The Week in Cybersecurity for Financial Executives: July 02
Weekly cybersecurity round-up for financial executives: Information security news, updates, and insights that matter to financial services decision-makers.
CFO & CIO Engagement on the Rise
Interactions between chief financial officers and chief information officer is on the rise, according to a recent executive survey. The report, released by data analytics provider BizData, noted that 21% of CFOs surveyed want to improve their regulatory insights. Nearly a third of CFOs (32%) believe “controlling risk” is important for 2022 and 22% fear the “lack of IT security” in their company.
Judge Thyself... Better
Nearly half of 22 Department of Defense information technology projects underreported their own risk, according to a report by the US Government Accountability Office. The GAO recommended that the Defense Department review its risk evaluation methods used by GAO.
Limits Placed on Privacy Lawsuits
The US Supreme Court determined customers do not have a legal right to sue if reputational harm from leaked data does not occur. This decision will help companies in lawsuits over data breaches.
Google will delay plans to phase out third-party cookies until at least 2023. The search engine states that the reason for the delay is to allow businesses who use the platform and rely on third-party cookies to adjust their marketing strategies to fit Google’s changing privacy standards. The company hopes by slowing down the phase out that both individuals and businesses will be satisfied with the new standards.
On That Note... Crypto, Someday.
US Security and Exchange Commission announced their regulatory agenda for the coming year. Noticeably absent from the annual plan is any mention of Bitcoin or cryptocurrencies. SEC Commissioner Gary Gensler explained the absence is due to the need for a congressional solution for crypto regulation.
Ring, ring... Who dis?
Eighty-six percent of surveyed IT decision makers agree that attacks on mobile devices are becoming more diverse, frequent, and sophisticated. Only a quarter of IT professionals think their employees report vulnerabilities every time they occur, according to the report produced by cybersecurity firm Menlo Security.
God Save the Queen
The accessibility of mobile numbers online pose security risks because some spyware only needs a phone number to obtain access to a device. Bank executives can learn cautionary lessons from the UK government, which faced a series of incidents in which mobile numbers of government leaders, including Boris Johnson and Foreign Secretary Dominic Raab, according to UK newspaper the Guardian.