The cost of a data breach has gone up to nearly $200 per compromised customer record. And if your third-party service provider loses your customer data, the cost to you is even higher.
BAYLOR: Companies really should understand the flow of data within the company. They should know where the data enters and where it leads, and they should classify the data according to sensitivity. The sensitivity of the data should really be the primary criteria as to where to spend resources. Data which...
In the news on almost any given day you will find a story on a bank or credit union that has lost confidential data due to a security breach. Substantial coverage is also given to the latest laws and regulations that govern these financial institutions and protect them in taking measures to safeguard against data...
Bill Boni, Corporate Information Security Officer and Vice President, Motorola Corporation
Bill Boni shares lessons he has learned in his 30 year career in IT security and discusses how organizations should manage their IT security function in order to respond to emerging threats. He reviews:
• How...
Ken Baylor, Information Security Consultant and former Chief Information Security and Privacy Officer, Symantec
Dr. Ken Baylor is a senior Information Security adviser to Fortune 500 companies. He is the current president of the Silicon Valley chapter of ISACA. Dr. Baylor recently served as Symantec's Chief...
Listen to Tom Field, editorial director of BankInfoSecurity.com and CUINfoSecurity.com, discuss our first annual State of Banking Information Security Survey in the Financial Services Industry. The survey will focus on topics such as:
Information Security Priorities & Roles
Strategies
Risk Assessment, Incident...
Last week’s announcement by NJ-based Commerce Bancorp that one of its employees may have released customer information (See story: Bank Warns of Identity Fraud Investigation)swings the security spotlight back to information security’s dirty little secret: the insider threat.
The latest fraud report from the RSA Anti-Fraud Command Center shows that, after a decrease in September, phishing attacks on credit unions jumped back to 40 percent of all financial institutions struck. (See RSA’s complete report: ...
Mark Seward, CISSP and Director Product Marketing with Qualys, Inc., discusses GLBA compliance as it relates to vulnerability management at financial institutions. Insights include:
• Key GLBA compliance issues facing financial institutions;
• Examples of vulnerability management specific to...
Information Security Media Group recently attended the BAI Retail Delivery Conference 2007 in Las Vegas. Our correspondents covered the expo floor from a vendor point of view, and we spoke with a number of vendors who had products or services specific to information security. In general, the vendors that had some sort...
You already know that by this time next year, your financial institution will need to have a written identity theft prevention program. But have you considered that part of that program should include what your institution is doing to increase identity theft awareness among your customers?
Swart: Doing well. I’d like to start by talking about consumer issues, and I’d like to know, what is the FTC hearing from consumers about the ID theft problem? Is anything getting better?
Broder: Well, we still receive a fair flow of victim complaints about identity theft. In any given week, we...
Swart: And out of those 19 that had to close, did they institute an instant response plan, a business continuity plan, disaster recovery? Or do you know the level of response that they had to make?
Jackson: We don't know the exact level of response but we feel certain that they instituted at least a certain...
Swart: I would like to start by talking about what are the personal risks that executives of financial institutions face if they fail to implement effective security or to comply with IT security regulations.
Herold: Well, there are many. It is first important though for the financial institution leaders to...
Every year the Anti-Money Laundering/Bank Security Act (AML/BSA) Examination Manual undergoes revisions. This year's revisions expand the discussion on providing banking services to money services businesses (MSBs).
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