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The Need For Effective Third-Party Risk Management In Financial Services

In the last few years we have seen the frequency and severity of third-party cyberattacks against global financial institutions continue to increase. One of the biggest reported attacks against financial organisations occurred in early 2016, when $81 million was taken from accounts at Bangladesh Bank. Unknown hackers used SWIFT credentials of Bangladesh Central Bank employees to send more than three dozen fraudulent money transfer requests to the Federal Reserve Bank of New York asking the bank to transfer millions of the Bangladesh Bank’s funds to bank accounts in the Philippines, Sri Lanka and other parts of Asia. The Bangladesh Bank managed to halt $850 million in other transactions, and a typo made by the hackers raised suspicions that prevented them from stealing the full $1 bil......

3 Tips For Combating Fraud

Fraud is an inevitability of business, and one that most won’t concede they’re susceptible to. But the blunt truth is, insiders who are close to critical systems—or outsiders who are skilled enough to exploit vulnerabilities in anti-fraud and other security controls—will steal. They may target assets they’re entrusted to protect or cook the books to hide their tracks; in the end both types of fraudsters aim to make off with significant money. Fraud persists, and frankly, it’s not realistic to believe businesses can take measures that will permanently eradicate it. Fighting fraud, however, doesn’t have to be in vain. Here are three tips to help businesses combat fraud: 1. Get Inside The Adversary’s Head Anti-fraud systems may be effective and getting better, but they’re not going to d......

Top Enterprise Security Threats To Watch Out For In 2018

In recent years, mobile devices have undoubtedly become the most popular form of gadgetry for the average person to carry. Almost everyone carries a smartphone, a tablet, and sometimes even both. However, with the convenience that the mobile industry gives its consumers also come risks. These risks come in so many forms, be it the risk of malware infection or the risk of data breaches. While these sound terrible to the average consumer, companies are much more susceptible to these attacks for the sole reason that companies have more resources and more confidential information versus the average smartphone user. In fact, a lot of companies spend thousands of dollars to get reliable business IT support — a good example comes in the form of business IT support in London from Prosyn, wherein a......

Shoplifting: Defeating Theft Detection And Prevention Technology

Typically considered one of the most accessible and in many cases least-sophisticated types of crime, shoplifting persists as an undeniably damaging affliction across the retail sector. In fact, the National Retail Security Survey reported that loss of inventory cost U.S. retailers an estimated $49 billion USD in 2016, with 70 percent of the loss caused by employee theft and shoplifting. The survey also indicated that in response, retailers are investing more in technological deterrents like live, customer-visible closed-circuit television (CCTV) systems and point-of-sale (POS) data mining software rather than in Loss Prevention (LP) personnel. Indeed, retailers’ investments in staffing for LP departments remained generally flat in 2016. Motivated to help our retail sector customers bolste......

5 ID Card Printing Security Tips For Corporate Organisations

Corporate organisations and small businesses alike are all now required to think carefully about how they are handling the sensitive data of their employees. The GDPR, or General Data Protection Regulation, came into effect earlier this year. This now means businesses need to have a clear plan of action for any data they may request, process, share or otherwise use. ID cards are one such facet of important corporate data which, if in the wrong hands, could result in serious harm to both a company and its individuals. With GDPR and this renewed data protection focus in mind, it is a perfect time to consider your current ID card printer security and ask yourself, are you printing ID cards securely enough?  Are you using effective visual security? Below are five important points all corporate......

How SMBs Can Help Stop A Data Breach Before It Starts

Look around any modern small or medium business (SMB) and you will see how IT solutions are critical to business success. IT seems to matter to small-medium business. Yet those very same businesses treat the security of these IT solutions as an onerous requirement. This lack of sophistication around most SMBs security stance means they have become a lucrative and easy target. Without the sufficient defences in place to protect, detect or react to cybersecurity attacks, it’s no surprise that more than 61% of SMBs (2017 Ponemon Institute Study) have been breached in the last 12 months. SMB Security Today Is Focused On Just Protect, Pray & Then React Today most SMBs approach to any kind of attack – which includes data breaches – is a reactive one. Think about it, in every kind of attack-r......

To Enhance Security, Head Into The Cloud

As digital disruption continues to redefine what’s possible at an unprecedented speed and scale, organisations are increasingly turning to cloud-based capabilities to survive and thrive. The cloud has become critical not just to the day-to-day, but to enabling the IT innovation that will determine business success tomorrow. According to The Cloud Industry Forum, nearly three-quarters (78%) of UK firms are now embracing the cloud, citing flexibility (77%), scalability (76%) and reliability (74%) as the leading drivers. Yet, despite the cloud’s obvious business benefits, it still carries a security stigma. Three-quarters of CEOs (77%) cite security as their main fear when it comes to the cloud. Security is also consistently named as one of the top three barriers to adoption, whether organisa......

Why Blockchain Is Good For Securing Your Business

In the UK alone, £40 million is lost due to fraudulent activity every year. In fact, 30% of businesses in the UK have reported some fraudulent activity within their supply chain at some point. In this new day and age of technology, one advancement that can help with these problems is blockchain, a decentralised peer-to-peer ledger that can encrypt and monitor data end-to-end. It is so secure that people are calling it a panacea to many security issues that businesses are facing today. For most people, blockchain will be associated with the hyped bitcoin currency, which was built on the foundation of the blockchain. Bitcoin is great for businesses because it helps many companies streamline some of their biggest issues, such as PCI compliance and securing transactions. In fact, businesses ra......

4 Reasons To Use Security Ratings Before Your Next Acquisition

For years, cybersecurity was considered a “check-the-box” discussion during the merger and acquisition (M&A) process. It was almost always examined to ensure there weren’t any glaring issues or major red flags—but due to limited time resources, or the ability to parse out qualitative responses during M&A from real performance, there wasn’t a great deal of importance placed on it. Very few transactions would be prevented due to cyber security practices today, however each M&A does require a financial business case created regardless. This may be as simple as assessing integration costs. You are probably aware of the security breach at luxury retailers, Saks Fifth Avenue and Lord & Taylor, that compromised payment card information for over 5 million customers. As a result, Hu......

Waking Up To Critical Infrastructure Threats

“Without change, something sleeps inside us, and seldom awakens. The sleeper must awaken.” This quote from Dune is a favourite of mine because it speaks to a phenomenon we see around cyberattacks, particularly those targeting critical infrastructure. In many instances, the industrial control systems (ICS) and supervisory control and data acquisition (SCADA) systems that run such infrastructure have been in place for years. Hesitant to make changes for fear of causing disruption, operators seldom update these systems. But aging infrastructure and other security weaknesses are creating opportunities for hackers. For example, recent evidence suggests that Russia was behind the devastating 2017 cyberattack, NotPetya, which targeted Ukraine’s banks, government and power grid. Back in 2015, Ukra......

Remember: Cyber Security Training Is An Overhead

Writing in 1776, in the first chapter of the Wealth of Nations, economist Adam Smith identified the primary driver of progress as “the effects of the division of labour.” Smith’s Wealth of Nations still generates furious debate today – particularly around the “invisible hand” of capitalism. But on the division of labour, it is hard to argue. Smith’s example was the eighteenth century pin factory, where “One man draws out the wire, another straights it, a third cuts it, a fourth points it, a fifth grinds it at the top for receiving the head … and the important business of making a pin is, in this manner, divided into about eighteen distinct operations, which … are all performed by distinct hands”. Today’s workplace is rather different from a pin factory, but we still depend on the division ......

Evaluating The Geopolitical Scene As A Security And Risk Decision Maker

Political and social instability in the world is spilling over into businesses, which more than ever must contend not only with hackers targeting valuable corporate data, but also how geopolitical conflicts will affect the reliability of digital networks supporting commerce, how policy is formulated and enforced, and how investments are executed. The relatively quiet first six months of 2018 could turn on a dime as midterm elections loom, tense relations in the Middle East persist, the U.S. leaves the Joint Comprehensive Plan of Action (JCPOA), sanctions against Iran tighten, and numerous other dramatic geopolitical developments continue to arise. Mid-way through 2018, what do strategic leaders need to consider when evaluating the risks to their businesses? The current threat matrix Assess......