How banks and PSPs can break free from fraud threats

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Stealing millions of dollars in an elaborate bank heist makes for a great Hollywood movie – just throw in the hottest Hollywood stars, exotic locations, flashy cars, a computer whiz and obscure cyber jargon that’d impress any moviegoer. But in reality, bank fraud and cybercrimes are not entertaining matters, and are often poorly understood or addressed.

Fraud, outpacing the industry’s security efforts
As news of cyber attacks and large-scale fraud breaks in the media consumers can be lost in nuances of the threat/technology described, believing they would never be similarly impacted.

Learning lessons from the pay-media industry

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What can the automotive industry learn from pay-media? They’re so different. For one personal safety is paramount and for the other it’s all about entertaining consumers. Worlds apart? Not at all when it comes to cybercrime. For cybercrime these differences don’t matter.

Starting out
Just as the internet plays a pivotal role in the media industry, its growing in importance for automotive.

Hacking is only 1 threat – litigation looms large

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There’s no doubt about it, cyber-attacks are increasing. A consequence of this is a rise in cybersecurity litigation. Interestingly, that litigation may not necessarily be directed against the cybercriminals. Instead, it is likely to be another threat that the breached company has to deal with.

Gaining momentum
Just as cyber-attacks are generating publicity, so too are the subsequent litigation activities. What makes them newsworthy seems to be the dollar amount.