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Fairdinkum Blog

Data Breach Scenario: BYOD - Financial Services Firms

Posted on November 06 , 2018

What would happen to your brand trust if a personally owned device containing both personal and corporate data was lost or stolen?

Brand trust is paramount to the success and longevity of your business. While the creation of a separate interface for personal device traffic may seem inconvenient, it could prove to be one of the best security practices you implement.

Companies around the globe have identified the convenience of employees bringing their own device (BYOD) to work. In fact, 82% of companies allow the use of personal devices for work, but out of those companies which support BYOD, 50% were breached through an employee’s personal device.

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Data Breach: Weak Configuration - Financial Services Firms

Posted on November 06 , 2018

Weak Configuration: An Open Invitation for Cyber Exploitation

Technology devices don’t have a corner on weak configurations. System network configurations can be just as weak - especially when it comes to password protection. Weak configurations can be devastating to institutions holding large amounts of (sensitive) data such as financial services firms.

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What Financial Firms Need To Know About Employees Working Remotely

Posted on November 01 , 2018

Whether you are a Principle or Partner, it should come as no surprise that the financial sector is the single most targeted industry when it comes to cyber attacks.

As mentioned in the Global Banking & Finance Review, "As data breaches are now an almost daily occurrence with both large enterprises and SMEs making headlines for compromises to intellectual property, the security of remote workers should be a high priority for any organisation. According to recent research from Apricorn, 48% of surveyed companies said employees are their biggest security risk, and one in ten companies with over 3,000 employees do not have a security strategy."

The SEC Brings Its First Enforcement Action under the Identity Theft Red Flags Rule

On September 26, 2018, the Securities and Exchange Commission (SEC) settled claims that Voya Financial Advisors, Inc. (VFA) failed to adequately protect customer information following a six-day cyber attack in 2016. The SEC’s order not only cites violations of the Safeguards Rule under Regulation S-P (a staple of SEC cyber security enforcement actions against broker-dealers and investment advisers), but also is the SEC’s first enforcement action for a violation of the Identity Theft Red Flags Rule under Regulation S-ID,  which requires certain SEC registrants to create and implement programs to detect, prevent and mitigate identity theft. Click here for more details.

Financial institutions face 300% more cyber attacks that any other sector. The threat has gotten so far out of hand that numerous government agencies fear these cyber criminals are the biggest threat to bank stability. According to SEC Chair Mary Jo White, cyber attacks are such a grave concern that it overtakes terrorism in the Division of Intelligence’s list of global threats. There is one practice in particular that puts financial institutions at risk of a hack: Working Remote.  

In the JP Morgan breach of 2014, 83 million customer records were compromised. That is 83 Million records stolen in just ONE breach. This incident is "the largest theft of customer data" and it all started with one employee working from home. 

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5 Ways to Protect Your Business from Social Media Phishing

Posted on October 20 , 2018

Phishing is the practice of imitating a company to obtain sensitive information. This information might include credit card details for the purposes of defrauding customers, for example, or employee passwords in order to gain unauthorized access to company data.

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What to Do When Your Website is Hacked

Posted on October 18 , 2018

Having your website hacked is a stressful experience. Perhaps you’ve typed in your URL one day and found that your website redirects to a questionable site, or even that it’s disappeared altogether. Or perhaps your website is running just fine, but you have an inkling that it’s been compromised behind the scenes.

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