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  • user 12:18 am on July 21, 2018 Permalink | Reply
    Tags: , , , , Cybersecurity, , Reason, Sticking,   

    Corporate Banking Customers List Cybersecurity as the Reason They Are Sticking with Checks 

    A majority of U.S. business leaders (owners, managers, and executives) prefer using digital , and yet less than half of them have plans of increasing their use of online banking products and services, that’s according to a JPMorgan Chase survey. The survey, which was released last week, showed that the primary for businesses for [&;]
    Bank Innovation

  • user 12:18 am on June 27, 2018 Permalink | Reply
    Tags: , , Cybersecurity, , , OneSpan, Webinar   

    Join Cybersecurity and Authentication Webinar with OneSpan and Bank Innovation 

    Want to know more about the different types of ? When is it appropriate to use hard tokens v. soft tokens, or is a combination more suitable? To learn more about this, tune in today to the on soft token authentication from , formerly Vasco, hosted by at 2 PM ET. In [&;]
    Bank Innovation

  • user 12:19 pm on June 5, 2018 Permalink | Reply
    Tags: , Always, Cybersecurity, Deception., , , ,   

    Fraudsters Have Always Used Deception. It’s a Key Tool for Cybersecurity, Too 

    Wells Fargo &; Co. has had a very public battle with fraud. Just last month, the bank agreed to pay $ 480 million to settle a lawsuit from investors accusing Well Fargo of securities fraud related to its fake-account scandal from 2011 to 2016 in which 2 million fake accounts were set up. “We have alerting to [&;]
    Bank Innovation

  • user 12:18 am on May 22, 2018 Permalink | Reply
    Tags: , , Cybersecurity, , , Night,   

    Cybersecurity Still Keeps Bank Execs Up at Night 

    Even more than winning on mobile, would like to minimize security threats. Banks lost $ 16.8 billion to fraudsters last year, according to a Javelin report, and the number of U.S. customers victimized by such attacks increased to 16.7 million, up from 15.4 million in 2016. Protecting customers is paramount for executives. A global study [&;]
    Bank Innovation

  • user 3:35 am on April 8, 2018 Permalink | Reply
    Tags: , Cybersecurity, , , , Israel’s,   

    Israel’s growth as a cybersecurity hub is good news for banks 

    I visited Accenture’s offices in Israel earlier this month and was fascinated by the depth and breadth of expertise concentrated on . The entire country of Israel is becoming something of a cybersecurity hub, with over 300 cybersecurity startups and more than 30 multi-national companies (including Accenture) opening local R&D centers.

    Accenture is actively evaluating and screening these emerging startups and has established partnerships with Israeli universities to identify new areas for research. In 2016, Accenture acquired Maglan, a privately-held Israeli cybersecurity company with a team of highly skilled cybersecurity professionals who honed their skills fighting cybercrime and confronting cyber espionage around the globe. This augments Accenture’s full range of security services and defensive countermeasures.

    Later in 2016, Accenture opened its Cybersecurity R&D Lab in Herzliya, Israel. The Lab brings together a constant stream of fresh insights and breakthrough technologies through the Accenture Open Innovation program that collaborates with venture capitalists, start-ups and universities.

    I took four key learnings away from the visit to Israel:

    1. You cannot protect everything. Cybersecurity calls for difficult choices, made more difficult as ’ reputations rely, in large part, on their ability to protect clients’ assets and data.
    2. The most “elegant” defenses are often the simplest. Effective cyber-defenses leverage a deep understanding of hackers’ behaviors and what it takes to lead them down dead-end paths.
    3. Top management and board members are a key element in security. Banks’ top management and boards deal with multiple topics and interact with many people and organizations at many levels of society; they need to understand cyber-risks and what measures should be taken to protect sensitive information.
    4. The whole ecosystem needs to be secured. In an Open Banking environment, the entire ecosystem is at risk. Banks should be looking at reducing the number of players and suppliers, and at leveraging highly secure relationships. We have a role in supporting our partners participating in such an ecosystem.

    Cybersecurity is a top-of-mind concern for executives in banking and other industries, and threats keep evolving. I must admit, however, that after my trip to Israel, I feel more secure, having seen what top players from industry, government, venture capital and academia can accomplish when they work together to prevent and mitigate cyberattacks.


    The post Israel’s growth as a cybersecurity hub is good news for banks appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • user 12:18 am on March 26, 2018 Permalink | Reply
    Tags: , Cybersecurity, Falsely, Feel, , ,   

    Most FIs Feel (Falsely) Positive About Their Cybersecurity 

    As data security and usage becomes more of a hot topic for businesses in 2018, financial executives are feeling positively the at institutions, a report by IBM Resilient found. Of the 2,848 respondents surveyed for the study (released last week, IBM’s third annual on “cyber resilient” organizations), 72% felt their organization …Read More
    Bank Innovation

  • user 12:18 pm on March 10, 2018 Permalink | Reply
    Tags: , Cybersecurity, , , Slows,   

    Synthetic Fraud Slows as Cybersecurity Awareness Increases 

    EXCLUSIVE—The growth of , or the method by which fraudsters use a combination of real and false details to open malicious accounts, is slowing as lenders, issuers, and consumers all grow more attentive to methods, a study conducted by credit bureau TransUnion found. The study, released earlier this week, notes that the percentage …Read More
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  • user 1:04 pm on May 17, 2017 Permalink | Reply
    Tags: , , , Cybersecurity, ,   

    Is Your Board Ready To Comply With Cybersecurity Regulations? 

    Last year, regulators in New York decided to take matters for financial institutions into their own hands, releasing a set of rules (which went into effect in March), requiring and other FIs to establish a stricter cybersecurity program. This includes reporting all kinds of data breaches, ransomware, or phishing attacks, which could potentially harm [&;]
    Bank Innovation

  • user 3:35 am on April 19, 2017 Permalink | Reply
    Tags: , , , Chchchanges—It’s, Cybersecurity, ,   

    Ch-ch-changes—It’s time to address cybersecurity threats in banking 

    David Bowie’s guitarist Carlos Alomar recently described the challenge of playing with a genius who was a musical chameleon throughout his long career. “David Bowie’s music is a moving target. Just when you think you’ve got the bullseye, it shifts.”

    Read the report

    Many could say the same about striking the right balance between delighting customers with frictionless digital experiences and keeping their data safe. As bank business models evolve from walled gardens to having to compete on the open digital savannah, it’s getting harder to strike that balance. Business model changes are creating proliferation in both internal and external points of data exchange. The integration of digital and branch channels; ecosystem platforms that expose APIs to partners; the shift from data centres to cloud storage on third-party servers; and a workforce that increasingly includes a wide array of contractors are just some of the new data interfaces that are being created.

    As these points of exchange proliferate, banks increase their information security risk. Criminals are still liable to attack banks because “that’s where the money is”, but bank robbers have been joined in the digital world by angry social media mobs, geo-politically motivated state actors, ‘ethical’ hackers seeking radical information transparency, and many other types of that together have created an information security arms race. It’s no surprise that the target of the hackers in the first season of the hit TV show ‘Mr. Robot’ was banks.

    Accenture recently survey 275 security executives to hear their views on the state of in the industry. The survey showed that most are confident about their ability to protect their assets and their customers from fraud, malware, and a host of other security breaches. Some 78 percent of the executives reported confidence in their cybersecurity strategies, 76 percent said cybersecurity is now embedded in their culture, and a full 93 percent believe their cybersecurity capabilities can protect their customers’ information.

    But the survey also indicated that this confidence may be misplaced. Our research found that these same banks face an average of 85 targeted breach attempts per year—a third of which are successful. The stakes are also getting higher, with recent breaches of international payments systems creating multi-billion-dollar downside risks. If banks are to retain their customers’ trust, this gap between the reassurance projected by management and the reality of multiple successful breaches a month needs to be closed—and quickly.

    It starts with better threat assessment and a dynamic prioritization of investments against emerging risks. It also means building a strong risk culture and supporting it with appropriate controls and tools that build resilience and defence in depth. Continuous attack simulations from white-hat hackers can also provide valuable insights into the maturity of a bank’s security program and its readiness to parry the continuously evolving set of threats.

    Just like David Bowie, cybersecurity threats keep changing and evolving, so the Carlos Alomars of bank information security need to ensure that they can keep up.

    To learn more about building better cybersecurity in banking, I invite you to read our High Performance Security report: Solving Banking’s Cybersecurity Conundrum

    The post Ch-ch-changes—It’s time to address cybersecurity threats in banking appeared first on Accenture Banking Blog.

    Accenture Banking Blog

  • user 12:18 pm on November 28, 2016 Permalink | Reply
    Tags: Behavioral, , Circles, Cybersecurity, OneUpping, Recognition   

    Behavioral Recognition Is One-Upping Biometrics in Cybersecurity Circles 

    Scanning a thumbprint to access your bank account seems completely safe, right? Well, a notorious German hacker names Jan Krisller – a.k.a. Starbug – demonstrated how easy it is to duplicate a fingerprint or even an iris, using a high-res photo. He used Angela Merkel’s photo. Other hacks have foiled fingerprintRead More
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