📣 Lietuvos bankas | Bank of Lithuania 2024 Inspection Plan Announced The Bank of Lithuania's 2024 inspection plan covers 34 financial institutions, focusing on #AntiMoneyLaundering (AML) and #CombatingTheFinancingOfTerrorism (CFT), with a strong emphasis on managing information and communication technology (ICT) and cybersecurity risks. Additional measures include training and consultations for market participants to prevent future violations. 👀 Inspection targets: • 17 electronic money and payment institutions • 5 insurance companies • 4 banks • 3 independent credit intermediaries related to real estate • 2 issuers • 1 credit union, 1 financial broker, and 1 management company The objectives are to enhance cooperation and transparency between regulators and financial institutions, and to address institutional deficiencies. Since 2017, these openly published plans have aimed at fostering proactive risk assessment and more efficient inspections. For more details and inspection timings, visit the Bank of Lithuania's website: https://lnkd.in/eMYJ--rp #BankofLithuania #AML #CFT #CyberSecurity #FintechRegulation
AML Certification Centre’s Post
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To strengthen banks and other financial institutions against cyber threats, the Bangko Sentral ng Pilipinas (BSP) launched the Financial Services Cyber Resilience Plan (FSCRP) on August 6, 2024, at the Philippine International Convention Center. #banking #bonds #stockmarket #stocks #realestate #finance #Business #Corporate #Corporation #Entrepreneur #Philippines #Financial #Invest #Investment #investingtips
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Hackers are experimenting with their latest ransomware on businesses in Africa, Asia and South America before targeting richer countries that have more sophisticated security methods, writes Ellesheva Kissin. Hackers have adopted a “strategy” of infiltrating systems in the developing world before moving to higher-value targets such as those in North America and Europe, according to a report published on Wednesday by cyber security firm Performanta. “Adversaries are using developing countries as a platform where they can test their malicious programs before the more resourceful countries are targeted,” the company said. Recent ransomware targets include a Senegalese bank, a financial services company in Chile, a tax firm in Colombia and a government economic agency in Argentina, which were hit as part of gangs’ dry runs in developing countries, the data showed. The research comes amid an almost doubling of cyber attacks since before the Covid-19 pandemic, exacerbated in the developing world by rapid digitisation, good internet networks and “inadequate” protection, the International Monetary Fund said this month. Reported losses from cyber incidents to businesses worldwide since 2020 had climbed to almost $28bn, with billions of records stolen or compromised, the IMF pointed out, adding that total costs were likely to be “substantially higher”. Read more here https://lnkd.in/eFwqwsWi #hacking #cyber #bankingindustry
Hackers use developing countries as testing ground for new ransomware attacks - Banking Risk and Regulation
bankingriskandregulation.com
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On May 31, 2024, the Central Bank of Nigeria ("CBN") issued the Risk-Based Cybersecurity Framework and Guidelines for Deposit Money Banks and Payment Service Banks (the "Framework"). The Framework was issued to guide the implementation of cybersecurity programmes by supervised financial institutions (“SFIs”) to enhance resilience in the financial sector. In this article, we compare the provisions of the Framework to the previous cybersecurity regime applicable to SFIs and provide an overview of the Framework. Read here: https://lnkd.in/dTz8AC9m #GElias #Cybersecurity #Framework #CBN #Guidelines #Security #Banking #Finance #RiskManagement #CyberResilience #BankingSecurity #FinancialRegulations #PaymentServiceBanks #Compliance #NigeriaFinance #Cybersecurity #Nigeria
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Poland 🇵🇱 is currently the most targeted country in the European Union 🇪🇺 by #cybercriminals. Banks and the financial sector are among the most frequently attacked sectors of the Polish economy. 📢 On September 25th, I will be a speaker at the event “Cybersecurity in the Financial Sector,” organized by #Mastercard and host by Malgorzata Domagala. If you want to hear about: ➡️ Which assets are most vulnerable and methods of protection ? ➡️ What tools and techniques are used by cybercriminals today ? ➡️ How secure are Polish banks ? ➡️ What impact does the DORA regulation have ? #Cyberstrong BNP Paribas Bank Polska #BankDobrychDecyzji
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Hackers are strategically testing their latest ransomware on businesses in developing countries before targeting richer nations with stronger security measures. Performanta's recent research, referenced in Banking Risk and Regulation latest publication, sheds light on this concerning trend, revealing how adversaries are using regions like Africa, Asia, and South America as platforms for their malicious programs. #CyberSecurity #Ransomware #GlobalThreats
Hackers are experimenting with their latest ransomware on businesses in Africa, Asia and South America before targeting richer countries that have more sophisticated security methods, writes Ellesheva Kissin. Hackers have adopted a “strategy” of infiltrating systems in the developing world before moving to higher-value targets such as those in North America and Europe, according to a report published on Wednesday by cyber security firm Performanta. “Adversaries are using developing countries as a platform where they can test their malicious programs before the more resourceful countries are targeted,” the company said. Recent ransomware targets include a Senegalese bank, a financial services company in Chile, a tax firm in Colombia and a government economic agency in Argentina, which were hit as part of gangs’ dry runs in developing countries, the data showed. The research comes amid an almost doubling of cyber attacks since before the Covid-19 pandemic, exacerbated in the developing world by rapid digitisation, good internet networks and “inadequate” protection, the International Monetary Fund said this month. Reported losses from cyber incidents to businesses worldwide since 2020 had climbed to almost $28bn, with billions of records stolen or compromised, the IMF pointed out, adding that total costs were likely to be “substantially higher”. Read more here https://lnkd.in/eFwqwsWi #hacking #cyber #bankingindustry
Hackers use developing countries as testing ground for new ransomware attacks - Banking Risk and Regulation
bankingriskandregulation.com
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🚨💳 What is the Antifraud Center of the National Payments Corporation of Kazakhstan ? 🛡️🤖 Last year, we partnered with 13 banks to design and pilot a fraud incident sharing scheme. This scheme is a game-changer in fraud prevention and investigation, fostering efficient information sharing 🤝🔍. 🚀 This year is all about scaling up! We’re gearing up for a production launch with: • API-enabled exchange 💻 • Various types of stop lists 🚫 • AI-powered fraud pattern recognition 🧠 • Advanced analytical tools 🔍 Plus, we’re in deep conversations with law enforcement agencies to further bolster our efforts 🚓🤝. 🔔 Stay tuned. Together, we’re making the financial world a safer place! 🔐💪 #AntifraudInitiative #FinancialSecurity #AIInFinance #FintechInnovation #CyberSecurity #CollaborationForSafety #StaySafeOnline
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SIM swap #fraud continues to cause substantial financial losses for both consumers and financial institutions, undermining the integrity of the financial ecosystem. According to the FBI’s IC3 Report, the U.S. saw 1,075 reported incidents, resulting in losses totaling $48.7 million. ⚠ In the UAE, the banking industry faced similar challenges, but one leading bank turned the tide. By dissecting the fraud workflow and implementing strategic controls, they managed to stop SIM swap incidents in their tracks. Read the full article by Anis Ahmed to learn how the UAE no longer has cases of SIM swap fraud: https://lnkd.in/dU4vy2mv Are you passionate about publishing your insights on industry-leading topics and trends? ISMG is inviting experts and thought leaders to share their views and opinions on crucial topics of discussion. Reach out to us to know more! 📝 #ISMGNews #ISMGBlogs #cybersecurity #frauddetection Alexander Antukh Steven SIM Kok Leong Shishir Kumar Singh Charmaine Valmonte
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The #US #Fed's latest #Supervision and #Regulation report shows that the #Banking system is sound and remains resilient but some #Banks show weaknesses in #OperationalResilience, #Cybersecurity and Anti-money laundering ( #AML ). https://lnkd.in/d-sNHQJG
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🏦 A global bank was battling bot-driven new account fraud and ATOs - at massive scale.The mitigation strategy it deployed slashed ⚔️ the attacks and ensured it met federal banking compliance requirements. Here’s how it achieved both: https://bit.ly/4bOPeWG Bill Sytsma Jordan Gottlieb Dan Kaplan David Ellens #Banks #BotManagement #BankRegulation #compliance #cybersecurity
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Here's a really interesting story about how a bank protected its consumers' data and stopped bot-driven account takeovers all while navigating the complex global regulatory environment. #BotMitigation #compliance #banks #cybersecurity #Risk&Compliance
🏦 A global bank was battling bot-driven new account fraud and ATOs - at massive scale.The mitigation strategy it deployed slashed ⚔️ the attacks and ensured it met federal banking compliance requirements. Here’s how it achieved both: https://bit.ly/4bOPeWG Bill Sytsma Jordan Gottlieb Dan Kaplan David Ellens #Banks #BotManagement #BankRegulation #compliance #cybersecurity
