The arrest followed an investigation into network intrusions and distributed denial of service attacks against a number of international business and intelligence agencies by what is believed to be the same hacking group.
Online and mobile banking are taking the world by storm - especially in the Asia-Pacific region. But many institutions are simply not prepared to manage security and privacy appropriately in these venues, says Gartner's Matthew Cheung.
Card-skimming trends continue to pose a threat to financial institutions and retail outlets, but there are steps organizations can take to fight back, says John Pearce, director of financial services for ADT Security Services.
No one is really sure when the FFIEC's new authentication guidance will be issued, but we do know banking institutions can't afford to wait. Hence, our new FFIEC Authentication Guidance Resource Center.
Recent hacks have uncovered security vulnerabilities that should have been addressed years ago. "These attacks are going to escalate," says Josh Corman of The 451 Group. But organizations can implement basic steps to make the hackers' job harder.
As Indian banks have migrated to new, electronic platforms including online and mobile banking, so too have the fraudsters. Vicky Shah, author of a new book on cyber crimes, offers insight to help protect banks and their customers.
Breaches will not slow anytime soon, and there's not much financial institutions and the payments chain can do to stop them. At this point, the best course of action for banks and retailers is to focus on damage control.
"I think this is another great example of the lengths to which criminals will go to perpetrate these schemes, and the amount of homework they do," says Julie McNelley, banking and payments fraud analyst at Aite Group.
A new federal suit against Michaels claims the crafts retailer, hit by a POS skimming scheme in May, took too long to notify customers after it learned of the breach that affected stores in 20 U.S. states.