Are banks and credit unions focusing too much attention on authentication and not enough on layered security? In their efforts to conform to the FFIEC's updated Authentication Guidance, they could be missing the fraud-prevention mark.
Eighty-five percent of data breaches go undetected, but organizations have a new type of cop on the beat to ferret out these illicit activities - the data scientist, says Phil Neray, head of security intelligence strategy and marketing for Q1 Labs, an IBM company.
How will Diane Ness and BITS help banks reduce fraud? As the new head of fraud-reduction programs for the technology division of the Financial Services Roundtable, Ness says education and communication about emerging threats will be a priority.
Securing the massive amounts of data swamping organizations, a trend known as big data, can be addressed, in part, by organizations simply getting rid of data no longer needed, Grant Thornton's Danny Miller says.
Until these deficiencies are fully addressed, a GAO audit reveals, increased risk exists to unauthorized access to sensitive data and programs and disruption of critical operations on managing the federal debt.