Cyber attackers are experimenting with their latest ransomware on businesses in Africa, Asia and South America before targeting richer countries that have more sophisticated security methods. Hackers have adopted a “strategy” of infiltrating systems in the developing world before moving to higher-value targets such as in North America and Europe, according to a...
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As consumers gain greater access to their financial data through third-party applications, hackers are also increasingly gaining access to the data and the banks that grant apps access to it. Though not a new problem, the security vulnerabilities of application programming interfaces — automated portals to user data — grew substantially in the last year, according to...
In a rare case of a ransomware attack bringing down a segment of the financial services industry, a major derivatives software provider fell victim to a Russia-linked ransomware group last week, and its trading systems only came back online after the threat actor said the company paid the ransom. Ransomware group LockBit‘s attack against ION Group’s...
10’000 Hours/Getty Images Consumers often prefer online banking for its convenience, including the ability to access account information and make transactions with just a few taps or clicks. A study released by Chase in 2023 found that 87 percent of Americans use their banking app at least once a month. With increased usage, however, comes a higher risk of...