Hackers Keep Hitting Financial Services Despite Hefty Cyber Spend

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Rod Holmes, vCISO, The Crypsis Group.

Financial services organizations consistently outspend most of their vertical sector peers in cybersecurity staff, tools and associated investments, but the cyber hits just keep coming. According to our recent report, the financial services industry received the highest number of business email compromise (BEC) attacks in 2019 and the second-most cyber incidents across all types, following the healthcare sector.

For years, financial services has led the pack in cybersecurity spending. In 2015, for example, a Homeland Security Research study concluded the U.S. financial services cybersecurity market was the largest and fastest-growing nongovernmental market in cybersecurity.

In 2019, financial services companies dedicated between 6% and 14% of their annual IT budgets to cybersecurity (an average of 10%), according to a Deloitte study. (Current recommendations are between 4% and 10%; however, most companies fall short). In light of increasing Covid-19-related threats, these institutions plan to

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People are ditching in-person financial services for apps | Technology

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“People are trying digital finance for the first time,” Perret said. “It’s going from an attitude where people think, ‘I do my banking in person,’ or, ‘I do financial services in person,’ to an attitude of thinking, ‘I could use these digital services.’ Breaking that zero-to-one gap, that’s the biggest gap.”

What’s next for fintech?

While the growing demand for fintech is promising for the industry, concerns about data privacy and cybersecurity could be a hurdle for further growth.

In a recent survey by international law firm Goodwin of more than 700 global business leaders about fintech trends, nearly half ranked cybersecurity as the largest threat to the adoption of digital financial services. There are also issues like possible tech glitches as users are trying to make crucial transactions, as happened to several online brokerages on the day that Apple and Tesla stock started trading at newly split prices last

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Regions Bank Announces Special Financial Services in Areas Impacted by Hurricane Sally

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Fee waivers, deferred payments and additional offers available to support storm recovery.

Regions Bank on Friday announced a series of financial services that are available to help people and businesses in portions of Alabama, Florida and Mississippi that were impacted by Hurricane Sally1. Options include payment extensions, the waiving of certain fees, interest rate discounts and additional offers.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200918005051/en/

Special services announced by Regions Bank are designed to help people and businesses along the Gulf Coast. (Photo: Business Wire)

“Regions Bank has been part of the Gulf Coast and our inland communities for many years, and we will be here in the days, weeks and months to come as storm recovery moves forward,” said John Turner, President and CEO of Regions Financial Corp. “These financial services are designed to make the recovery easier, and we encourage all customers

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Blockchain Will Make Financial Services More Available, Secure, And Fair

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One of the hallmarks of 2020 is that global economies are seeing lots of instability, and this is true at every level of society. For individuals, there may be more options available, but this hasn’t necessarily translated into more people being able to access banking services. In some regions, great ideas like micro-lending have taken off, and this has helped. But globally, as we move away from standard Monday-Friday, 9-5 jobs, millions of people are turning to non-traditional forms of work. For many of these independent workers, the result has been that personal finance is getting even further away. 

At a global level, we’re still seeing huge numbers of underserved people. Even in developed nations, the gulf between banked vs. unbanked can be deep: in the US, as many as one quarter of all households are unbanked or underbanked, without easy access to savings, credit, or loans. There are also

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SS&C Launches Accredited Financial Services Education Library

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WINDSOR, Conn., Sept. 16, 2020 /PRNewswire/ — SS&C Technologies Inc. (NASDAQ: SSNC) today announced it has released a new online education product for financial professionals. SS&C’s GAMMA is a digital library of online courses optimized for remote learning by financial industry professionals. The product provides seamless access to hundreds of online courses across more than 30 financial topics, from accounting and finance basics to portfolio management and software skills.

The library of innovative, interactive online courses is accredited with various industry associations and organizations to support key industry certifications and designations, including:

  • CPA®: National Association of State Boards of Accountancy (NASBA) CPE credits for Certified Professional Accountants®
  • CIMA®, CIMC®, CPWA®, RMA®: Investment and Wealth Institute (IWI) CPE credits for Certified Investment Management Analysts®, Certified Investment Management Consultants®, Certified Private Wealth Advisors® and Retirement
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ServiceNow launches latest Now Platform, telecom and financial services workflows

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ServiceNow launched a new version of its Now Platform, code-named Paris, with editions for telecommunications and financial services as well as workflows for business continuity, hardware asset management and legal services delivery.

The company, which is gunning to be the “platform of platforms” to automate enterprise workflows, has seen strong growth due to digital transformation as well as management of COVID-19 back-to-work plans. Also: ServiceNow launches four-app suite to manage the move back to the office

“The 21st century enterprise is different. It has to be nimble, intelligent and drive employer and customer loyalty,” said ServiceNow CEO Bill McDermott. “And it has to be self-funding with time to value in weeks to months.”

McDermott’s argument is that the COVID-19 pandemic has exposed weak links and silos in enterprise value chains. For instance, companies can’t be agile when they have a bunch of systems that specialize in one task, say sales,

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Financial services sector increases digital ad spending amid pandemic

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  • Insider Intelligence publishes thousands of research reports, charts, and forecasts on the Media, Advertising, and Marketing industry. You can learn more about becoming a client here.
  • The following is a preview of the US Financial Services Digital Ad Spending 2020 report.

Despite this year’s decline in total ad spending in the US, the financial services industry will increase its digital ad outlays.

Top strategic initiatives for US financial services executives once the coronavirus pandemic is over

Digital ad spending in the US financial services industry will increase in 2020.

eMarketer


The pandemic has prompted many consumers to reassess their personal finances and change how they bank, leading the industry to continue spending on digital ads. We expect digital ad spending in the US financial services industry will increase 9.7% in 2020, to reach $19.62 billion.

Consumer banks have closed a significant number of branches, temporarily or even permanently, because of the pandemic. Without a physical location to visit, many consumers have shifted to online

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Council Post: 5G In Financial Services: Evolution, Not Revolution

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CTO and SVP of NetScout, Service Provider – Leads technology strategy for product and service solutions.

With proper implementation, 5G will accelerate the evolution of modern financial services, permuting tasks as routine as obtaining credit information to next-generation edge- and cloud-computing operations, AI, and much more. It is the bridge to the mobile-centric business model that is the banking industry’s future.

“Evolution” is the operative word as 5G builds on existing progress in both telecommunications and banking. Regarding the former, 5G is backward compatible, meaning 5G phones “are capable of functioning on earlier-generation networks outside of 5G coverage areas,” according to the FCC. This means that mobile providers can “maintain their 4G networks as they invest in 5G deployment.”

As to the latter, many financial innovations are already deemphasizing “brick and mortar” banking. The need has only increased during the coronavirus pandemic. A more significant number of financial

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Orrstown Financial Services (NASDAQ:ORRF) Share Prices Have Dropped 45% In The Last Three Years

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In order to justify the effort of selecting individual stocks, it’s worth striving to beat the returns from a market index fund. But its virtually certain that sometimes you will buy stocks that fall short of the market average returns. We regret to report that long term Orrstown Financial Services, Inc. (NASDAQ:ORRF) shareholders have had that experience, with the share price dropping 45% in three years, versus a market return of about 42%. And more recent buyers are having a tough time too, with a drop of 42% in the last year. Unfortunately the share price momentum is still quite negative, with prices down 11% in thirty days.

See our latest analysis for Orrstown Financial Services

In his essay The Superinvestors of Graham-and-Doddsville Warren Buffett described how share prices do not always rationally reflect the value of a business. One way to examine how market sentiment has changed over time

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How The Financial Services Industry Can Cater To The Next Generation Of Wealth

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David Allison is a bestselling author, international speaker and the Founder of the Valuegraphics Database.

Within the next 25 years, we will see the largest wealth transfer in history as baby boomers pass an estimated $68 trillion down to the next generation. Anyone interested in reaching these next-generation high-net-worth individuals (HNWI) and ultra-high-net-worth individuals (UHNWI) must learn to deliver on their values, wants, needs and expectations, which could be different from their parents. But are they? 

The financial services industry looks at this group — which I’ve dubbed The Inheritors — and sees nothing but questions. Thankfully, we can reach them.

My company surveyed 1,850 HNWI and UHNWI who will inherit from $10 million to over $100 million. We wanted to learn what these individuals truly cared about, and as we dug into the results, four distinct groups emerged:

1. The Masters Of The Universe

2. The Loyal

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