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Forces Shaping the Cyber Threat Landscape for Financial Institutions

Forces Shaping the Cyber Threat Landscape for Financial Institutions
Author: William Carter
Publisher:
Total Pages: 31
Release: 2017
Genre:
ISBN:

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Protecting financial networks not only requires financial institutions to improve the security of their own systems, but to change the security balance of the entire internet environment. Cyber threats to financial institutions increasingly come from insecure low-cost mobile and IoT devices outside their own networks. This requires new approaches to defense, including developing new authentication and monitoring technologies for bank networks, and supporting the development of security solutions for these new devices outside the banks' own networks. Improving cybercrime education and awareness for new internet users in the developing world and supporting efforts to build law enforcement capacity to combat cybercrime around the world is also critical. Many financial institutions recognize the growing risks of cybercrime and are investing in their cyber defenses, but as changes in the attack surface, attacker incentives, and defenses evolve, so will the threats. Understanding the forces that shape the threat landscape is essential for financial institutions to get ahead and stay ahead of their adversaries in cyberspace.


Countering Cyber Threats to Financial Institutions

Countering Cyber Threats to Financial Institutions
Author: Pierre-Luc Pomerleau
Publisher: Springer Nature
Total Pages: 224
Release: 2020-08-29
Genre: Business & Economics
ISBN: 3030540545

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Exploring the negative social impact of cyber-attacks, this book takes a closer look at the challenges faced by both the public and private sectors of the financial industry. It is widely known amongst senior executives in both sectors that cybercrime poses a real threat, however effective collaboration between individual financial institutions and the public sector into detecting, monitoring and responding to cyber-attacks remains limited. Addressing this problem, the authors present the results from a series of interviews with cybersecurity professionals based in Canada in order to better understand the potential risks and threats that financial institutions are facing in the digital age. Offering policy recommendations for improving cybersecurity protection measures within financial institutions, and enhancing the sharing of information between the public and private sector, this book is a timely and invaluable read for those researching financial services, cybercrime and risk management, as well as finance professionals interested in cybersecurity.


The Unhackable Internet

The Unhackable Internet
Author: Thomas P. Vartanian
Publisher: Rowman & Littlefield
Total Pages: 361
Release: 2023-02-15
Genre: Business & Economics
ISBN: 1633888843

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Like most aspects of modern existence, more and more of our financial lives have migrated to the digital realm. With the benefits of ease that our Internet allows us, that transition also raises numerous – and dangerous – threats to national security, our money, and the systems we use to store and transfer it. In TheUnhackable Internet, financial services and technology expert Thomas P. Vartanian exposes the vulnerabilities of the many networks that we rely on today as well as the threats facing the integrity of our national security and financial services sector. From cyberattacks by foreign adversaries like China and Russia, the explosion of cryptocurrency, the advancement of ransomware, phishing, surveillance apps, spying software, and logic bombs, along with the increasing savvy and daring shown by Internet hackers, the next financial panic is likely to be delivered to us through use or abuse of technology. The Unhackable Internet describes how society can remake an Internet that was never conceived as a secure environment and badly tainted by the original sin of substandard coding. Vartanian argues for increasing the use of private and offline network infrastructures, controlling the ownership of Internet infrastructure, and imposing enhanced authentication, governance, and enforcement standards. This online universe would look more like our analog lives, authenticating all digital traffic to a real person and removing any virtual traveler that violated the new rules of the road. The Unhackable Internet poses a challenge to America: take the lead and create a coalition of democratic nations to implement financial cyber strategies or be left with no counterweight short of military power to respond to those who weaponize technology. This comprehensive and compelling book makes it clear that nothing less than the control of global economies is up for grabs, and that how we use technology is our choice.


Handbook of Research on Advancing Cybersecurity for Digital Transformation

Handbook of Research on Advancing Cybersecurity for Digital Transformation
Author: Sandhu, Kamaljeet
Publisher: IGI Global
Total Pages: 460
Release: 2021-06-18
Genre: Computers
ISBN: 1799869768

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Cybersecurity has been gaining serious attention and recently has become an important topic of concern for organizations, government institutions, and largely for people interacting with digital online systems. As many individual and organizational activities continue to grow and are conducted in the digital environment, new vulnerabilities have arisen which have led to cybersecurity threats. The nature, source, reasons, and sophistication for cyberattacks are not clearly known or understood, and many times invisible cyber attackers are never traced or can never be found. Cyberattacks can only be known once the attack and the destruction have already taken place long after the attackers have left. Cybersecurity for computer systems has increasingly become important because the government, military, corporate, financial, critical infrastructure, and medical organizations rely heavily on digital network systems, which process and store large volumes of data on computer devices that are exchanged on the internet, and they are vulnerable to “continuous” cyberattacks. As cybersecurity has become a global concern, it needs to be clearly understood, and innovative solutions are required. The Handbook of Research on Advancing Cybersecurity for Digital Transformation looks deeper into issues, problems, and innovative solutions and strategies that are linked to cybersecurity. This book will provide important knowledge that can impact the improvement of cybersecurity, which can add value in terms of innovation to solving cybersecurity threats. The chapters cover cybersecurity challenges, technologies, and solutions in the context of different industries and different types of threats. This book is ideal for cybersecurity researchers, professionals, scientists, scholars, and managers, as well as practitioners, stakeholders, researchers, academicians, and students interested in the latest advancements in cybersecurity for digital transformation.


Securing the Nation’s Critical Infrastructures

Securing the Nation’s Critical Infrastructures
Author: Drew Spaniel
Publisher: CRC Press
Total Pages: 354
Release: 2022-11-24
Genre: Computers
ISBN: 1000627152

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Securing the Nation’s Critical Infrastructures: A Guide for the 2021–2025 Administration is intended to help the United States Executive administration, legislators, and critical infrastructure decision-makers prioritize cybersecurity, combat emerging threats, craft meaningful policy, embrace modernization, and critically evaluate nascent technologies. The book is divided into 18 chapters that are focused on the critical infrastructure sectors identified in the 2013 National Infrastructure Protection Plan (NIPP), election security, and the security of local and state government. Each chapter features viewpoints from an assortment of former government leaders, C-level executives, academics, and other cybersecurity thought leaders. Major cybersecurity incidents involving public sector systems occur with jarringly frequency; however, instead of rising in vigilant alarm against the threats posed to our vital systems, the nation has become desensitized and demoralized. This publication was developed to deconstruct the normalization of cybersecurity inadequacies in our critical infrastructures and to make the challenge of improving our national security posture less daunting and more manageable. To capture a holistic and comprehensive outlook on each critical infrastructure, each chapter includes a foreword that introduces the sector and perspective essays from one or more reputable thought-leaders in that space, on topics such as: The State of the Sector (challenges, threats, etc.) Emerging Areas for Innovation Recommendations for the Future (2021–2025) Cybersecurity Landscape ABOUT ICIT The Institute for Critical Infrastructure Technology (ICIT) is the nation’s leading 501(c)3 cybersecurity think tank providing objective, nonpartisan research, advisory, and education to legislative, commercial, and public-sector stakeholders. Its mission is to cultivate a cybersecurity renaissance that will improve the resiliency of our Nation’s 16 critical infrastructure sectors, defend our democratic institutions, and empower generations of cybersecurity leaders. ICIT programs, research, and initiatives support cybersecurity leaders and practitioners across all 16 critical infrastructure sectors and can be leveraged by anyone seeking to better understand cyber risk including policymakers, academia, and businesses of all sizes that are impacted by digital threats.


Global Trends 2040

Global Trends 2040
Author: National Intelligence Council
Publisher: Cosimo Reports
Total Pages: 158
Release: 2021-03
Genre:
ISBN: 9781646794973

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"The ongoing COVID-19 pandemic marks the most significant, singular global disruption since World War II, with health, economic, political, and security implications that will ripple for years to come." -Global Trends 2040 (2021) Global Trends 2040-A More Contested World (2021), released by the US National Intelligence Council, is the latest report in its series of reports starting in 1997 about megatrends and the world's future. This report, strongly influenced by the COVID-19 pandemic, paints a bleak picture of the future and describes a contested, fragmented and turbulent world. It specifically discusses the four main trends that will shape tomorrow's world: - Demographics-by 2040, 1.4 billion people will be added mostly in Africa and South Asia. - Economics-increased government debt and concentrated economic power will escalate problems for the poor and middleclass. - Climate-a hotter world will increase water, food, and health insecurity. - Technology-the emergence of new technologies could both solve and cause problems for human life. Students of trends, policymakers, entrepreneurs, academics, journalists and anyone eager for a glimpse into the next decades, will find this report, with colored graphs, essential reading.


Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance

Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance
Author: El Bachir Boukherouaa
Publisher: International Monetary Fund
Total Pages: 35
Release: 2021-10-22
Genre: Business & Economics
ISBN: 1589063953

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This paper discusses the impact of the rapid adoption of artificial intelligence (AI) and machine learning (ML) in the financial sector. It highlights the benefits these technologies bring in terms of financial deepening and efficiency, while raising concerns about its potential in widening the digital divide between advanced and developing economies. The paper advances the discussion on the impact of this technology by distilling and categorizing the unique risks that it could pose to the integrity and stability of the financial system, policy challenges, and potential regulatory approaches. The evolving nature of this technology and its application in finance means that the full extent of its strengths and weaknesses is yet to be fully understood. Given the risk of unexpected pitfalls, countries will need to strengthen prudential oversight.


Industry of Anonymity

Industry of Anonymity
Author: Jonathan Lusthaus
Publisher: Harvard University Press
Total Pages: 305
Release: 2018-10-16
Genre: Social Science
ISBN: 0674979419

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Jonathan Lusthaus lifts the veil on cybercriminals in the most extensive account yet of the lives they lead and the vast international industry they have created. Having traveled to hotspots around the world to meet with hundreds of law enforcement agents, security gurus, hackers, and criminals, he charts how this industry based on anonymity works.


Cyber Economic Crime in India

Cyber Economic Crime in India
Author: Balsing Rajput
Publisher: Springer Nature
Total Pages: 277
Release: 2020-04-22
Genre: Social Science
ISBN: 3030446557

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This volume provides an overview of cyber economic crime in India, analyzing fifteen years of data and specific case studies from Mumbai to add to the limited research in cyber economic crime detection. Centering around an integrated victim-centered approach to investigating a global crime on the local level, the book examines the criminal justice system response to cyber economic crime and proposes new methods of detection and prevention. It considers the threat from a national security perspective, a cybercrime perspective, and as a technical threat to business and technology installations. Among the topics discussed: Changing landscape of crime in cyberspace Cybercrime typology Legal framework for cyber economic crime in India Cyber security mechanisms in India A valuable resource for law enforcement and police working on the local, national, and global level in the detection and prevention of cybercrime, Cyber Economic Crime in India will also be of interest to researchers and practitioners working in financial crimes and white collar crime.


Operational Risk Management in Financial Services

Operational Risk Management in Financial Services
Author: Anthony Tarantino
Publisher: John Wiley and Sons
Total Pages: 34
Release: 2010-12-16
Genre: Business & Economics
ISBN: 0470909684

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Banking is at the forefront of the effort to quantify and measure operational risk and as such can be role model beyond the financial services industry. The Basel Committee of the Bank for International Settlements (BIS) has created a new capital accord, known as Basel II. Basel II requires banks to establish an operational risk management (ORM) framework and compute an explicit capital charge for operational risk once it is adopted. This chapter from Goverance, Risk, and Compliance Handbook, by Anthony Tarantino, outlines different approaches, tools, and guidance on operational risk management for financial services companies.