The recent exposure of more than 24 million mortgage documents has brought to light an issue that has plagued financial...
After a number of high profile breaches in 2017 lenders are looking to better protect themselves against evolving threats; writing a column in Bankless Times Tom Donlea of WhitePages Pro looks at some key things online lenders can do to better protect themselves; lenders can start moving away from using social security numbers as a personal identifier, AI and machine learning will play a bigger role, more lenders will begin to bring fraud fighting in house and blockchain will become more widely adopted. Source.
As bigger breaches occur startups focusing on cybersecurity have seen investment double in the last year; globally there was $7.6bn invested in cybersecurity startups this past year after seeing $3.8bn in 2016; global spending on cybersecurity was estimated to be over $80bn in 2017 as companies look to protect their data and company systems from evolving threats. Source.
A new report by Accenture Security talks about the growing fraud risk at banks and potential solutions they can implement...
Bank of America’s Cathy Bessant says the bank’s talent is just as important as the technology they implement; the bank plans to spend more than $600mn on cybersecurity alone and says to TearSheet, “Sometime’s theres a misunderstanding that cyber defense is somehow all technology, and it’s not,” she said. “It’s judgment and how to assess a threat and think about mitigation every single day.”; technology is not only making the bank more efficient but it has also forced the bank to retrain employees for new technology skills, making the bank stronger overall; the bank is making a big push into AI and currently has more than 80 patents related to the new technology. Source.
IBM has been making waves with banks in recent months as they make a push to get large banks to...
The FDIC sent a letter to banks outlining problems they see with the current way vendor contracts are done; the...
Every industry is facing struggles due to the current pandemic and financial services in particular is in the middle of...
The Equifax breach has started to really change and shape the conversation around privacy since they are involved in so...
Citi spends over $8bn per years on technology and last year the bank said they reached an inflection point; “Last...