How Generative AI Will Reshape the Financial Services Sector

Michael Novinson • November 27, 2023

Generative AI can improve operational efficiencies, enhance risk and compliance and elevate the client experience for financial services firms, said Wipro's Suzanne Dann. Wipro embraced generative AI to reduce fraud by spotting anomalous behavior and used synthetic data to test deep learning models.

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Governance & Risk Management

Indian Federal Police Raid Tech Scam Centers

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Security Information & Event Management (SIEM)

CrowdStrike SIEM Demand Rises Amid Cisco-Splunk, Legacy Woes

Michael Novinson • November 28, 2023

Discontent with legacy SIEM offerings and Cisco's proposed acquisition of Splunk has driven "a significant and pronounced increase in interest" in CrowdStrike's SIEM offering. It hit the $100 million ARR milestone last quarter thanks to LogScale's search speed, data gravity and cost efficiency.

Email Security & Protection

Proofpoint Snags Former VMware President Sumit Dhawan as CEO

Michael Novinson • November 28, 2023

Proofpoint landed top VMware lieutenant Sumit Dhawan as its new chief executive just days after the cloud and virtualization giant was acquired by Broadcom. The Silicon Valley-based email security firm said it liked Dhawan's track record of building security, cloud and end-user computing businesses.

Data Loss Prevention (DLP)

Zscaler Taps Generative AI to Measure Risk, Predict Breaches

Michael Novinson • November 27, 2023

Zscaler infused generative AI features into its data protection bundles and is introducing AI-powered products that quantify risk and predict breaches, said CEO Jay Chaudhry. The cloud security firm enhanced its data protection policies for AI/ML apps and tools to lower the likelihood of data loss.

Blockchain & Cryptocurrency

How Sam Bankman-Fried and Changpeng Zhao Will Shape Crypto

Rashmi Ramesh • November 27, 2023

Former wunderkinds Sam Bankman-Fried and Changpeng Zhao, torchbearers of a flailing crypto industry and now confirmed felons, may provoke the regulatory retrenchment that saves the industry from itself. But obstacles exist in the blockchain structure of cryptocurrency.

Cryptocurrency Fraud

North Korean Hacking Alert Sounded by UK and South Korea

Akshaya Asokan • November 23, 2023

North Korean state-affiliated hackers are continuing to exploit zero-days in popular software applications as part of global supply chain attack campaigns for espionage and financial theft purposes, British and South Korean cybersecurity and intelligence officials said.

Founder Sam Altman Back as OpenAI CEO Under Revamped Board

Michael Novinson • November 22, 2023

The nonprofit behind ChatGPT reinstated co-founder Sam Altman as its chief executive following a tumultuous 106 hours that saw OpenAI burn through two interim CEOs. Most of the board members responsible for firing Altman on Friday gave up their director positions to get him back.

Fraud Management & Cybercrime

Report Details Aftermath of ICBC LockBit Ransomware Attack

Chris Riotta • November 21, 2023

A report from the global financial services company Moody’s Corp. says the Industrial and Commercial Bank of China may suffer reputational damage to its financial services subsidiary after the unit was hit with a ransomware attack from the notorious Russian-linked cybercriminal group LockBit.

Cryptocurrency Fraud

Binance Exits US in Deal Settling Money Laundering Charges

David Perera • November 21, 2023

The world's largest cryptocurrency exchange will withdraw from the U.S. market after now-former chief executive officer Changpeng Zhao pleaded guilty to felony money laundering charges in a U.S. court and the company agreed to pay $4.3 billion into federal coffers.

Cybercrime

Known MOVEit Attack Victim Count Reaches 2,618 Organizations

Mathew J. Schwartz • November 20, 2023

Trackers of the tally of individuals affected by the Clop ransomware group's mass hack attack on MOVEit servers added another 4.5 million patients' data to the ever-ascending total. The incident currently affects more than 2,600 organizations and 77 million individuals.

Microsoft Snags OpenAI's Sam Altman to Lead AI Research Team

Michael Novinson • November 20, 2023

OpenAI co-founders Sam Altman and Greg Brockman will lead a new advanced AI research team at Microsoft after OpenAI's board decided not to bring them back, Satya Nadella said. The nonprofit behind ChatGPT opted instead to name longtime Twitch CEO Emmett Shear as its new interim leader Sunday night.

Cybercrime

Middleman in Climate Email Hacks Gets 80-Month Sentence

Mihir Bagwe • November 17, 2023

An Israeli private eye faces nearly seven years in U.S. prison after admitting he had overseen a hacking campaign against climate change activists. A Manhattan federal judge on Thursday sentenced Aviram Azari to 80 months in prison after he pleaded guilty in April 2022.

Cybercrime

CISA, FBI Issue New Warning Following Las Vegas Cyberattack

Chris Riotta • November 16, 2023

CISA and the FBI released an advisory recommending that critical infrastructure organizations implement a series of recommendations to thwart a unique hacking group known for targeting commercial facilities, as seen in the recent cyberattack targeting MGM Resorts International.