Tal Schwartz’s Post

The Growing Cyber Risks in Fintech and How to Mitigate Them | Woodruff Sawyer - JDSupra: Fintech is a broad term comprising many different types of B2B and B2C financial technology solutions. Examples include everything from payment ...

Fortressing the Financial Frontier: Proactive Cybersecurity for Banks and Fintechs in North America and Europe. https://lnkd.in/d4_KywSQ #fintech #cybersecurity #banks #uae #canada

Evolve Bank Data Breach: A Cautionary Tale for Fintech Partnerships #cybersecurity #banking #fintech The recent news of the LockBit ransomware attack on Evolve Bank & Trust serves as a stark reminder of the evolving cybersecurity threats facing the financial services industry, particularly those heavily involved with fintech partnerships. Key takeaways: • Evolve Bank confirms stolen customer data: After initially claiming to have breached the Federal Reserve, LockBit released stolen data from Evolve Bank on the dark web. • Failed negotiations: The attack follows Evolve's struggles to meet ransom demands and regulatory scrutiny for its risk management practices, particularly concerning fintech partnerships. • Fintech partnership concerns: Evolve's close collaboration with BaaS platform Synapse, which collapsed earlier this year, further highlights the potential risks associated with third-party integrations. What can we learn? Financial institutions, especially those embracing fintech partnerships, must prioritize robust cybersecurity measures. This includes: 1- Thorough due diligence: Carefully assess the security posture of potential fintech partners. 2- Stronger risk management: Implement robust risk management frameworks to identify and mitigate potential vulnerabilities. 3- Data security protocols: Enforce watertight data security protocols across all systems and partnerships. The financial services industry needs to work together to build a more resilient ecosystem. How can we improve collaboration and information sharing on cyber threats in the age of open banking? Let's discuss in the comments! #evolvebank #lockbit #ransomware #databreach #Neurobay

The Fintech industry is booming, but so are the attacks. Is your Fintech product/service secure? Did you know that the global Fintech industry is booming at an unprecedented rate? 📈 As per a report by the firm Market Data Forecast, the global Fintech market is projected to reach approximately $324 billion by 2026! But with great numbers comes great responsibility, especially when it comes to security. 🛡️ The Fintech industry has always been a prime target for attackers. Here are a few eye-opening stats on Fintech security: 🔒 64% of financial organizations were hit by ransomware attacks in 2022. (Source: Sophos) 🔒 25% of malware attacks target financial services companies. (Source: Congressional Research Service) Securing Fintech products is crucial because: 🚫 Protecting sensitive customer data is non-negotiable. 📉 A single breach can lead to catastrophic financial losses. 🌐 Reputation damage can be irreversible, impacting customer trust. That's where Bugsmirror comes in! We are revolutionizing the way digital transactions are secured, ensuring a brighter future where data protection and seamless functionality coexist harmoniously. Our team remains committed to pushing boundaries and delivering cutting-edge security solutions that ensure the safety of every Fintech product/service. In a world where digital finance is the future, Bugsmirror is your security partner of choice! 💪 Let's collaborate to make Fintech products and services not just innovative but also impenetrable. Together, we can safeguard the financial future of millions. 🌐 #Bugsmirror #COO #leadership #fintechsecurity #FinTech #fintechindustry #fintechproducts #fintechservices #Androidsecurity #applicationsecurity #securityservices #productsecurity

⛔ Fintechs, Banks and Regulated Entities are the biggest Targets 🚩 Ransomware is a business. Business runs on P&L. The ransomware strategy and focus remains on the regulated entities who have higher chances of paying ransom. Organizations may adopt counter- digitalization to manage risks with UBS evaluating it's Digitalization growth. #digitaltransformation #cybersecurity

How did European banks perform in a cyber resilience test?   A cyber resilience stress test was carried out by the European Central Bank and was designed to assess how banks responded to a cyber attack. The overall score for the industry was good, but showed "some room for improvement".   The European Central Bank says they plan to conduct similar tests in the future due to the increasing threat of cyber attacks.   https://lnkd.in/ejecNtPX   #CyberSecurity #InfoSec #Spritzmonkey

The FinTech Industry is continuously growing, maintaining 2% of the worldwide economy, and is expected to generate $1.5 trillion in revenue by 2030. The KYB recently published its Whitepaper that highlights the growing need for regulatory-compliant business verification services to combat cyber threats in B2B operations. For more details, click here: https://bit.ly/46e6f9i #Thekyb #Whitepaper #Fintech #Industry #Business #Verification #Regulatorycompliance #B2Bindustry

How is it possible to ensure security in fintech transactions? 🌐🔐 In the rapidly evolving fintech landscape, the security of transactions stands as a formidable pillar ensuring trust and reliability. This critical aspect is not just a concern, but a core focus shaping the future of financial technology. Check out some essential insights: - A comprehensive breakdown of security protocols and technologies being employed to safeguard transactions against an ever-growing array of cyber threats. - Insightful commentary on the balance between user convenience and stringent security, and how fintech companies are navigating this complex landscape. Moreover, our feature delves into the collaborative efforts within the fintech ecosystem to enhance security standards, including regulatory frameworks, innovation in encryption, and biometric authentication advancements. Click the link below to uncover the strategies and innovations driving security in fintech transactions. 🔗📘 https://hubs.ly/Q02lm2Q80 #Fintech #TransactionSecurity #DigitalTrust #LatamPayments #GlobalPayments #Fintech

In today's digital age, both fintech companies and traditional banks face relentless cyber threats. Daily, they are targeted by sophisticated attacks aiming to exploit vulnerabilities and compromise sensitive data. The role of a risk manager has never been more crucial. These professionals are at the forefront of identifying, assessing, and mitigating risks, ensuring robust defenses against potential breaches. Investing in strong risk management practices not only safeguards assets and customer trust but also fortifies the financial ecosystem as a whole. Let's prioritize security and resilience in our financial institutions! #Fintech #RiskManagement

Cybersecurity in FX Trading is a priority, not an option. In an era where cyber-attacks are expected to inflict trillions in damages globally, safeguarding FX post-trade communications isn't just crucial—it's imperative. With CobaltFX's Trade Notification Network, you're not just adopting a new system; you're championing the resilience of your operations in the face of cyber threats. 🔍 Want to ensure your trades are protected? Discover more about the Trade Notification Network in the article below. https://bit.ly/3N48QLk #Cybersecurity #CobaltFX #FXTrading #FinancialSecurity