The Reserve Bank of India issued a notice to all cooperative banks advising them to apply caution while deploying third-party core banking applications and check for appropriate security standards. The move came after credential theft incidents at some banks. But will banks heed the advice?
Many merchants in Japan find it difficult to pass a PCI Data Security Standard audit because the PCI guidelines are changed too frequently, argues Yiochi Ueno, who serves as a Qualified Security Assessor who audits merchants.
The multi-million dollar banking frauds and card breaches in India in the last year are proof of inadequate security and the lack of a thorough audit mechanism. What needs to change?
As of Q1 2018, the global cybersecurity community finds themselves inundated with both internal and external advanced threat actors who are stealthier, more resilient and sadly, more effective than they have ever been before. Many organizations are coming to terms with deciding whether their security posture is...
In its 108-page order, the market regulator said the firm was complicit with the main perpetrators of the accounting fraud and did not comply with auditing standards.
With only six months until the EU's General Data Protection Regulation is enforced, organizations across the world that handle Europeans' data are grappling with compliance challenges, including how long to retain PII, says Devender Kumar of Mphasis, who offers advice on effective strategies.
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Verizon has made a strong case for continual PCI DSS awareness with its new study of payment card data security. But like many vendors that conduct their own studies supporting their business cases, Verizon makes suspect logical stretches.
The telecom sector in India has repeatedly been targeted by malware attacks, raising serious concerns about vulnerabilities in one of the largest local business sectors. As a result, some security experts are calling for stronger enforcement of regulations and more frequent security audits.
It's not enough to comply with government and industry regulations such as SOX, PCI, MICS, and HIPAA. Organizations must also prove their compliance to auditors on a regular basis. Even companies not bound by regulatory requirements may need to confirm their adherence to internal IT security policies.
But...
In a rare acknowledgment of a data breach by an Indian company, online restaurant guide and food ordering service Zomata says 17 million users' email addresses and hashed passwords were stolen from its database. The company was hacked by a white-hat hacker back in 2015.
The Ministry of Electronics and Information Technology is taking steps to have more cloud service providers serve the government. But are the security requirements too tough for smaller players to achieve?
Police are investigating an anonymous email threat against Indian IT company Wipro as a potential "act of terror." On May 5, the company received an anonymous email threatening a massive attack with the poison Ricin on all its offices in Bangalore if it didn't pay a bitcoin ransom.
With an aim to safeguard capital markets from cyberattacks, the Securities and Exchange Board of India has set up a committee on cybersecurity to provide guidance. But some security practitioners stress that the panel will prove effective only if its recommendations are actually carried out.
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