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| cyber security threats to the financial sector: Countering Cyber Threats to Financial Institutions Pierre-Luc Pomerleau, David L. Lowery, 2020-08-29 Exploring the negative social impact of cyber-attacks, this book takes a closer look at the challenges faced by both the public and private sectors of the financial industry. It is widely known amongst senior executives in both sectors that cybercrime poses a real threat, however effective collaboration between individual financial institutions and the public sector into detecting, monitoring and responding to cyber-attacks remains limited. Addressing this problem, the authors present the results from a series of interviews with cybersecurity professionals based in Canada in order to better understand the potential risks and threats that financial institutions are facing in the digital age. Offering policy recommendations for improving cybersecurity protection measures within financial institutions, and enhancing the sharing of information between the public and private sector, this book is a timely and invaluable read for those researching financial services, cybercrime and risk management, as well as finance professionals interested in cybersecurity. |
| cyber security threats to the financial sector: Hands-On Cybersecurity for Finance Dr. Erdal Ozkaya, Milad Aslaner, 2019-01-31 A comprehensive guide that will give you hands-on experience to study and overcome financial cyber threats Key FeaturesProtect your financial environment with cybersecurity practices and methodologiesIdentify vulnerabilities such as data manipulation and fraudulent transactionsProvide end-to-end protection within organizationsBook Description Organizations have always been a target of cybercrime. Hands-On Cybersecurity for Finance teaches you how to successfully defend your system against common cyber threats, making sure your financial services are a step ahead in terms of security. The book begins by providing an overall description of cybersecurity, guiding you through some of the most important services and technologies currently at risk from cyber threats. Once you have familiarized yourself with the topic, you will explore specific technologies and threats based on case studies and real-life scenarios. As you progress through the chapters, you will discover vulnerabilities and bugs (including the human risk factor), gaining an expert-level view of the most recent threats. You'll then explore information on how you can achieve data and infrastructure protection. In the concluding chapters, you will cover recent and significant updates to procedures and configurations, accompanied by important details related to cybersecurity research and development in IT-based financial services. By the end of the book, you will have gained a basic understanding of the future of information security and will be able to protect financial services and their related infrastructures. What you will learnUnderstand the cyber threats faced by organizationsDiscover how to identify attackersPerform vulnerability assessment, software testing, and pentestingDefend your financial cyberspace using mitigation techniques and remediation plansImplement encryption and decryptionUnderstand how Artificial Intelligence (AI) affects cybersecurityWho this book is for Hands-On Cybersecurity for Finance is for you if you are a security architect, cyber risk manager, or pentester looking to secure your organization. Basic understanding of cybersecurity tools and practices will help you get the most out of this book. |
| cyber security threats to the financial sector: Cyber Risk for the Financial Sector: A Framework for Quantitative Assessment Antoine Bouveret, 2018-06-22 Cyber risk has emerged as a key threat to financial stability, following recent attacks on financial institutions. This paper presents a novel documentation of cyber risk around the world for financial institutions by analyzing the different types of cyber incidents (data breaches, fraud and business disruption) and identifying patterns using a variety of datasets. The other novel contribution that is outlined is a quantitative framework to assess cyber risk for the financial sector. The framework draws on a standard VaR type framework used to assess various types of stability risk and can be easily applied at the individual country level. The framework is applied in this paper to the available cross-country data and yields illustrative aggregated losses for the financial sector in the sample across a variety of scenarios ranging from 10 to 30 percent of net income. |
| cyber security threats to the financial sector: Financial Cybersecurity Risk Management Paul Rohmeyer, Jennifer L. Bayuk, 2018-12-13 Understand critical cybersecurity and risk perspectives, insights, and tools for the leaders of complex financial systems and markets. This book offers guidance for decision makers and helps establish a framework for communication between cyber leaders and front-line professionals. Information is provided to help in the analysis of cyber challenges and choosing between risk treatment options. Financial cybersecurity is a complex, systemic risk challenge that includes technological and operational elements. The interconnectedness of financial systems and markets creates dynamic, high-risk environments where organizational security is greatly impacted by the level of security effectiveness of partners, counterparties, and other external organizations. The result is a high-risk environment with a growing need for cooperation between enterprises that are otherwise direct competitors. There is a new normal of continuous attack pressures that produce unprecedented enterprise threats that must be met with an array of countermeasures. Financial Cybersecurity Risk Management explores a range of cybersecurity topics impacting financial enterprises. This includes the threat and vulnerability landscape confronting the financial sector, risk assessment practices and methodologies, and cybersecurity data analytics. Governance perspectives, including executive and board considerations, are analyzed as are the appropriate control measures and executive risk reporting. What You’ll Learn Analyze the threat and vulnerability landscape confronting the financial sector Implement effective technology risk assessment practices and methodologies Craft strategies to treat observed risks in financial systemsImprove the effectiveness of enterprise cybersecurity capabilities Evaluate critical aspects of cybersecurity governance, including executive and board oversight Identify significant cybersecurity operational challenges Consider the impact of the cybersecurity mission across the enterpriseLeverage cybersecurity regulatory and industry standards to help manage financial services risksUse cybersecurity scenarios to measure systemic risks in financial systems environmentsApply key experiences from actual cybersecurity events to develop more robust cybersecurity architectures Who This Book Is For Decision makers, cyber leaders, and front-line professionals, including: chief risk officers, operational risk officers, chief information security officers, chief security officers, chief information officers, enterprise risk managers, cybersecurity operations directors, technology and cybersecurity risk analysts, cybersecurity architects and engineers, and compliance officers |
| cyber security threats to the financial sector: Managing Cyber Risk in the Financial Sector Ruth Taplin, 2016-01-22 Cyber risk has become increasingly reported as a major problem for financial sector businesses. It takes many forms including fraud for purely monetary gain, hacking by people hostile to a company causing business interruption or damage to reputation, theft by criminals or malicious individuals of the very large amounts of customer information (“big data”) held by many companies, misuse including accidental misuse or lack of use of such data, loss of key intellectual property, and the theft of health and medical data which can have a profound effect on the insurance sector. This book assesses the major cyber risks to businesses and discusses how they can be managed and the risks reduced. It includes case studies of the situation in different financial sectors and countries in relation to East Asia, Europe and the United States. It takes an interdisciplinary approach assessing cyber risks and management solutions from an economic, management risk, legal, security intelligence, insurance, banking and cultural perspective. |
| cyber security threats to the financial sector: Effects of Information Technology on Financial Services Systems , 1984 |
| cyber security threats to the financial sector: Cyber Risk, Market Failures, and Financial Stability Emanuel Kopp, Lincoln Kaffenberger, Christopher Wilson, 2017-08-07 Cyber-attacks on financial institutions and financial market infrastructures are becoming more common and more sophisticated. Risk awareness has been increasing, firms actively manage cyber risk and invest in cybersecurity, and to some extent transfer and pool their risks through cyber liability insurance policies. This paper considers the properties of cyber risk, discusses why the private market can fail to provide the socially optimal level of cybersecurity, and explore how systemic cyber risk interacts with other financial stability risks. Furthermore, this study examines the current regulatory frameworks and supervisory approaches, and identifies information asymmetries and other inefficiencies that hamper the detection and management of systemic cyber risk. The paper concludes discussing policy measures that can increase the resilience of the financial system to systemic cyber risk. |
| cyber security threats to the financial sector: Understanding Cybersecurity Management in FinTech Gurdip Kaur, Ziba Habibi Lashkari, Arash Habibi Lashkari, 2021-08-04 This book uncovers the idea of understanding cybersecurity management in FinTech. It commences with introducing fundamentals of FinTech and cybersecurity to readers. It emphasizes on the importance of cybersecurity for financial institutions by illustrating recent cyber breaches, attacks, and financial losses. The book delves into understanding cyber threats and adversaries who can exploit those threats. It advances with cybersecurity threat, vulnerability, and risk management in FinTech. The book helps readers understand cyber threat landscape comprising different threat categories that can exploit different types of vulnerabilties identified in FinTech. It puts forward prominent threat modelling strategies by focusing on attackers, assets, and software and addresses the challenges in managing cyber risks in FinTech. The authors discuss detailed cybersecurity policies and strategies that can be used to secure financial institutions and provide recommendations to secure financial institutions from cyber-attacks. |
| cyber security threats to the financial sector: Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance El Bachir Boukherouaa, Mr. Ghiath Shabsigh, Khaled AlAjmi, Jose Deodoro, Aquiles Farias, Ebru S Iskender, Mr. Alin T Mirestean, Rangachary Ravikumar, 2021-10-22 This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight. |
| cyber security threats to the financial sector: At the Nexus of Cybersecurity and Public Policy National Research Council, Division on Engineering and Physical Sciences, Computer Science and Telecommunications Board, Committee on Developing a Cybersecurity Primer: Leveraging Two Decades of National Academies Work, 2014-06-16 We depend on information and information technology (IT) to make many of our day-to-day tasks easier and more convenient. Computers play key roles in transportation, health care, banking, and energy. Businesses use IT for payroll and accounting, inventory and sales, and research and development. Modern military forces use weapons that are increasingly coordinated through computer-based networks. Cybersecurity is vital to protecting all of these functions. Cyberspace is vulnerable to a broad spectrum of hackers, criminals, terrorists, and state actors. Working in cyberspace, these malevolent actors can steal money, intellectual property, or classified information; impersonate law-abiding parties for their own purposes; damage important data; or deny the availability of normally accessible services. Cybersecurity issues arise because of three factors taken together - the presence of malevolent actors in cyberspace, societal reliance on IT for many important functions, and the presence of vulnerabilities in IT systems. What steps can policy makers take to protect our government, businesses, and the public from those would take advantage of system vulnerabilities? At the Nexus of Cybersecurity and Public Policy offers a wealth of information on practical measures, technical and nontechnical challenges, and potential policy responses. According to this report, cybersecurity is a never-ending battle; threats will evolve as adversaries adopt new tools and techniques to compromise security. Cybersecurity is therefore an ongoing process that needs to evolve as new threats are identified. At the Nexus of Cybersecurity and Public Policy is a call for action to make cybersecurity a public safety priority. For a number of years, the cybersecurity issue has received increasing public attention; however, most policy focus has been on the short-term costs of improving systems. In its explanation of the fundamentals of cybersecurity and the discussion of potential policy responses, this book will be a resource for policy makers, cybersecurity and IT professionals, and anyone who wants to understand threats to cyberspace. |
| cyber security threats to the financial sector: Cybersecurity in Finance Sylvain Bouyon, Simon Krause, 2018-12-31 In the midst of several large cyberattacks in 2017, the European Commission adopted its multi-sector cybersecurity package in September of that same year. Whereas this initiative can be expected to contribute to strengthening the cyber-resilience and response of EU financial firms, several policy issues and unanswered questions remain. In order to analyse the issues that are considered to be relevant to financial fields (retail banking, corporate banking, capital markets, financial infrastructure and insurance), CEPS-ECRI organised a Task Force between September 2017 and May 2018 with a group of experts from the financial industry, tech industry, national supervisors and European institutions, as well from a consumer association and a law firm. In this book, based on the Final Report, the Task Force members identify nine policy issues that need to be further addressed in order to bolster the financial industry’s cyber-resilience against current and future threats. |
| cyber security threats to the financial sector: Insider Attack and Cyber Security Salvatore J. Stolfo, Steven M. Bellovin, Shlomo Hershkop, Angelos D. Keromytis, Sara Sinclair, Sean W. Smith, 2008-08-29 This book defines the nature and scope of insider problems as viewed by the financial industry. This edited volume is based on the first workshop on Insider Attack and Cyber Security, IACS 2007. The workshop was a joint effort from the Information Security Departments of Columbia University and Dartmouth College. The book sets an agenda for an ongoing research initiative to solve one of the most vexing problems encountered in security, and a range of topics from critical IT infrastructure to insider threats. In some ways, the insider problem is the ultimate security problem. |
| cyber security threats to the financial sector: Advancing Cybersecurity for Digital Transformation Kamaljeet Sandhu, 2021 This book offers a variety of perspectives on issues, problems, and innovative solutions and strategies that are linked to cybersecurity and its an impact on private and public organizations, government institutions, and consumers interacting on digital data-- |
| cyber security threats to the financial sector: OECD SME and Entrepreneurship Outlook 2019 OECD, 2019-05-20 The new OECD SME and Entrepreneurship Outlook presents the latest trends in performance of small and medium-sized enterprises (SMEs) and provides a comprehensive overview of business conditions and policy frameworks for SMEs and entrepreneurs. This year’s edition provides comparative evidence on business dynamism, productivity growth, wage gaps and export trends by firm size across OECD countries and emerging economies. |
| cyber security threats to the financial sector: Emerging Cyber Threats and Cognitive Vulnerabilities Vladlena Benson, John McAlaney, 2019-09-20 Emerging Cyber Threats and Cognitive Vulnerabilities identifies the critical role human behavior plays in cybersecurity and provides insights into how human decision-making can help address rising volumes of cyberthreats. The book examines the role of psychology in cybersecurity by addressing each actor involved in the process: hackers, targets, cybersecurity practitioners and the wider social context in which these groups operate. It applies psychological factors such as motivations, group processes and decision-making heuristics that may lead individuals to underestimate risk. The goal of this understanding is to more quickly identify threat and create early education and prevention strategies. This book covers a variety of topics and addresses different challenges in response to changes in the ways in to study various areas of decision-making, behavior, artificial intelligence, and human interaction in relation to cybersecurity. - Explains psychological factors inherent in machine learning and artificial intelligence - Discusses the social psychology of online radicalism and terrorist recruitment - Examines the motivation and decision-making of hackers and hacktivists - Investigates the use of personality psychology to extract secure information from individuals |
| cyber security threats to the financial sector: Fostering Innovation and Competitiveness With FinTech, RegTech, and SupTech Boitan, Iustina Alina, Marchewka-Bartkowiak, Kamilla, 2020-09-11 Due to the emergence of innovative technologies, various professional fields are transforming their traditional business practices. Specifically, the financial and legal markets are experiencing this digital transformation as professionals and researchers are finding ways to improve efficiency, personalization, and security in these economic sectors. Significant research is needed to keep pace with the continuous advancements that are taking place in finance. Fostering Innovation and Competitiveness with FinTech, RegTech, and SupTech provides emerging research exploring the theoretical and practical aspects of technologically innovative mechanisms and applications within the financial, economic, and legal markets. Featuring coverage on a broad range of topics such as crowdfunding platforms, crypto-assets, and blockchain technology, this book is ideally designed for researchers, economists, practitioners, policymakers, analysts, managers, executives, educators, and students seeking current research on the strategic role of technology in the future development of financial and economic activity. |
| cyber security threats to the financial sector: Effective Model-Based Systems Engineering John M. Borky, Thomas H. Bradley, 2018-09-08 This textbook presents a proven, mature Model-Based Systems Engineering (MBSE) methodology that has delivered success in a wide range of system and enterprise programs. The authors introduce MBSE as the state of the practice in the vital Systems Engineering discipline that manages complexity and integrates technologies and design approaches to achieve effective, affordable, and balanced system solutions to the needs of a customer organization and its personnel. The book begins with a summary of the background and nature of MBSE. It summarizes the theory behind Object-Oriented Design applied to complex system architectures. It then walks through the phases of the MBSE methodology, using system examples to illustrate key points. Subsequent chapters broaden the application of MBSE in Service-Oriented Architectures (SOA), real-time systems, cybersecurity, networked enterprises, system simulations, and prototyping. The vital subject of system and architecture governance completes the discussion. The book features exercises at the end of each chapter intended to help readers/students focus on key points, as well as extensive appendices that furnish additional detail in particular areas. The self-contained text is ideal for students in a range of courses in systems architecture and MBSE as well as for practitioners seeking a highly practical presentation of MBSE principles and techniques. |
| cyber security threats to the financial sector: Cyber Risk Surveillance: A Case Study of Singapore Joseph Goh, Mr.Heedon Kang, Zhi Xing Koh, Jin Way Lim, Cheng Wei Ng, Galen Sher, Chris Yao, 2020-02-10 Cyber risk is an emerging source of systemic risk in the financial sector, and possibly a macro-critical risk too. It is therefore important to integrate it into financial sector surveillance. This paper offers a range of analytical approaches to assess and monitor cyber risk to the financial sector, including various approaches to stress testing. The paper illustrates these techniques by applying them to Singapore. As an advanced economy with a complex financial system and rapid adoption of fintech, Singapore serves as a good case study. We place our results in the context of recent cybersecurity developments in the public and private sectors, which can be a reference for surveillance work. |
| cyber security threats to the financial sector: Cyber Influence and Cognitive Threats Vladlena Benson, John McAlaney, 2019-09-27 In the wake of fresh allegations that personal data of Facebook users have been illegally used to influence the outcome of the US general election and the Brexit vote, the debate over manipulation of social Big Data continues to gain more momentum. Cyber Influence and Cognitive Threats addresses various emerging challenges in response to cybersecurity, examining cognitive applications in decision-making, behaviour and basic human interaction. The book examines the role of psychology in cybersecurity by addressing each factor involved in the process: hackers, targets, cybersecurity practitioners, and the wider social context in which these groups operate. Cyber Influence and Cognitive Threats covers a variety of topics including information systems, psychology, sociology, human resources, leadership, strategy, innovation, law, finance and others. - Explains psychological factors inherent in machine learning and artificial intelligence - Explores attitudes towards data and privacy through the phenomena of digital hoarding and protection motivation theory - Discusses the role of social and communal factors in cybersecurity behaviour and attitudes - Investigates the factors that determine the spread and impact of information and disinformation |
| cyber security threats to the financial sector: Cyber Mercenaries Tim Maurer, 2018-01-18 Cyber Mercenaries explores the secretive relationships between states and hackers. As cyberspace has emerged as the new frontier for geopolitics, states have become entrepreneurial in their sponsorship, deployment, and exploitation of hackers as proxies to project power. Such modern-day mercenaries and privateers can impose significant harm undermining global security, stability, and human rights. These state-hacker relationships therefore raise important questions about the control, authority, and use of offensive cyber capabilities. While different countries pursue different models for their proxy relationships, they face the common challenge of balancing the benefits of these relationships with their costs and the potential risks of escalation. This book examines case studies in the United States, Iran, Syria, Russia, and China for the purpose of establishing a framework to better understand and manage the impact and risks of cyber proxies on global politics. |
| cyber security threats to the financial sector: Measuring and Managing Information Risk Jack Freund, Jack Jones, 2014-08-23 Using the factor analysis of information risk (FAIR) methodology developed over ten years and adopted by corporations worldwide, Measuring and Managing Information Risk provides a proven and credible framework for understanding, measuring, and analyzing information risk of any size or complexity. Intended for organizations that need to either build a risk management program from the ground up or strengthen an existing one, this book provides a unique and fresh perspective on how to do a basic quantitative risk analysis. Covering such key areas as risk theory, risk calculation, scenario modeling, and communicating risk within the organization, Measuring and Managing Information Risk helps managers make better business decisions by understanding their organizational risk. - Uses factor analysis of information risk (FAIR) as a methodology for measuring and managing risk in any organization. - Carefully balances theory with practical applicability and relevant stories of successful implementation. - Includes examples from a wide variety of businesses and situations presented in an accessible writing style. |
| cyber security threats to the financial sector: Cyber-Physical Threat Intelligence for Critical Infrastructures Security John Soldatos, James Philpot, Gabriele Giunta, 2020-06-30 Modern critical infrastructures comprise of many interconnected cyber and physical assets, and as such are large scale cyber-physical systems. Hence, the conventional approach of securing these infrastructures by addressing cyber security and physical security separately is no longer effective. Rather more integrated approaches that address the security of cyber and physical assets at the same time are required. This book presents integrated (i.e. cyber and physical) security approaches and technologies for the critical infrastructures that underpin our societies. Specifically, it introduces advanced techniques for threat detection, risk assessment and security information sharing, based on leading edge technologies like machine learning, security knowledge modelling, IoT security and distributed ledger infrastructures. Likewise, it presets how established security technologies like Security Information and Event Management (SIEM), pen-testing, vulnerability assessment and security data analytics can be used in the context of integrated Critical Infrastructure Protection. The novel methods and techniques of the book are exemplified in case studies involving critical infrastructures in four industrial sectors, namely finance, healthcare, energy and communications. The peculiarities of critical infrastructure protection in each one of these sectors is discussed and addressed based on sector-specific solutions. The advent of the fourth industrial revolution (Industry 4.0) is expected to increase the cyber-physical nature of critical infrastructures as well as their interconnection in the scope of sectorial and cross-sector value chains. Therefore, the demand for solutions that foster the interplay between cyber and physical security, and enable Cyber-Physical Threat Intelligence is likely to explode. In this book, we have shed light on the structure of such integrated security systems, as well as on the technologies that will underpin their operation. We hope that Security and Critical Infrastructure Protection stakeholders will find the book useful when planning their future security strategies. |
| cyber security threats to the financial sector: Research Anthology on Concepts, Applications, and Challenges of FinTech Management Association, Information Resources, 2021-02-05 FinTech, an abbreviated term for financial technology, is a digital revolution changing the way banking and financial services are being used both by individuals and businesses. As these changes continue to take place, the financial industry is focused on technological innovation and feeding into this digital revolution to better serve consumers who are looking for easier ways to invest, transfer money, use banking services, and more. FinTech is increasing accessibility to financial services, automating these services, expanding financial options, and enabling online payments and banking. While the benefits are being continually seen and this technology is becoming more widely accepted, there are still challenges facing the technology that include security concerns. To understand FinTech and its role in society, both the benefits and challenges must be reviewed and discussed for a holistic view on the digital innovations changing the face of the financial industry. The Research Anthology on Concepts, Applications, and Challenges of FinTech covers the latest technologies in FinTech with a comprehensive view of the impact on the industry, where these technologies are implemented, how they are improving financial services, and the security applications and challenges being faced. The chapters cover the options FinTech has unlocked, such as mobile banking and virtual transactions, while also focusing on the workings of the technology itself and security applications, such as blockchain and cryptocurrency. This book is a valuable reference tool for accountants, bankers, financial planners, financial analysts, business managers, economists, computer scientists, academicians, researchers, financial professionals, and students. |
| cyber security threats to the financial sector: The Fourth Industrial Revolution Klaus Schwab, 2017-01-03 World-renowned economist Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, explains that we have an opportunity to shape the fourth industrial revolution, which will fundamentally alter how we live and work. Schwab argues that this revolution is different in scale, scope and complexity from any that have come before. Characterized by a range of new technologies that are fusing the physical, digital and biological worlds, the developments are affecting all disciplines, economies, industries and governments, and even challenging ideas about what it means to be human. Artificial intelligence is already all around us, from supercomputers, drones and virtual assistants to 3D printing, DNA sequencing, smart thermostats, wearable sensors and microchips smaller than a grain of sand. But this is just the beginning: nanomaterials 200 times stronger than steel and a million times thinner than a strand of hair and the first transplant of a 3D printed liver are already in development. Imagine “smart factories” in which global systems of manufacturing are coordinated virtually, or implantable mobile phones made of biosynthetic materials. The fourth industrial revolution, says Schwab, is more significant, and its ramifications more profound, than in any prior period of human history. He outlines the key technologies driving this revolution and discusses the major impacts expected on government, business, civil society and individuals. Schwab also offers bold ideas on how to harness these changes and shape a better future—one in which technology empowers people rather than replaces them; progress serves society rather than disrupts it; and in which innovators respect moral and ethical boundaries rather than cross them. We all have the opportunity to contribute to developing new frameworks that advance progress. |
| cyber security threats to the financial sector: IT Security Risk Control Management Raymond Pompon, 2016-09-14 Follow step-by-step guidance to craft a successful security program. You will identify with the paradoxes of information security and discover handy tools that hook security controls into business processes. Information security is more than configuring firewalls, removing viruses, hacking machines, or setting passwords. Creating and promoting a successful security program requires skills in organizational consulting, diplomacy, change management, risk analysis, and out-of-the-box thinking. What You Will Learn: Build a security program that will fit neatly into an organization and change dynamically to suit both the needs of the organization and survive constantly changing threats Prepare for and pass such common audits as PCI-DSS, SSAE-16, and ISO 27001 Calibrate the scope, and customize security controls to fit into an organization’s culture Implement the most challenging processes, pointing out common pitfalls and distractions Frame security and risk issues to be clear and actionable so that decision makers, technical personnel, and users will listen and value your advice Who This Book Is For: IT professionals moving into the security field; new security managers, directors, project heads, and would-be CISOs; and security specialists from other disciplines moving into information security (e.g., former military security professionals, law enforcement professionals, and physical security professionals) |
| cyber security threats to the financial sector: Assessing Cyber Security Maarten Gehem, Artur Usanov, Erik Frinking, Michel Rademaker , 2015-04-16 Over the years, a plethora of reports has emerged that assess the causes, dynamics, and effects of cyber threats. This proliferation of reports is an important sign of the increasing prominence of cyber attacks for organizations, both public and private, and citizens all over the world. In addition, cyber attacks are drawing more and more attention in the media. Such efforts can help to better awareness and understanding of cyber threats and pave the way to improved prevention, mitigation, and resilience. This report aims to help in this task by assessing what we know about cyber security threats based on a review of 70 studies published by public authorities, companies, and research organizations from about 15 countries over the last few years. It answers the following questions: what do we know about the number, origin, and impact of cyber attacks? What are the current and emerging cyber security trends? And how well are we prepared to face these threats? |
| cyber security threats to the financial sector: Managing Cyber Risk Ariel Evans, 2019-03-28 Cyber risk is the second highest perceived business risk according to U.S. risk managers and corporate insurance experts. Digital assets now represent over 85% of an organization’s value. In a survey of Fortune 1000 organizations, 83% surveyed described cyber risk as an organizationally complex topic, with most using only qualitative metrics that provide little, if any insight into an effective cyber strategy. Written by one of the foremost cyber risk experts in the world and with contributions from other senior professionals in the field, Managing Cyber Risk provides corporate cyber stakeholders – managers, executives, and directors – with context and tools to accomplish several strategic objectives. These include enabling managers to understand and have proper governance oversight of this crucial area and ensuring improved cyber resilience. Managing Cyber Risk helps businesses to understand cyber risk quantification in business terms that lead risk owners to determine how much cyber insurance they should buy based on the size and the scope of policy, the cyber budget required, and how to prioritize risk remediation based on reputational, operational, legal, and financial impacts. Directors are held to standards of fiduciary duty, loyalty, and care. These insights provide the ability to demonstrate that directors have appropriately discharged their duties, which often dictates the ability to successfully rebut claims made against such individuals. Cyber is a strategic business issue that requires quantitative metrics to ensure cyber resiliency. This handbook acts as a roadmap for executives to understand how to increase cyber resiliency and is unique since it quantifies exposures at the digital asset level. |
| cyber security threats to the financial sector: Cyber Security and Threats: Concepts, Methodologies, Tools, and Applications Management Association, Information Resources, 2018-05-04 Cyber security has become a topic of concern over the past decade as private industry, public administration, commerce, and communication have gained a greater online presence. As many individual and organizational activities continue to evolve in the digital sphere, new vulnerabilities arise. Cyber Security and Threats: Concepts, Methodologies, Tools, and Applications contains a compendium of the latest academic material on new methodologies and applications in the areas of digital security and threats. Including innovative studies on cloud security, online threat protection, and cryptography, this multi-volume book is an ideal source for IT specialists, administrators, researchers, and students interested in uncovering new ways to thwart cyber breaches and protect sensitive digital information. |
| cyber security threats to the financial sector: Industry of Anonymity Jonathan Lusthaus, 2018-10-16 The most extensive account yet of the lives of cybercriminals and the vast international industry they have created, deeply sourced and based on field research in the world’s technology-crime hotspots. Cybercrime seems invisible. Attacks arrive out of nowhere, their origins hidden by layers of sophisticated technology. Only the victims are clear. But every crime has its perpetrator—specific individuals or groups sitting somewhere behind keyboards and screens. Jonathan Lusthaus lifts the veil on the world of these cybercriminals in the most extensive account yet of the lives they lead, and the vast international industry they have created. We are long past the age of the lone adolescent hacker tapping away in his parents’ basement. Cybercrime now operates like a business. Its goods and services may be illicit, but it is highly organized, complex, driven by profit, and globally interconnected. Having traveled to cybercrime hotspots around the world to meet with hundreds of law enforcement agents, security gurus, hackers, and criminals, Lusthaus takes us inside this murky underworld and reveals how this business works. He explains the strategies criminals use to build a thriving industry in a low-trust environment characterized by a precarious combination of anonymity and teamwork. Crime takes hold where there is more technical talent than legitimate opportunity, and where authorities turn a blind eye—perhaps for a price. In the fight against cybercrime, understanding what drives people into this industry is as important as advanced security. Based on seven years of fieldwork from Eastern Europe to West Africa, Industry of Anonymity is a compelling and revealing study of a rational business model which, however much we might wish otherwise, has become a defining feature of the modern world. |
| cyber security threats to the financial sector: The ABA Cybersecurity Handbook Jill Deborah Rhodes, Paul Rosenzweig, Robert Stephen Litt, 2022 Third edition of the Cybersecurity Handbook covers threats associated with cybercrime, cyber espionage, and cyber warfare, etc.-- |
| cyber security threats to the financial sector: Encyclopedia of Organizational Knowledge, Administration, and Technology Khosrow-Pour D.B.A., Mehdi, 2020-09-29 For any organization to be successful, it must operate in such a manner that knowledge and information, human resources, and technology are continually taken into consideration and managed effectively. Business concepts are always present regardless of the field or industry – in education, government, healthcare, not-for-profit, engineering, hospitality/tourism, among others. Maintaining organizational awareness and a strategic frame of mind is critical to meeting goals, gaining competitive advantage, and ultimately ensuring sustainability. The Encyclopedia of Organizational Knowledge, Administration, and Technology is an inaugural five-volume publication that offers 193 completely new and previously unpublished articles authored by leading experts on the latest concepts, issues, challenges, innovations, and opportunities covering all aspects of modern organizations. Moreover, it is comprised of content that highlights major breakthroughs, discoveries, and authoritative research results as they pertain to all aspects of organizational growth and development including methodologies that can help companies thrive and analytical tools that assess an organization’s internal health and performance. Insights are offered in key topics such as organizational structure, strategic leadership, information technology management, and business analytics, among others. The knowledge compiled in this publication is designed for entrepreneurs, managers, executives, investors, economic analysts, computer engineers, software programmers, human resource departments, and other industry professionals seeking to understand the latest tools to emerge from this field and who are looking to incorporate them in their practice. Additionally, academicians, researchers, and students in fields that include but are not limited to business, management science, organizational development, entrepreneurship, sociology, corporate psychology, computer science, and information technology will benefit from the research compiled within this publication. |
| cyber security threats to the financial sector: Developments in the Field of Information and Telecommunications in the Context of International Security United Nations. Office for Disarmament Affairs, 2011 This publication has been issued in implementation of the United Nations Disarmament Information Programme as a handy, convenient and attractive reference tool containing the report of the Secretary-General on verification in all its aspects, including the role of the UN in the field of verification. It also contains additional material related to the publication of the report. The publication continues the Disarmament Study Series and should serve as a valuable addition to the reference section of public and university libraries, permanent missions, research institutes and specialized non-governmental organisations. |
| cyber security threats to the financial sector: Emerging Trends in ICT Security Babak Akhgar, Hamid R Arabnia, 2013-11-06 Emerging Trends in ICT Security, an edited volume, discusses the foundations and theoretical aspects of ICT security; covers trends, analytics, assessments and frameworks necessary for performance analysis and evaluation; and gives you the state-of-the-art knowledge needed for successful deployment of security solutions in many environments. Application scenarios provide you with an insider's look at security solutions deployed in real-life scenarios, including but limited to smart devices, biometrics, social media, big data security, and crowd sourcing. - Provides a multidisciplinary approach to security with coverage of communication systems, information mining, policy making, and management infrastructures - Discusses deployment of numerous security solutions, including, cyber defense techniques and defense against malicious code and mobile attacks - Addresses application of security solutions in real-life scenarios in several environments, such as social media, big data and crowd sourcing |
| cyber security threats to the financial sector: The Cybersecurity Social Contract Internet Security Internet Security Alliance, 2016-09-01 If you had 30 minutes to advise the next President on cybersecurity, what would you say? That is the question we asked the Internet Security Alliance board of directors a year ago. The answer is a 400-page, 17 chapter, book containing 106 specific recommendations. The book is written primarily by the ISA board, which consists of chief information security officers from 20 of the world's major companies cutting across 11 economic sectors. The answer begins with a 12-step program for the new administration that ranges from establishing the proper tone for addressing the issue, to strategic initiatives down to concrete operational recommendations. |
| cyber security threats to the financial sector: Cyber Risk Management Christopher Hodson, 2019 Learn how to prioritize threats, implement a cyber security programme and effectively communicate risks |
| cyber security threats to the financial sector: Online Banking Security Measures and Data Protection Aljawarneh, Shadi A., 2016-09-23 Technological innovations in the banking sector have provided numerous benefits to customers and banks alike; however, the use of e-banking increases vulnerability to system attacks and threats, making effective security measures more vital than ever. Online Banking Security Measures and Data Protection is an authoritative reference source for the latest scholarly material on the challenges presented by the implementation of e-banking in contemporary financial systems. Presenting emerging techniques to secure these systems against potential threats and highlighting theoretical foundations and real-world case studies, this book is ideally designed for professionals, practitioners, upper-level students, and technology developers interested in the latest developments in e-banking security. |
| cyber security threats to the financial sector: Cyberheist Stu Sjouwerman, 2011 |
| cyber security threats to the financial sector: The Cyber Risk Handbook Domenic Antonucci, 2017-05-01 Actionable guidance and expert perspective for real-world cybersecurity The Cyber Risk Handbook is the practitioner's guide to implementing, measuring and improving the counter-cyber capabilities of the modern enterprise. The first resource of its kind, this book provides authoritative guidance for real-world situations, and cross-functional solutions for enterprise-wide improvement. Beginning with an overview of counter-cyber evolution, the discussion quickly turns practical with design and implementation guidance for the range of capabilities expected of a robust cyber risk management system that is integrated with the enterprise risk management (ERM) system. Expert contributors from around the globe weigh in on specialized topics with tools and techniques to help any type or size of organization create a robust system tailored to its needs. Chapter summaries of required capabilities are aggregated to provide a new cyber risk maturity model used to benchmark capabilities and to road-map gap-improvement. Cyber risk is a fast-growing enterprise risk, not just an IT risk. Yet seldom is guidance provided as to what this means. This book is the first to tackle in detail those enterprise-wide capabilities expected by Board, CEO and Internal Audit, of the diverse executive management functions that need to team up with the Information Security function in order to provide integrated solutions. Learn how cyber risk management can be integrated to better protect your enterprise Design and benchmark new and improved practical counter-cyber capabilities Examine planning and implementation approaches, models, methods, and more Adopt a new cyber risk maturity model tailored to your enterprise needs The need to manage cyber risk across the enterprise—inclusive of the IT operations—is a growing concern as massive data breaches make the news on an alarmingly frequent basis. With a cyber risk management system now a business-necessary requirement, practitioners need to assess the effectiveness of their current system, and measure its gap-improvement over time in response to a dynamic and fast-moving threat landscape. The Cyber Risk Handbook brings the world's best thinking to bear on aligning that system to the enterprise and vice-a-versa. Every functional head of any organization must have a copy at-hand to understand their role in achieving that alignment. |
| cyber security threats to the financial sector: Cybersecurity Law Jeff Kosseff, 2022-11-10 CYBERSECURITY LAW Learn to protect your clients with this definitive guide to cybersecurity law in this fully-updated third edition Cybersecurity is an essential facet of modern society, and as a result, the application of security measures that ensure the confidentiality, integrity, and availability of data is crucial. Cybersecurity can be used to protect assets of all kinds, including data, desktops, servers, buildings, and most importantly, humans. Understanding the ins and outs of the legal rules governing this important field is vital for any lawyer or other professionals looking to protect these interests. The thoroughly revised and updated Cybersecurity Law offers an authoritative guide to the key statutes, regulations, and court rulings that pertain to cybersecurity, reflecting the latest legal developments on the subject. This comprehensive text deals with all aspects of cybersecurity law, from data security and enforcement actions to anti-hacking laws, from surveillance and privacy laws to national and international cybersecurity law. New material in this latest edition includes many expanded sections, such as the addition of more recent FTC data security consent decrees, including Zoom, SkyMed, and InfoTrax. Readers of the third edition of Cybersecurity Law will also find: An all-new chapter focused on laws related to ransomware and the latest attacks that compromise the availability of data and systems New and updated sections on new data security laws in New York and Alabama, President Biden’s cybersecurity executive order, the Supreme Court’s first opinion interpreting the Computer Fraud and Abuse Act, American Bar Association guidance on law firm cybersecurity, Internet of Things cybersecurity laws and guidance, the Cybersecurity Maturity Model Certification, the NIST Privacy Framework, and more New cases that feature the latest findings in the constantly evolving cybersecurity law space An article by the author of this textbook, assessing the major gaps in U.S. cybersecurity law A companion website for instructors that features expanded case studies, discussion questions by chapter, and exam questions by chapter Cybersecurity Law is an ideal textbook for undergraduate and graduate level courses in cybersecurity, cyber operations, management-oriented information technology (IT), and computer science. It is also a useful reference for IT professionals, government personnel, business managers, auditors, cybersecurity insurance agents, and academics in these fields, as well as academic and corporate libraries that support these professions. |
| cyber security threats to the financial sector: Advances in Cybersecurity Management Kevin Daimi, Cathryn Peoples, 2021-06-15 This book concentrates on a wide range of advances related to IT cybersecurity management. The topics covered in this book include, among others, management techniques in security, IT risk management, the impact of technologies and techniques on security management, regulatory techniques and issues, surveillance technologies, security policies, security for protocol management, location management, GOS management, resource management, channel management, and mobility management. The authors also discuss digital contents copyright protection, system security management, network security management, security management in network equipment, storage area networks (SAN) management, information security management, government security policy, web penetration testing, security operations, and vulnerabilities management. The authors introduce the concepts, techniques, methods, approaches and trends needed by cybersecurity management specialists and educators for keeping current their cybersecurity management knowledge. Further, they provide a glimpse of future directions where cybersecurity management techniques, policies, applications, and theories are headed. The book is a rich collection of carefully selected and reviewed manuscripts written by diverse cybersecurity management experts in the listed fields and edited by prominent cybersecurity management researchers and specialists. |
What is Cybersecurity? | CISA
Feb 1, 2021 · What is cybersecurity? Cybersecurity is the art of protecting networks, devices, and data from unauthorized access or criminal use and the practice of ensuring confidentiality, …
Cyber Threats and Advisories | Cybersecurity and Infrastructure
Apr 11, 2023 · By preventing attacks or mitigating the spread of an attack as quickly as possible, cyber threat actors lose their power. CISA diligently tracks and shares information about the …
Cybersecurity Best Practices | Cybersecurity and Infrastructure
May 6, 2025 · CISA provides information on cybersecurity best practices to help individuals and organizations implement preventative measures and manage cyber risks.
CISA Cybersecurity Awareness Program
CISA Cybersecurity Awareness Program The CISA Cybersecurity Awareness Program is a national public awareness effort aimed at increasing the understanding of cyber threats and …
Russian Military Cyber Actors Target US and Global Critical ...
Sep 5, 2024 · Summary The Federal Bureau of Investigation (FBI), Cybersecurity and Infrastructure Security Agency (CISA), and National Security Agency (NSA) assess that cyber …
Organizations and Cyber Safety | Cybersecurity and ... - CISA
May 2, 2024 · Protecting the cyber space is an essential aspect of business operations and must be integrated at all levels. CISA’s Role CISA offers tools, services, resources, and current …
Cybersecurity | Homeland Security
May 5, 2025 · Cybersecurity and Infrastructure Security Agency (CISA) The Cybersecurity and Infrastructure Security Agency (CISA) leads the national effort to understand, manage, and …
Free Cybersecurity Services & Tools | CISA
What's Included CISA's no-cost, in-house cybersecurity services designed to help individuals and organizations build and maintain a robust and resilient cyber framework. An extensive …
Nation-State Cyber Actors | Cybersecurity and Infrastructure
CISA's Role As the nation’s cyber defense agency and national coordinator for critical infrastructure security, CISA provides resources to help critical infrastructure and other …
Information Sharing | Cybersecurity and Infrastructure Security
Information sharing is the key to preventing a wide-spread cyber-attack. CISA develops partnerships to rapidly share critical information about cyber incidents. Cyber Threats and …
What is Cybersecurity? | CISA
Feb 1, 2021 · What is cybersecurity? Cybersecurity is the art of protecting networks, devices, and data from unauthorized access or criminal use and the practice of ensuring confidentiality, …
Cyber Threats and Advisories | Cybersecurity and Infrastructure
Apr 11, 2023 · By preventing attacks or mitigating the spread of an attack as quickly as possible, cyber threat actors lose their power. CISA diligently tracks and shares information about the …
Cybersecurity Best Practices | Cybersecurity and Infrastructure
May 6, 2025 · CISA provides information on cybersecurity best practices to help individuals and organizations implement preventative measures and manage cyber risks.
CISA Cybersecurity Awareness Program
CISA Cybersecurity Awareness Program The CISA Cybersecurity Awareness Program is a national public awareness effort aimed at increasing the understanding of cyber threats and …
Russian Military Cyber Actors Target US and Global Critical ...
Sep 5, 2024 · Summary The Federal Bureau of Investigation (FBI), Cybersecurity and Infrastructure Security Agency (CISA), and National Security Agency (NSA) assess that cyber …
Organizations and Cyber Safety | Cybersecurity and ... - CISA
May 2, 2024 · Protecting the cyber space is an essential aspect of business operations and must be integrated at all levels. CISA’s Role CISA offers tools, services, resources, and current …
Cybersecurity | Homeland Security
May 5, 2025 · Cybersecurity and Infrastructure Security Agency (CISA) The Cybersecurity and Infrastructure Security Agency (CISA) leads the national effort to understand, manage, and …
Free Cybersecurity Services & Tools | CISA
What's Included CISA's no-cost, in-house cybersecurity services designed to help individuals and organizations build and maintain a robust and resilient cyber framework. An extensive …
Nation-State Cyber Actors | Cybersecurity and Infrastructure ... - CISA
CISA's Role As the nation’s cyber defense agency and national coordinator for critical infrastructure security, CISA provides resources to help critical infrastructure and other …
Information Sharing | Cybersecurity and Infrastructure Security
Information sharing is the key to preventing a wide-spread cyber-attack. CISA develops partnerships to rapidly share critical information about cyber incidents. Cyber Threats and …
