eCommerce News New Zealand logo
The latest digital commerce news for Kiwi businesses
Story image

Ransomware, supply chain and trojans top cyber risks against financial institutions

By Shannon Williams
Fri 19 Nov 2021

Ransomware and supply chain attacks, as well as a resurgence of banking trojans and distributed denial of service attacks, are the top cybersecurity threats to financial institutions across the Asia Pacific region, according to new research from global cyber intelligence sharing community FS-ISAC.

The research has shown 2021 has seen a steady rise in cross-border cyber attacks perpetrated by increasingly sophisticated threat actors. 

Based on FS-ISAC member intelligence sharing, open source intelligence, and insights from local financial firms and other sources, the Financial Services Information Sharing and Analysis Center’s 2021 Cyber Trends and Threats Review sheds light on current strategic trends in financial services and cybersecurity and offers critical insights into the most salient cyber threats facing the APAC financial services industry today. 

"As digitalisation of financial services across the Asia Pacific region takes place at record speed, firms should be aware of the accompanying pitfalls and take steps to mitigate them," says Christophe Barel, managing director for APAC, FS-ISAC. 

"In particular, as the region’s digital shift takes place amid organisational challenges and an under-supply of cybersecurity talent, firms may face the risk that digital expansion could outpace their capacity to adequately protect themselves from emergent cyber threats. 

"Safeguarding against these threats will require the collective wisdom of the entire industry, with intelligence sharing as a core pillar."

Current cyber threats are converging with recent trends in financial services such as the wholesale move to cloud, the emergence of new fintech players competing against traditional financial institutions, and mainstream adoption of cryptocurrencies. 

As financial institutions have had to quickly expand their IT infrastructure to stay competitive, some have found that their cybersecurity apparatus has not scaled up at the same pace. 

According to a 2021 Check Point report, 75% of firms said that the security of their public cloud infrastructure is a serious concern, as many enterprises are still getting to grips with addressing the different security challenges associated with cloud-based solutions. This may be an especially relevant issue in APAC, as many of the region’s banks are going ‘all-in’ in embracing digitalisation.

 The FS-ISAC 2021 Cyber Trends and Threats Review also identified other significant trends facing the region, including the strengthening of regulatory oversight of cyber risk management, organisational challenges to threat response, and an acute cybersecurity talent shortage.

As cybersecurity becomes a board-level issue because of the existential risks cyber attacks can pose, financial firms must re-imagine cybersecurity policies and procedures for a new era where the industry is hyperconnected and cyber threats know no bounds.

“In 2021, third-party risk and ransomware continue to dominate the cyber threat environment, while the resurgent threats of DDoS and trojans have also reared their heads," says Barel.

"Sharing intelligence both globally and amongst members in the region can help firms understand not only new and emerging tools, techniques, and procedures used by cyber criminals but also best practices on how to defend against them."

Related stories
Top stories
Story image
ROI
How to increase the success rate of business data projects
Amid changing economic conditions and uncertainties about supply chains and staff availability, it's never been more important for New Zealand organisations to be innovative.
Story image
InternetNZ
How well do rangatahi understand cyber safety in Aotearoa?
Do rangatahi in Aotearoa understand the importance of being safe online, or has lifelong exposure to the internet resulted in widespread complacency?
Story image
Firewall
Why printing security plays a vital part in keeping Aotearoa safe
While internet printing, mobile printing and other similar technologies have no doubt made things easier to manage, it has also brought a whole new set of problems to the table.
Story image
Google Cloud
Google Cloud to open first cloud region in NZ - among others
Google Cloud has announced plans to bring three new cloud regions, one each in New Zealand, Malaysia and Thailand.
Story image
Sustainability
NZ program recovers and recycles more than 177 tonnes of e-waste
The TechCollect NZ pilot program says its milestone of recovering and recycling more than 177 tonnes of ICT e-waste recognises the efforts of many.
Story image
Customer
OfficeMax NZ sees significant growth through Seismic partnership
OfficeMax New Zealand has announced it has seen a significant increase in customer and sales confidence as a result of Seismic’s digital enablement software.
Story image
Sales
BNZ launches first tap-on-phone point of sale app in NZ
Bank of New Zealand has launched BNZ Pay, an innovative mobile app for retailers that transforms an Android device into a contactless payment terminal. 
Story image
Apps
Freshworks integrates with Google's Business Messages
"The integration with Freshworks makes it fast and easy for businesses to have conversations with their customers within the Google apps."
Story image
Remote Working
Mantel Group continues NZ expansion with Auckland office
"Our desire is to offer real understanding to our New Zealand clients, and help provide solutions that better their business.” 
Story image
ShopBack
Forter and ShopBack enhance partnership to further prevent fraud
Forter and ShopBack have enhanced their partnership with the addition of better eCommerce security solutions for customers.
Story image
Customer experience
BillingPlatform introduces new enhancements to revenue management services
Some of the new developments include hosted payment pages, and new and updated connectors to Salesforce, NetSuite, OneSource, Avalara and other enterprise systems.
Story image
Microsoft
Infobip’s SMS and WhatsApp services are now available through Microsoft
Infobip has integrated its WhatsApp and SMS channels through Microsoft Dynamics 365 Sales and Microsoft Dynamics 365 Marketing.
Story image
Printers
Comedy legend Jimeoin fronts Epson advertising campaign in NZ and Australia
According to Epson the company’s EcoTank models now account for 74% of all printers sold in the category in New Zealand, alone.
Story image
Cloud
Sitecore caters to modern marketing teams with CMS cloud launch
"Sitecore's move towards a composable SaaS offering for creating and delivering digital experiences is in line with what marketing teams are looking for.”
Story image
CRM
Forrester names Pega a Leader in CRM Solutions 2022 report
Forrester Research has named Pega a Leader among 11 competitors in The Forrester Wave: Core CRM Solutions, Q3 2022 report.
Story image
Forrester
SAS is a leader in anti-money laundering - Forrester
The latest Forrester report revealed that SAS received the highest score in the anti-money laundering category of 15 vendors.
Story image
Artificial Intelligence
Cyara rolls out comprehensive, automated chatbot feature
Cyara has unveiled new chatbot testing features with the latest release of Cyara Botium, creating a solution for comprehensive, automated chatbot testing and assurance.
Story image
Social Media
ActiveCampaign reveals consumers seek trusthworthy content
Consumers will engage with new brands across all channels, including online, in-store and social media, as long as the content is relevant and trustworthy.
Story image
Wireless
Hands-on review: Jabra Engage 55 wireless headset
We get our hands on a German design professional headset that many knowledge workers could benefit from.
Story image
Facial recognition
Māori data specialists not consulted on facial recognition technology - data sovereignty expert
Māori data specialists are accusing the government of ignoring them while going ahead and expanding the reach of facial recognition technology.
Story image
Payments
Tranxactor Group to build customer loyalty with Oracle
Tranxactor has chosen Oracle Cloud Infrastructure (OCI) with Enterprise Database Service to allow it to provide brands with immersive customer engagement and loyalty programs.
Story image
Digital Journey
NICE unveils new CXone capabilities with latest release
NICE has announced the Summer 2022 release of CXone, which adds new capabilities that enhance journey orchestration and complete performance.
Story image
SaaS
OpenText launches new solutions on Salesforce AppExchange
Included in this latest launch is OpenText Core Content, a Content Services platform that customers can leverage to effectively manage their content.
Story image
Financial results
Facebook NZ financial report reveals notable revenue increase
Revenue from contracts with customers increased by $NZD 1,089,292 compared to 2020's figures.
Story image
Manufacturing
How manufacturers can respond to rapid change with technology
Disruption, innovation, and continual refinement of shop floor processes are driving factors in today’s complex market landscape. 
Story image
Ebay
FedEx and eBay team up to boost APAC eCommerce options
FedEx Express' new alliance with eBay enables eBay sellers in APAC to sign up for a FedEx account and access the full spectrum of FedEx e-commerce delivery service options at competitive rates.
Story image
KICKS CREW
KICKS CREW selects Forter to help scale global eCommerce operations
KICKS CREW has selected Forter to help scale its global digital commerce operations.
Story image
Cybersecurity
eCommerce fraud increasing pressure on businesses margins
It is vital for businesses to maximise the value of every dollar by turning away as many fraudulent actors as possible without blocking good customers."
Story image
Sustainability
Visa launches Eco Benefits solutions in Australia and NZ
Eco Benefits is a suite of sustainability-focused solutions that will help Visa cardholders better understand the environmental impact of their payments.
Story image
Revenue
Cisco NZ revenue declines by over $18.5 million - report
Cisco NZ has released its latest financial report, showing the company's total revenue has declined by more than $18.5 million year-over-year.
Story image
Commerce Commission
The NZ TCF endorses move by ComCom to promote TDR dispute scheme
The New Zealand Telecommunications Forum has welcomed the move by the Commerce Commission to further promote customers' access to the Telecommunications Dispute Resolution Scheme (TDR).
Story image
Customer
Airwallex launches an online payments app on Shopify
Airwallex has launched an online payments app on Shopify, allowing merchants to integrate a gateway plugin on their online store to accept payments from their global customers.
Story image
eCommerce
Marketplacer and Intelligent Reach to help retailers sell online
Intelligent Reach can now support Marketplacer marketplaces that want to sell their products through other places, such as Google and Facebook, eBay and Amazon.
Story image
New Zealand
Research finds Kiwis prefer real backdrops in video calls
New research from Natural Paint Co. has found that 74% of Kiwis prefer seeing a natural background behind people during video meetings.
Story image
Cloud
Microsoft and Auckland Transport announce new cloud agreement
Auckland Transport (AT) and Microsoft have announced a new cloud agreement aimed at promoting innovation, reducing costs and improving sustainability in transport services.
Story image
Phishing
Akamai research finds PayPal security measures utilised in new phishing scam
New research from Akamai has found that a new threat actor is parasitising benign WordPress sites to execute an extensive PayPal phishing scam.
Story image
Internet
InternetNZ appoints new chief executive. Will take over in October
InternetNZ has announced the appointment of its new chief executive, with Vivien Maidaborn taking over the role from interim chief Andrew Cushen in October.
Story image
Artificial Intelligence
Oracle unveils AI-powered application to automate sales
Oracle has unveiled the next generation of Fusion Sales, an application that automates sales and identifies the opportunities worth pursuing.
Story image
Planning
Digital key for smart investment in public infrastructure for NZ cities
Major public infrastructure projects can better manage risks of cost overruns and delays if they deploy data and digital tools at the earliest planning stages.
Story image
Enterprise Resource Planning / ERP
Why the right ERP (and partner) is crucial to an innovative and successful business
Enterprise Resource Planning (ERP) is a foundational step to ensuring a robust business model; here's why choosing the right one could be vital to ensuring long-term success and innovative results.
Story image
Revenue
IBM NZ sees significant revenue increase in latest report
IBM NZ has posted revenue of $172,449,000 for the financial year, according to its latest report, a year-over-year increase of over $47.5 million compared to $124,904,000 in 2020.