Here's a New Year's resolution every banker can appreciate: In 2011, the industry must embrace a stronger dedication to investments in fraud-detection and prevention.
Imagine drafting the top IT security minds into a defense force to protect the nation's critical IT infrastructure. Defense Minister Jaak Aaviksoo and other Estonian leaders mull the possibility of instituting such a draft.
Fraud attempts will escalate, not diminish, as new threats and channels blossom in 2011. Growth in mobile banking and the use of social networks are expected to pose new security challenges, experts say.
There have been 58 reported banking-related data breaches so far in 2010, according to the Identity Theft Resource Center -- slightly fewer than the total of 62 breaches in 2009.
Dmitri Alperovitch, McAfee Labs threat research vice president, discusses the company's annual threat predictions, saying: "We are seeing an escalating threat landscape in 2011."
Banks and credit unions have to change the ways they invest in fraud prevention. What they need more of in 2011 are stronger cardholder authentication and more computing in the cloud.
"There's a real threat out there." Cybersecurity Coordinator Howard Schmidt says. "But the threat sort of follows the way we build our defenses against it, and I think those things continue to move in parallel."
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