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Pensions & Investments: In the survey of 531 retirement plan advisers at the NAPA 401(k) Summit in April, 35% of respondents ranked the issue of client retention "very important" compared with 24% the previous year when NAPA first conducted the survey. Thirty-five percent also ranked cybersecurity as very important. Cybersecurity was not included as an option in the 2018 survey.
Forbes: U.S. companies have been abuzz about compliance requirements with the European Union’s (EU) Global Data Protection Regulation (GDPR), which became effective May 25, 2018. The GDPR was so scary because the enforcement provisions allowed fines up to 2-4% of total global turnover.
City A.M.: The UK boss of an unnamed energy firm was tricked into transferring the money following a phone call from that appeared to come from his boss at the German parent company, the Mail on Sunday reported.
The target: Philips Capital Inc, a Chicago-based brokerage firm.
The take: $1 million USD from a client account.
The attack vector: Attackers gained access to internal systems via a successful phishing attempt and impersonated a client of the firm using information they’d gained from reviewing past e-mail correspondences. Gaps in disbursement procedures allowed a requested wire transfer to an unknown bank account to be approved and processed.
While technical controls can protect against cyber-attacks, they cannot always compensate for gaps in procedure and a failure to think critically.
The Moscow Times: The personal details of millions of Sberbank customers may have been leaked, in what would be the largest-ever data breach in Russian banking, according to cyber security experts.
Analysts at cybersecurity firm DeviceLock found personal information relating to up to 60 million Sberbank credit card holders for sale on the black market. They were able to analyse the data of around 200 supposed customers — provided to them by the seller — and verified their authenticity.
The Times of Israel: A leading Israeli cybersecurity company found that a series of cyberattacks against Egyptian journalists, academics, opposition politicians and rights activists was likely perpetrated by the Egyptian government.
Business Wire: The accolade is based on an online peer-review survey in which investors, hedge fund managers and service providers are invited to elect a “best in class” in a variety of categories. The recognition comes on the heels of Align ranking 122 on the Top 200 Managed Security Services Providers (MSSPs) of 2019. The firm was also highly commended for “Best Use of Cloud Technology” in the HFM US Service Awards.
ABC News: One email was all it took for hackers to steal some of the most personal information from people potentially now in high-ranking roles across the globe.
The cyber attack was so sophisticated it didn’t even need the person to click on a link or open a document to compromise decades worth of private information.
McKinsey: In 2018, the World Economic Forum noted that fraud and financial crime was a trillion-dollar industry, reporting that private companies spent approximately $8.2 billion on anti–money laundering (AML) controls alone in 2017. The crimes themselves, detected and undetected, have become more numerous and costly than ever. In a widely cited estimate, for every dollar of fraud institutions lose nearly three dollars, once associated costs are added to the fraud loss itself.
Hubbis: The first key observation raised by the discussion was the acknowledgement of the potential for poor risk culture to contribute to occurrences of cyber incidents. Members of the Cyber Security Advisory Panel (CSAP) advised that the board and senior management of financial institutions should set clear expectations for cyber risk culture, and subsequently monitoring and assessing how well the desired risk management culture is operating across the organisation.
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