Financial institutions, long the crown jewels of cyber targets, . Are falling prey not to systems being broken, but to trust being exploited.It’s an emerging . Era of credential-based compromise, a new paradigm in cybersecurity where hackers For Real-time Promotions don’t break in, they . Log in. Cybercrime has evolved from smash-and-grab operations to long cons that rely on psychological . Manipulation and credential misuse.The problem is compounded by the operational and administrative complexity of financial . Services. Financial institutions can operate sprawling networks with millions of users and endpoints.
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To the . Fraudster’s hammer, all these endpoints and users can look like a nail.The pymnts intelligence report . “consumers struggle kenya phone number data with passwords and fraud prevention — metal payment cards offer a smarter alternative,” . A collaboration with arculus by composecure, found that % of fraud cases are driven by . Stolen or falsified credentials.Defending against this new wave of threats can require more than better . Tools. It may depend on better habits, smarter systems and a commitment to security as .
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A shared responsibility.Read also: aligning payments and data operations with compliance and cyber risksmoving toward . Proactive common mistakes in inventory management and how a system can solve them defensethe traditional reactive approach to cyber incidents may no longer be sufficient for today’s . Sophisticated, always-on threat environment. Banks are no longer asking if they will be breached, but . When and how prepared they will be.A data breach and its downstream compromises can come . From anywhere.Vulnerabilities can even come from trusted third parties, as the news earlier this month . From the office of the comptroller of the currency showed.
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Hackers were able to intercept . Over , emails sent to the agency. Cybersecurity experts are reviewing the security of the . Occ’s banknet and large file transfer systems, which are what many banks use to share . Supervisory information with the regulator.Following the occ breach, j.P. Morgan chase and bank of new . York mellon scaled back their electronic information sharing with the occ due to concerns about . Potential security risks to their own computer networks.Ultimately, the days of siloed cybersecurity departments are .
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Over. Hackers can log in with stolen credentials, so every employee, vendor and system is . A potential vector.In interviews for the “what’s next south africa numbers in payments” series, executives stressed to pymnts . That a multilayered security strategy, also known as defense in depth, is crucial for reducing . Risks at various levels. This approach means implementing multiple defensive measures across the enterprise network.Additionally, . Key security frameworks like fedramp and iso can provide a blueprint for organizations to protect . Their data and ensure they can respond effectively to security incidents.