Security experts at this week's Gartner Security and Risk Management Summit agree: Security, not compliance, has to be the new focus. Cyberintrusions cannot be stopped, and the RSA breach should be a lesson to the industry.
The FDIC's Donald Saxinger says vendor management programs are getting more scrutiny from regulators, especially in areas of emerging technology, such as cloud computing and mobile banking.
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.
Facebook's facial recognition feature clearly impacts the privacy profession and workplace by creating new challenges and raising significant concerns on the issue of trust.
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.
"Simple passwords alone do not provide sufficient commercially reasonable security," says Jim Payne of fraud victim Choice Escrow. "Where is the principle of doing what is right and just?"
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.
Information Security Media Group announces the launch of FFIEC Authentication Guidance, a resource center dedicated to providing in-depth news and views on the pending online authentication guidance.
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.
New guidance from the PCI Security Standards Council about the risks associated with virtualized systems aims to help merchants proactively evaluate security before they leap into new deployments.
The PCI Security Standards Council's new guidance on virtualization in the payments space aims to provide best practices for securing the payments chain's virtual platforms and appliances.
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.
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