As discussed in a previous blog, the European Banking Authority (EBA) has released the final draft of its technical guidance for PSD2. Articles 4 and 25 of said guidance include mandates for the security of the customer authentication process.
One of the key elements of the authentication mandate is the requirement to use advanced security technology to safeguard all client-to-server communications against interception. In other words, to protect against MitM (Man-in-the-Middle) attacks.
The impact of global cybercrime is shocking: 38.5% of firms have experienced a cyberattack in the past 12 months and 21% of cyberattacks result in costs exceeding €5M. Financial services is arguably the industry most targeted by hackers. As such, these numbers will likely skyrocket as the industry undergoes disruption.
It’s 2017 and, ready or not, the payments & banking industry is facing disruption. But what does that mean for your company’s cyber security? We hope to unravel that for you in the Irdeto payments & banking security blog we’re launching today.
For years, Irdeto has helped companies in the media industry solve a lot of the same kinds of security problems you’ll be facing as you navigate a disrupted payments & banking landscape. This experience has provided us with a unique perspective
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.
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.
Just as the internet plays a pivotal role in the media industry, its growing in importance for automotive.
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.
Just as cyber-attacks are generating publicity, so too are the subsequent litigation activities. What makes them newsworthy seems to be the dollar amount.