- FIS acquires eCommerce and payments firm WorldPay
- Agencies to hold public meetings on merger of BB&T and SunTrust
- Deutsche Bank and Commerzbank in formal talks about merging
- Digital talent is the number one challenge facing financial services, says Armstrong Craven
- Industry leaders of alternative investments to gather for summit
- Federal Reserve to run seventh triennial study to examine US payments usage
- Access to finance no longer major barrier to growth, finds BDRC survey expired
- BoE is losing more BAME talent than they hire, according to Equality Group expired
- SEC staff to hold Fintech forum to discuss distributed ledger technology and digital assets expired
- Sainsbury’s Bank reveals financial decisions UK adults regret expired
- Jurisdictions move towards implementing standards for payment, clearing and settlement expired
- First-time buyers and home-movers boost housing market in January expired
9th November 2018
Data breaches becoming a fact of life, says Entersekt
It has been reported that HSBC has disclosed a security incident that impacted an undisclosed number of the institution's customers. In a data breach notification letter submitted to Californian authorities, the bank wrote: "HSBC became aware of online accounts being accessed by unauthorised users between 4th October, 2018, and 14th October, 2018.”
The bank said it suspended access to online accounts for all impacted customers and initiated procedures for changing passwords for online banking accounts. It also said it added "an extra layer of security" to HSBC accounts, but didn't go into details.
Commenting on the susceptibility of the financial industry and the changes it needs to make to protect customers, Frans Labuschagne, Country Manager for UK & Ireland at Entersekt, said: "Today, data breaches have almost become a fact of life.
“Despite a seemingly increased focus on the importance of cyber security and the tightening of regulations, it still seems as though the way personal data is currently being protected – particularly in the financial industry – is not effective.
“The challenge is complex, and part of it lies in the rapid rise of e-commerce and in consumers growing increasingly comfortable with sharing their personal data with multiple websites and companies every day. The more widely this sensitive data is shared, the greater the risk that it can be accessed by parties with malicious intent.
“The financial industry is currently facing the challenge of protecting consumers’ data while still allowing them the freedom to keep engaging in a multitude of online activities. Traditional approaches to protecting data clearly do not suffice in the age of digital innovation, which means they need to change. This change needs to involve making identity protection an active part of a consumer’s financial life."