Finastra Breach: 400GB Data Stolen, Investigation Ongoing.

What we’ll cover today:

💥 Hackers Target Fintech Giant Finastra

🚫 We Are Stifling Innovations

📊 Fintech Marketing Common Challenges

🔗 The Event Roundup.

Hackers Target Fintech Giant Finastra.

Finastra, a fintech leader serving top global banks, confirmed a major data breach.

Hackers claim they stole 400GB of sensitive data, including:

• Client files

• Internal documents

The stolen data was reportedly taken from:

• Finastra’s Secure File Transfer Platform (SFTP)

• Possibly IBM Aspera

Here’s the timeline:

1. November 7: Breach detected.

2. November 8: Customers were informed.

3. Data briefly surfaced on a cybercrime forum before vanishing.

Initial findings suggest:

• Compromised credentials were the root cause.

• Unclear if multi-factor authentication was in place.

Finastra is now:

• Identifying affected customers.

• Securing systems and unaffected products.

• Investigating the breach further.

This incident underscores critical questions about data security, even for industry giants.

Here’s the whole article

1. We Are Stifling Innovations.

   

   Source

This is a podcast clip by Capital Horizons.

In this podcast, Igor Yelnik and Sir Michael Fallon speak with special guest Francesco Filia, CEO & Founder of Fasanara, talk about:

Why banks fail? 

Why does narrow banking help? 

What can central banks do? 

What would have happened had Credit Suisse dragged UBS with it? 

Will shadow banking grow further? 

What is the role of fintech platforms? 

Do they have an advantage?

And more.

Here's The Podcast to Know Why.

2. Fintech Marketing Common Challenges.

   

   https://twitter.com/alexanderolssen

This is a tweet from Alexander Olssen.

Recently, he had some great conversations with marketing experts from various fintech companies, and many shared a common challenge. 

“Surprisingly, marketing expert’s landing pages take forever to go live. 

They're running into a wall mostly because of two things:” He says.

Here are those 2 things

1. A fintech startup’s challenges with India’s vaunted account aggregator framework.

Three years after India unveiled the account aggregator, or AA, framework to facilitate consented sharing of consumers’ financial information, multiple gaps still plague the system that was rolled out as an overarching network connecting various regulators and market players.

2. Saudi FinTech EdfaPay secures $5m in pre-Series A funding round

EdfaPay, a Riyadh-based FinTech platform redefining digital payments for small and medium-sized enterprises (SMEs) across the MENA region, has announced the successful closure of its $5m pre-Series A funding round.

The funding was led by OmanTel Innovation Labs, with participation from Aljabr MENA and Waad Investment, according to a report from Zawya.

3. Minu raises $30m to expand employee wellness platform in Mexico.

Minu, a leading employee wellness platform in Mexico, has raised $30m in a Series B funding round to enhance its services and solidify its position in the region.

New investors participated in the Series B round, including Next Billion Capital Partners, Flourish Ventures, Promotora Impact Ventures, Endeavor Catalyst, Clocktower Technologies, Working Capital Fund, and Fluent Ventures.