Cybersecurity, data management crucial for fintech developmentBy Thuy Dung HANOI - The State Bank of Vietnam (SBV) encourages cooperation between commercial banks and financial technology (fintech) companies but urges the enhancement of cybersecurity and data management to safeguard consumers’ interests and stabilize the banking system, officials said. At a seminar titled, “The Fourth Industrial Revolution and Innovations in the Finance-Banking Sector,” held by National Economics University on June 12, Le Anh Dung, director of the Payment Department under SBV, noted that the central bank will manage fintech firms based on risk assessment instead of their compliance with general principles. According to experts at the seminar, fintech companies have significantly affected the banking system, having transformed banks’ business and administration models into digital ones by applying the achievements of the Fourth Industrial Revolution. In addition, fintech firms … [Read more...] about Cybersecurity, data management crucial for fintech development
The bank revealed the scope of the previously disclosed breach on Thursday, saying that there was no evidence that account numbers, passwords, user IDs, birth dates or Social Security numbers had been stolen. It added that it has not seen "unusual customer fraud" related to the attack which exposed contact information for 76 million households and 7 million small businesses. The people affected are mostly account holders, but may also include former account holders and others who entered their contact information at the bank's online and mobile sites, according to a bank spokeswoman. Security experts outside of the bank warned that the breach could result in an increase in crime as scammers will likely attempt to use the stolen information to engage in various types of fraud. The bank's customers should be on heightened alert for fraud, said Mark Rasch, a former federal cyber crimes prosecutor. "All of this data is useful to hackers and identity thieves," he said. "The kind … [Read more...] about JPMorgan hack exposed data of 83 mln, among biggest breaches in history
For four years, a sophisticated group of Chinese cyberspies has cut a digital swath through the health-care industry, stealing everything from trade secrets to trial data, say security firms probing the campaign. The group infiltrated one U.S. drugmaker by hacking into a company it was about to acquire, said a security consultant who asked not to be identified because of a confidentiality agreement. In other cases, the hackers accessed pharmaceutical labs through their connections with university researchers, scooping up trial data and other trade secrets, said Aaron Shelmire, a threat researcher for Dell SecureWorks. A newly reported theft of personal data from 4.5 million patients served by Community Health Systems Inc., the second biggest U.S. for-profit hospital chain, may be the first time the Chinese group has targeted consumer data, terrain usually left to cybercriminals in Eastern Europe and elsewhere, say security experts after the break-in. Usually, the group is "going … [Read more...] about Chinese hackers vacuum data from U.S. health industry
The United States and the European Union have signed a draft pact on sharing passenger data for flights between the two continents, which both sides have welcomed as a significant step forward. Cecilia Malmstrom, the EU commissioner for home affairs, said Monday that the deal "contains robust safeguards for European citizens' privacy, without undermining the effectiveness of the agreement in terms of EU and US security." At the conclusion of talks with US Homeland Security Secretary Janet Napolitano and Attorney General Eric Holder, Malmstrom told AFP that the two sides had "identified areas where we can cooperate, by sharing experience." In a statement, Napolitano hailed the "significant progress" made on the passenger data sharing agreement, noting that the deal -- which replaces an existing agreement from 2007 -- had been initialed last week. She and Holder "highlighted the United States' continued commitment and efforts to work with EU counterparts towards an umbrella … [Read more...] about US, EU sign airline passenger data sharing deal
The Hanoitimes - Instead of requiring foreign telecom and internet services providers to locate their servers in Vietnam, the draft Cybersecurity law now changed its requirement to host local users’ records in Vietnam. The draft Cybersecurity law was discussed by the Standing Committee of the National Assembly on January 10. As previously stated in the paragraph 4 of the Article No.27 under this draft, foreign telecom and internet services providers operating in Vietnam have to comply with the law and respecting the national sovereignty, interests and security of Vietnam; setting up representative office in Vietnam with local users from 10,000 upwards or under the request from the Vietnamese Government. Besides, these companies have to record local users’ data within the Vietnam’s territory. However, these requirements have now been focused on data instead of the servers, informed the Minister of Public Security To Lam. In fact, the requirement of the … [Read more...] about The draft Cybersecurity law revising the requirement of foreign servers to be located in Vietnam.