Matt Gunn, Managing Editor | TechComply
Some consider Friday the 13th an unlucky day. Many have been terrified by the series of horror films named for the day. But for us here at TechComply, well, Friday the 13th is a great day to take a look at a week’s worth of news in review.
Here are five stories that highlighted the last week in banking and technology news.
How’s this for spooky Friday the 13th reading? Tech blog Ars Technica calls attention to the growing number of sophisticated attacks targeting weaknesses in Oracle’s Java framework. And what’s worse, the article goes on, the vulnerabilities of the no-longer-supported Java 6 framework have not and will not be patched (that is, after all, what unsupported means). But the most frightening element to the whole thing? That version of Java is installed on some 3 billion devices worldwide.
Banks aren’t always the quickest to embrace change. Case in point? The number of top-tier banks worldwide that have undergone a core banking replacement in the last decade is somewhere in the low single digits, Forbes points out. Instead, institutions continue bolting on new pieces to old, inefficient, expensive and inflexible cores. But the argument goes both ways. Not all institutions have the money or a strong business case for replacing something they don’t consider to be broken. And there’s some risk involved, too. This in-depth piece is a strong exploration into a topic the industry’s been debating for years.
Banking customers are changing. So too are their habits. A reflection of this may be seen in branch networks and design. The Financial Brand offers a chapter from EHS Design principal Paul Seibert’s new book on the topic.
Dark Reading: New, Advanced Banking Trojan Discovered in the Wild
Thought you were out of the woods when it came to security horror stories? Think again. Information security magazine Dark Reading writes that a new banking Trojan has been identified and is currently infecting users overseas. Known as Win32/Spy.Hesperbot, the new malware acts as a keylogger and remote proxy with the added twist that it can create hidden virtual network computing (VNC) servers on the user’s machine.
The tragic events of Sept. 11, 2001 have had a lasting impact that has forever changed many of our societal and cultural norms. That goes for the financial services industry, as well. Bank Systems & Technology takes a look at a new book, Treasury’s War: The Unleashing of a New Era of Financial Warfare, that explores the role the Treasury Department plays in fighting terrorism.