|Panelist(s) Info:||Dr. Kevin Streff (Bio)
Dr. Kevin Streff is the Department Chair of Cyber Operations and Security at Dakota State, which has been recognized by the National Security Agency and The Department of Homeland Security as a national center of academic excellence in information assurance. He has extensive knowledge of the financial services industry, including banking, insurance, and credit operations, and speaks nationally on security issues and solutions relevant to small and medium-sized financial institutions.
Dr. Streff is the founder and managing partner of Secure Banking Solutions, a security consulting firm focused on improving security in financial institutions across the country. He is also Founder of InfraGard - South Dakota, a partnership program between private industry and the U.S. government (represented by the FBI). He has testified to U.S. Senate Congressional committees on behalf of small and medium-sized financial institutions regarding cyber security issues affecting their organizations, most recently in September, 2015 to Senate Committee on Commerce, Science and Transportation during a hearing entitled "Confronting the Challenge of Cybersecurity".
In the film Ocean’s Eleven, George Clooney assembled a team of 11 expert criminals to steal $160 Million from 3 casinos in Vegas; a feat never before accomplished. This team used their unique skills to design out a plan, acquire the proper tools, practice each step, and flawlessly execute the heist. The SWIFT funds transfer system experienced a similar attack by a group of skilled cybercriminals which attempted to steal $951 Million, apparently having much bigger eyes then George Clooney. They didn’t execute the plan as flawlessly, however. The attackers were only successful in getting 5 of the 35 wire transfer requests processed, moving $81 Million dollars from the Federal Reserve Bank of New York belonging to a Bangladesh Bank. The $81 Million ended up with a beneficiary in the Philippines, which is associated to three casinos (reverse situation from Oceans 11).
Scenarios like the Bangladesh Bank, and others like CEO Fraud and Business Email Compromise are resulting in significantly increased losses for financial institutions. As a result, the FFIEC has issued guidance to financial institutions about their responsibilities to protect electronic funds transfer and payment systems with ongoing risk assessments to mitigate information security, business continuity, and third-party providers.
In this hot topic webinar, we will provide background on the SWIFT losses, explore how these fraud schemes work, and cover regulatory expectations for financial institutions. We describe ways institutions can address the FFIEC guidance and thwart future sequels to Oceans 11, CEO Fraud, and other wire fraud.
Who should attend?
Join us in this management-level discussion around core issues in wire fraud, and how to build a repeatable framework to address these issues. This presentation is geared towards executives, information security, and operational people looking to understand how the fraud is happening and what needs to be done in their institution. Investigations into similar fraud cases are underway as we speak. Join us to reduce the risk of being cast in Oceans 14.
RW Advantage - Webinars
*CU FOCUSED* - Electronic Transactions - SWIFT Breaches Highlight Growing Wire Fraud
Recorded On: Thursday, July 28, 2016
Price: $165.00* < Back To Details
* Invoice will include sales tax as applicable.