| cyber security threats to the financial sector pdf: 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 pdf: 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 pdf: 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 pdf: 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 pdf: 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 pdf: 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 pdf: 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 pdf: 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 pdf: Economic Security: Neglected Dimension of National Security ? National Defense University (U S ), National Defense University (U.S.), Institute for National Strategic Studies (U S, Sheila R. Ronis, 2011-12-27 On August 24-25, 2010, the National Defense University held a conference titled “Economic Security: Neglected Dimension of National Security?” to explore the economic element of national power. This special collection of selected papers from the conference represents the view of several keynote speakers and participants in six panel discussions. It explores the complexity surrounding this subject and examines the major elements that, interacting as a system, define the economic component of national security. |
| cyber security threats to the financial sector pdf: 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 pdf: Electronic Security Thomas C. Glaessner, Tom Kellermann, Valerie McNevin, 2002 Abstract: This paper builds on a previous series of papers (see Claessens, Glaessner, and Klingebiel, 2001, 2002) that identified electronic security as a key component to the delivery of electronic finance benefits. This paper and its technical annexes (available separately at http://www1.worldbank.org/finance/) identify and discuss seven key pillars necessary to fostering a secure electronic environment. Hence, it is intended for those formulating broad policies in the area of electronic security and those working with financial services providers (for example, executives and management). The detailed annexes of this paper are especially relevant for chief information and security officers responsible for establishing layered security. First, this paper provides definitions of electronic finance and electronic security and explains why these issues deserve attention. Next, it presents a picture of the burgeoning global electronic security industry. Then it develops a risk-management framework for understanding the risks and tradeoffs inherent in the electronic security infrastructure. It also provides examples of tradeoffs that may arise with respect to technological innovation, privacy, quality of service, and security in designing an electronic security policy framework. Finally, it outlines issues in seven interrelated areas that often need attention in building an adequate electronic security infrastructure. These are: The legal framework and enforcement; Electronic security of payment systems; Supervision and prevention challenges; The role of private insurance as an essential monitoring mechanism; Certification, standards, and the role of the public and private sectors; Improving the accuracy of information on electronic security incidents and creating better arrangements for sharing this information; Improving overall education on these issues as a key to enhancing prevention. This papera product of the Financial Sector Strategy and Policy Departmentis part of a larger effort in the department to study sustainable financial development. Thomas Glaessner may be contacted at tglaessner@worldbank.org. |
| cyber security threats to the financial sector pdf: 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 pdf: 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 pdf: 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 pdf: 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 pdf: 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 pdf: 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 pdf: Global Trends 2040 National Intelligence Council, 2021-03 The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come. -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading. |
| cyber security threats to the financial sector pdf: Fintech International Monetary Fund, World Bank, 2019-06-27 The paper finds that while there are important regional and national differences, countries are broadly embracing the opportunities of fintech to boost economic growth and inclusion, while balancing risks to stability and integrity. |
| cyber security threats to the financial sector pdf: Effects of Information Technology on Financial Services Systems , 1984 |
| cyber security threats to the financial sector pdf: 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 pdf: 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 pdf: 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 pdf: 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 pdf: COBIT 5 Information Systems Audit and Control Association, 2012 |
| cyber security threats to the financial sector pdf: 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 pdf: Critical Infrastructure Tyson Macaulay, 2008-08-27 Critical Infrastructure (CI) is fundamental to the functioning of a modern economy, and consequently, maintaining CI security is paramount. However, despite all the security technology available for threats and risks to CI, this crucial area often generates more fear than rational discussion. Apprehension unfortunately prompts many involved in CI p |
| cyber security threats to the financial sector pdf: Safeguarding Your Technology Tom Szuba, 1998 |
| cyber security threats to the financial sector pdf: Guide to Protecting the Confidentiality of Personally Identifiable Information Erika McCallister, 2010-09 The escalation of security breaches involving personally identifiable information (PII) has contributed to the loss of millions of records over the past few years. Breaches involving PII are hazardous to both individuals and org. Individual harms may include identity theft, embarrassment, or blackmail. Organ. harms may include a loss of public trust, legal liability, or remediation costs. To protect the confidentiality of PII, org. should use a risk-based approach. This report provides guidelines for a risk-based approach to protecting the confidentiality of PII. The recommend. here are intended primarily for U.S. Fed. gov¿t. agencies and those who conduct business on behalf of the agencies, but other org. may find portions of the publication useful. |
| cyber security threats to the financial sector pdf: Artificial Intelligence in Banking Introbooks, 2020-04-07 In these highly competitive times and with so many technological advancements, it is impossible for any industry to remain isolated and untouched by innovations. In this era of digital economy, the banking sector cannot exist and operate without the various digital tools offered by the ever new innovations happening in the field of Artificial Intelligence (AI) and its sub-set technologies. New technologies have enabled incredible progression in the finance industry. Artificial Intelligence (AI) and Machine Learning (ML) have provided the investors and customers with more innovative tools, new types of financial products and a new potential for growth.According to Cathy Bessant (the Chief Operations and Technology Officer, Bank of America), AI is not just a technology discussion. It is also a discussion about data and how it is used and protected. She says, In a world focused on using AI in new ways, we're focused on using it wisely and responsibly. |
| cyber security threats to the financial sector pdf: Cyber Security and Global Interdependence Dave Clemente, 2013-05-10 This report looks at traditional concepts of critical infrastructure and the extent countries depend upon infrastructure over which they have little control. It analyzes significant cyber security challenges related to these growing dependencies, and develops a more meaningful understanding of what is critical. |
| cyber security threats to the financial sector pdf: Guide for Developing Security Plans for Federal Information Systems U.s. Department of Commerce, Marianne Swanson, Joan Hash, Pauline Bowen, 2006-02-28 The purpose of the system security plan is to provide an overview of the security requirements of the system and describe the controls in place or planned for meeting those requirements. The system security plan also delineates responsibilities and expected behavior of all individuals who access the system. The system security plan should be viewed as documentation of the structured process of planning adequate, cost-effective security protection for a system. It should reflect input from various managers with responsibilities concerning the system, including information owners, the system owner, and the senior agency information security officer (SAISO). Additional information may be included in the basic plan and the structure and format organized according to agency needs, so long as the major sections described in this document are adequately covered and readily identifiable. |
| cyber security threats to the financial sector pdf: 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 pdf: Guide to Computer Security Log Management Karen Kent, Murugiah Souppaya, 2007-08-01 A log is a record of the events occurring within an org¿s. systems & networks. Many logs within an org. contain records related to computer security (CS). These CS logs are generated by many sources, incl. CS software, such as antivirus software, firewalls, & intrusion detection & prevention systems; operating systems on servers, workstations, & networking equip.; & applications. The no., vol., & variety of CS logs have increased greatly, which has created the need for CS log mgmt. -- the process for generating, transmitting, storing, analyzing, & disposing of CS data. This report assists org¿s. in understanding the need for sound CS log mgmt. It provides practical, real-world guidance on developing, implementing, & maintaining effective log mgmt. practices. Illus. |
| cyber security threats to the financial sector pdf: Framework for Improving Critical Infrastructure Cybersecurity , 2018 The Framework focuses on using business drivers to guide cybersecurity activities and considering cybersecurity risks as part of the organization’s risk management processes. The Framework consists of three parts: the Framework Core, the Implementation Tiers, and the Framework Profiles. The Framework Core is a set of cybersecurity activities, outcomes, and informative references that are common across sectors and critical infrastructure. Elements of the Core provide detailed guidance for developing individual organizational Profiles. Through use of Profiles, the Framework will help an organization to align and prioritize its cybersecurity activities with its business/mission requirements, risk tolerances, and resources. The Tiers provide a mechanism for organizations to view and understand the characteristics of their approach to managing cybersecurity risk, which will help in prioritizing and achieving cybersecurity objectives. |
| cyber security threats to the financial sector pdf: Protecting Europe Daniel Fiott, Roderick Parkes, 2019 |
| cyber security threats to the financial sector pdf: 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 pdf: Ecological, Societal, and Technological Risks and the Financial Sector Thomas Walker, Dieter Gramlich, Mohammad Bitar, Pedram Fardnia, 2020-06-10 Today’s financial sector faces multiple challenges stemming from ecological, societal, and technological risks such as climate change, political extremism, and cyber-attacks. However, these non-traditional risks are yet to be fully identified and measured, in order to ensure their successful management. This edited collection sheds light on the topic by examining the unique measurement and modelling challenges associated with each of these risks, and their interaction with finance. Offering a comprehensive analysis of non-traditional finance risks, the authors provide the basis for developing appropriate risk management techniques. With new approaches to protect against emerging threats to the financial sector, this edited collection will appeal to academics researching sustainability, development finance, and risk management, as well as policy-makers and practitioners within the banking sector. |
| cyber security threats to the financial sector pdf: 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 pdf: The Unhackable Internet Thomas P. Vartanian, 2023-02-15 Like most aspects of modern existence, more and more of our financial lives have migrated to the digital realm. With the benefits of ease that our Internet allows us, that transition also raises numerous – and dangerous – threats to national security, our money, and the systems we use to store and transfer it. In TheUnhackable Internet, financial services and technology expert Thomas P. Vartanian exposes the vulnerabilities of the many networks that we rely on today as well as the threats facing the integrity of our national security and financial services sector. From cyberattacks by foreign adversaries like China and Russia, the explosion of cryptocurrency, the advancement of ransomware, phishing, surveillance apps, spying software, and logic bombs, along with the increasing savvy and daring shown by Internet hackers, the next financial panic is likely to be delivered to us through use or abuse of technology. The Unhackable Internet describes how society can remake an Internet that was never conceived as a secure environment and badly tainted by the original sin of substandard coding. Vartanian argues for increasing the use of private and offline network infrastructures, controlling the ownership of Internet infrastructure, and imposing enhanced authentication, governance, and enforcement standards. This online universe would look more like our analog lives, authenticating all digital traffic to a real person and removing any virtual traveler that violated the new rules of the road. The Unhackable Internet poses a challenge to America: take the lead and create a coalition of democratic nations to implement financial cyber strategies or be left with no counterweight short of military power to respond to those who weaponize technology. This comprehensive and compelling book makes it clear that nothing less than the control of global economies is up for grabs, and that how we use technology is our choice. |
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 …
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 …
