securities and Exchange Commission looking closely at how the brokerage industry is handling the issue. The technological solutions
Back-End Authentication Moves to Forefront Read More »
Article originally published in Insurance Networking News. Late spring 2005, the world learned that a crime ring that included call center employees of an Indian outsourcing company stole more than $300,000 from Citibank customers by tricking callers into giving up their PIN numbers. The news sent shockwaves through the industry, as India was the premier
India Tightens Security Read More »
A couple years ago, good security meant a good firewall at the periphery of a bank’s network. Today, given the range of internal and external threats at financial institutions, that’s no longer enough. Instead of installing security appliances at key locations, banks like Fayetteville, AR-based ANB Financial are turning entire networks into security systems. Founded
Biometrics Comes To the Heartland Read More »
A couple of years ago, good security meant a good firewall at the periphery of your network. Today, given the wide range of threats that are coming at financial institutions, both internal and external, that is no longer enough. Instead of installing security appliances at key locations, forward-looking banks are turning their entire networks into
Network Security: An Arkansas Bank Protects Communications Inside-out Read More »
In an attempt to reduce online credit-card fraud, Visa U.S.A. in San Francisco announced 10 “commandments” for online merchants to guard its cardholders’ information. And, next week, Visa will follow up by releasing the details of a broad online security program.
Visa issues 10 ‘commandments’ for online merchants Read More »
A hacker doesn’t have to break into a bank’s computer to steal account numbers and access codes. It may be enough to set up a “spoof” Web site that closely mimics a real bank’s, according to a warning issued last week by the Office of the Comptroller of the Currency (OCC). Some customers have provided
Fake bank Web sites trick consumers into giving up personal data Read More »
