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Category: Finance and Banking

In The Latest Of The Recent Denial-Of-Service Bank Attacks, HSBC Falls Victim

Posted October 22, 2012 by TeamSHATTER Admin in Attack Vectors, Data Breach, Database Security, DoS, Finance and Banking with 0 comments
bank

Capital One, HSBC, Bank of America, Wells Fargo are among the near-dozen financial Websites hit by distributed denial-of-service attacks over the past few weeks. These attacks have disrupted daily operations for banks and made it difficult for customers to take advantage of online banking services. A group calling itself Izz ad-Din al-Qassam Cyber Fighters has claimed credits for most of the incidents and has named the institutions it will target a few days before launching the attacks. Even with the…

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Global Payments Pays Another $55 To $65 Million For March 2012 Data Breach

Posted October 2, 2012 by TeamSHATTER Admin in Breach Costs, Data Breach, Database Security, Finance and Banking, PCI with 0 comments
money

Atlanta-based payment processor Global Payments expects to take a hit of another $55 to $65 million related to a data breach it sustained earlier this year. The incident, revealed in March, involved the exposure of 1.5 million credit and debit card numbers to hackers. Already, the company has announced the breach cost $84.4 million. Click for complete article >>

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U.S. Banks Put On High Alert Against Cyber Crime

Posted September 21, 2012 by TeamSHATTER Admin in Data Breach, Database Security, Finance and Banking with 0 comments
alert

The Financial Services Information Sharing and Analysis Center (FS-ISAC) has put U.S. banks on high alert against cyberattackers seeking to steal employee network login credentials to conduct extensive wire transfer fraud. The alert warns banks towatch out for hackers using spam, phishing emails, Remote Access Trojans and keystroke loggers to try and pry loose bank employee usernames and passwords. Click for complete article >>

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Financial Fraud By Malicious Insiders Is Unsophisticated, Yet Costly

Posted August 3, 2012 by TeamSHATTER Admin in Breach Costs, Data Breach, Database Security, Finance and Banking with 0 comments
unlocked

Dramatic bank heists may make for good movies, but a sneakier class of thieves are taking a “low and slow” approach to stealing financial data that allows them to go undetected for long periods of time. According to a new report from Carnegie Mellon University’s Software Engineering Institute, malicious insiders within the financial industry typically get away with their fraud for nearly 32 months before being detected. For the report, the institute’s CERT Insider Threat Center examined 67 insider fraud…

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Breach Costs Credit Card Processing Agency, Global Payments, $84.4M

Posted July 27, 2012 by TeamSHATTER Admin in Breach Costs, Data Breach, Database Security, Finance and Banking with 0 comments
money5

Hoping to reassure customers and analysts as soon as possible, Global Payments has released a detailed statement about the data breach that it incurred months ago. The most important facts to know now is that Global Payments is asserting that the breach has been contained and only “Track 2″ data was at risk of being exposed. That means credit card numbers themselves, but not names, addresses and Social Security numbers. Click for complete article >>

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Ruling Leaves Confusion In Bank Security Responsibilities

Posted July 10, 2012 by TeamSHATTER Admin in Data Breach, Database Security, Finance and Banking with 0 comments
confusion

A federal appeals court has reversed a lower court’s decision, ruling that the security measures implemented by a Main bank were “commercially unreasonable” to protect its business customers. In 2011, a U.S. District Court found that Ocean Bank, at the time of the theft an independent southern Maine-based community bank, was not at fault for the fact that its customer, Patco Construction, a family-owned developer in Sanford, Maine, lost nearly $589,000 from its accounts after cyber criminals had infected at…

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Bethpage Federal Credit Union Data Leak Costs The Organization $1-$2 Million To Remedy

Posted June 13, 2012 by Tim Whitman in Breach Costs, Data Breach, Database Security, Finance and Banking with 0 comments
money

The limited personal and financial data of nearly 86,000 Bethpage Federal Credit Union members were erroneously posted for a month on the Internet by a former employee, but that has not resulted in any fraud, its president and chief operating officer told media outlets Tuesday. The announcement from Kirk Kordeleski, head of BFCU—the largest in the Northeast—accompanied letters, emails and phone calls to members regarding the leak, which is the first of its kind in the $4.8 billion credit union’s…

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The Most Expensive Financial Services Data Breaches

Posted April 9, 2012 by Tim Whitman in Breach Costs, Data Breach, Database Security, Finance and Banking with 0 comments
Robber in a mask carries big bag with money

Data breaches are no joke. Just ask any chief security officer. In addition to the bad headlines, customer churn and regulatory headaches associated with data breaches, the monetary costs can add up quickly. Until the Mastercard and Visa hack, the most recent high-profile data breaches have hit largely outside of the financial services industry, with Sony, Michael’s Stores and RSA (which cost parent company EMC close to $66 million) grabbing most of the headlines. Despite the focus on other industries, though,…

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Visa Removes A Service Provider After Data Breach

Posted April 3, 2012 by Tim Whitman in Data Breach, Database Security, Finance and Banking, PCI with 1 comment
credit card

Visa removed Global Payments, an Atlanta company that helps the payment giant process transactions for merchants, from its list of “compliant service providers.” A security breach at Global Payments reported on Friday was thought to have compromised up to three million credit card accounts. It is among a group of companies that act as the plumbing in the electronic transaction chain, authorizing millions of transactions a day. That makes the companies prime targets for data thieves looking to steal richly detailed…

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How The Finance Vertical Helped Shape Database Security

Posted February 16, 2012 by Tim Whitman in Best Practices, Database Security, Finance and Banking, MySQL, Oracle, PCI, Sybase with 0 comments
Finance

Intrusion Detection Systems (IDS), Vulnerability Assessment and Logging platforms have been around for a long time, being some of the very first security tools available. However, it was the inability of these technologies to adequately address specific threats spawned new twists to these technologies. For example, IDS was ineffective at understanding SQL Queries and common application processes, so database activity monitoring was created to fill the gap. Vulnerability assessments were fine at assessing operating system and device settings, but lack…

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