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Many small-to-midsize banks and financial institutions are still running on-premise Microsoft Exchange email servers, whether in their own walls, or in the walls of their technology service provider. Microsoft recently announced that multiple hacking groups were targeting Microsoft Exchange servers in coordinated attacks, which could cause a damaging data breach for these organizations. With all...

The post Data Security for Banks and Financial Institutions: Top 4 Myths About Moving to the Cloud appeared first on Anders CPA.

Divi empowers you to build the best websites possible, and now, Divi Quick Sites takes website creation to a whole new level. This revolutionary tool lets anyone, regardless of skill level, generate a complete website in under two minutes! Divi Quick Sites provides everything you need to launch your dream website instantly. You can choose […]

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Preventing data loss, complying with regulations, automating workflows and managing access are four key challenges facing financial institutions. Learn how Tenable can help.

Imagine a bustling bank, made not of bricks and mortar, but of a swirling mass of data in the cloud. Account numbers, transaction histories and personally identifiable information (PII) zip across servers, powering the financial world. Holding all this sensitive data requires tremendous care. Therefore, securing this sensitive information is paramount.

This is where Tenable Cloud Security steps in, offering a data security shield specifically designed for the unique needs of financial institutions.

The challenge: A data deluge demands vigilance

Financial institutions generate massive volumes of data daily. While the public cloud offers unparalleled capacity to store such data, along with agility and scalability, the cloud also expands the attack surface. Legacy cybersecurity solutions are often unable to manage — let alone secure — the sheer volume of data and the variety of ways it is accessed, leaving organizations exposed to malicious actors. At the same time, financial institutions must keep up with new and evolving compliance standards and regulations set forth by governing bodies. Financial institutions need a security platform that helps them protect their data and maintain compliance.

Tenable Cloud Security’s advantage: Seeing beyond the walls

Tenable Cloud Security actively scrutinizes every corner of the cloud data vault, continuously and automatically.

"Without [Tenable Cloud Security], we would've been virtually blind to risks and threats impacting our sensitive data. [Tenable Cloud Security] allows us to preempt any issues and meet the requirements we're receiving from our business partners, with minimal effort.

— VP Security at a leading Fintech platform

Here's how Tenable empowers financial institutions:

• Protecting sensitive data: Tenable doesn't just guard the door; it knows what's inside and how to best protect it. It identifies and labels all data, like financial records and social security numbers, understanding its sensitivity and prioritizing its protection.
• Continuous monitoring: Imagine guards constantly scanning every inch of the vault. Tenable does the same digitally, using advanced technology to constantly search for suspicious activity and potential breaches. Any unusual movement of the data, either exfiltration or copying to a different and inaccessible location, triggers an alarm, allowing for immediate intervention.
• Policy enforcement: Just like a vault needs clear access protocols, so does your data. Tenable automates setting and enforcing cybersecurity policies across the entire cloud, ensuring everyone plays by the book and no unauthorized hands touch the valuables.
• Following mandated regulations: Financial institutions juggle a complex set of regulations and industry standards like the Payment Card Industry Data Security Standard (PCI-DSS). Tenable simplifies compliance with a host of international regulations by providing timely reports and audit trails.

Beyond traditional security: More than just a lock

Modern technology stacks for data storage require a modern cybersecurity stack. Traditional security solutions are unable to address the unique risks associated with storing data in cloud technologies. Financial organizations that leverage Tenable’s data security platform are able to meet existing and future challenges, including:

• Preventing data loss: Early detection and prevention of unauthorized data access can help organizations minimize financial losses and reputational damage, keeping valuable assets safe from even the most cunning thieves.
• Complying with regulations: Automated reports and adherence to the most stringent regulations and industry standards ensure compliance, saving time and resources.
• Automating workflows: Tenable automates tasks and provides deeper insights into how data behaves, enabling organizations to free up their valuable resources for other endeavors and make their security teams more efficient.
• Managing access: Just like knowing who has access to the vault is crucial. Tenable tracks who and what has access to data, ensuring only authorized parties can handle the data.

The future of financial security is data-centric

Tenable Cloud Security's data-centric approach positions it as a valuable partner, not just for guarding the perimeter but for understanding the inner workings of the vault and the most sensitive data within it. By leveraging Tenable’s capabilities, financial institutions can confidently embrace the cloud while ensuring the highest level of security for their most valuable assets — their data.

To learn more about how you can secure your data

• Webinar: Know Your Exposure: Is Your Cloud Data Secure in the Age of AI?
• Data Sheet: Data Security in a Unified Cloud Security Solution
• Infographic: When CNAPP met DSPM
• Demo Video

SAINT JOHN, NB - In recognition of Financial Literacy Month’s theme “Money on your Mind?

Toronto – The Canadian Securities Administrators (CSA) is warning the public about scammers claiming to represent large, well-known financial companies.  Recently, the CSA has noted an increase in the number of scams involving the use of professional looking electronic broch

 New research conducted by Tenable®, Inc., the exposure management company, has uncovered more than 26,500 potential internet-facing assets among Southeast Asia’s top banking, financial services and insurance (BFSI) companies by market capitalisation across Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam.

On July 15, 2024, Tenable examined the external attack surface of over 90 BFSI organisations with the largest market capitalisations across the region. The findings revealed that the average organisation possesses nearly 300 internet-facing assets susceptible to potential exploitation, resulting in a total of more than 26,500 assets across the study group.

Singapore ranked the highest among the six countries assessed, with over 11,000 internet-facing assets identified across its top 16 BFSI companies. Over 6,000 of those assets are hosted in the United States. Next on the list is Thailand with over 5000 assets. The distribution of internet-accessible assets underscores the need for cybersecurity strategies that adapt to the rapidly evolving digital landscape.

“The results of our study reveal that many financial institutions are struggling to close the priority security gaps that put them at risk. Effective exposure management is key to closing these gaps,” said Nigel Ng, Senior Vice President, Tenable APJ. “By identifying and securing vulnerable assets before they can be exploited, organisations can better protect themselves against the growing tide of cyberattacks.” 

Cyber Hygiene Gaps 
The Tenable study revealed many potential vulnerabilities and exposed several cyber hygiene issues among the study group, including outdated software, weak encryption, and misconfigurations. These vulnerabilities provide cybercriminals with easily exploitable potential entry points, posing potential risk to the integrity and security of financial data. 

Weak SSL/TLS encryption 

A notable finding is that among the total assets, organisations had nearly 2,500 still supporting TLS 1.0—a 25-year old security protocol introduced in 1999 and disabled by Microsoft in September 2022. This highlights the significant challenge organisations with extensive internet footprints face in identifying and updating outdated technologies.

Misconfiguration increases external exposure

Another concerning discovery was that over 4,000 assets, originally intended for internal use, were inadvertently exposed and are now accessible externally. Failing to secure these internal assets poses a significant risk to organisations, as it creates an opportunity for malicious actors to target sensitive information and critical systems.

Lack of encryption 

There were over 900 assets with unencrypted final URLs, which can present a security weakness. When URLs are unencrypted, the data transmitted between the user's browser and the server is not protected by encryption, making it vulnerable to interception, eavesdropping, and manipulation by malicious actors. This lack of encryption can lead to the exposure of sensitive information, such as login credentials, personal data, or payment details, and can compromise the integrity of the communication.

API vulnerabilities amplify risk

The identification of over 2,000 API v3 out of the total number of assets among organisations' digital infrastructure poses a substantial risk to their security and operational integrity.

APIs serve as crucial connectors between software applications, facilitating seamless data exchange. However, inadequate authentication, insufficient input validation, weak access controls, and vulnerabilities in dependencies within API v3 implementations create a vulnerable attack surface.

Malicious actors can exploit such weaknesses to gain unauthorised access, compromise data integrity, and launch devastating cyber attacks.

“The cybersecurity landscape is evolving faster than ever, and financial institutions must evolve with it, so they can know where they are exposed and take action to close critical risk” Ng added. “By prioritising exposure management, these organisations can better protect their digital assets, safeguard customer trust, and ensure the resilience of their operations in an increasingly hostile digital environment.”

About Tenable
Tenable® is the exposure management company, exposing and closing the cybersecurity gaps that erode business value, reputation and trust. The company’s AI-powered exposure management platform radically unifies security visibility, insight and action across the attack surface, equipping modern organizations to protect against attacks from IT infrastructure to cloud environments to critical infrastructure and everywhere in between. By protecting enterprises from security exposure, Tenable reduces business risk for more than 44,000 customers around the globe. Learn more at tenable.com. 

Notes to Editors:

1. Tenable examined the top 12-16 BFSI companies discoverable based on market cap. 
2. In the context of this alert:

• An asset is a domain name, subdomain, or IP addresses and/or combination thereof of a device connected to the Internet or internal network. An asset may include, but not limited to web servers, name servers, IoT devices, network printers, etc. Example: foo.tld, bar.foo.tld, x.x.x.xs.
• The Attack Surface is from the network perspective of an adversary, the complete asset inventory of an organisation including all actively listening services (open ports) on each asset.

Agricultural growth key to accelerated poverty reduction in Bangladesh (Financial Express)

Senior research fellow and country representative, Akhter Ahmed writes in an op-ed for the Financial Express (Bangladesh) that the country “has witnessed substantial economic growth over the past decade, with an average annual gross domestic product (GDP) growth of 6.6 per cent between 2016 and 2022. Notably, the country experienced a 3.4 per cent increase in GDP in 2020, making Bangladesh one […]

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After a successful career in advertising, Erika Williams decided it was time for a change. She went back to school to get an MBA at the University of Chicago, and eventually, in 2012, she got a job at Wells Fargo as a financial advisor. It was the very job she wanted.

Erika is Black–and being a Black financial advisor at a big bank is relatively uncommon. Banking was one of the last white collar industries to really hire Black employees. And when Erika gets to her office, she's barely situated before she starts to get a weird feeling. She feels like her coworkers are acting strangely around her.

"I was just met with a lot of stares. And then the stares just turned to just, I mean, they just pretty much ignored me. And that was my first day, and that was my second day. And it was really every day until I left."

She wasn't sure whether to call her experience racism...until she learned that there were other Black employees at other Wells Fargo offices feeling the exact same way.On today's episode, Erika's journey through these halls of money and power. And why her story is not unique, but is just one piece of the larger puzzle.

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Toronto, ON – A new partnership has been launched at the University of Toronto’s Rotman School of Management to promote and develop initiatives for students and faculty in the area of financial innovation across all of the school’s programs. The Rotman Financial Innovation Hub in Advanced Analytics (Rotman FinHub) will create new classes and learning […]

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J.R. Storment and Mike Fuller discuss cloud financial operations (FinOps) with host Akshay Manchale. They consider the importance of a financial operations strategy for cloud-based infrastructure. J.R. and Mike discuss the differences between operating your own data center and running in the cloud, as well as the problems that doing so creates in understanding and forecasting cloud spend. Mike details the Cloud FinOps lifecycle by first attributing organizational cloud spend through showbacks and chargebacks to individual teams and products. JR describes the two levers available for optimization once an organization understands where they're spending their cloud budget. They discuss complexities that arise from virtualized infrastructure and techniques to attribute cloud usage to the correct owners, and close with some recommendations for engineering leaders who are getting started on cloud FinOps strategy.