Banks and commercial customers are more often working together, enabling them to catch and stop fraudulent requests for funds transfers before commercial accounts are drained.
Creating a culture of security within an organization may be on CISOs' wish lists, but it's often hard to educate and spread that message, says Justin Somaini, chief information security officer at Yahoo.
"The more that you could focus in on computer science topics, to understand programming, network-based technology and mobile-based technology, the better off you're going to be," says Rob Lee of SANS Institute.
This $38 billion bank has invested a great deal of time and effort into its online security program, continuously conducting risk assessments and making strides to ensure commercial customers stay informed about evolving online-banking risks.
"There are still a lot of inexperienced people out there that are passing themselves off as experts," says Scott Laliberte, managing director of Protiviti, outlining the common challenges of penetration testing.
As fraud continues to evolve and affect financial institutions, careers are plentiful for fraud-fighting professionals, says Jean-Francois Legault, a fraud investigations specialist with Deloitte and Touche.
Yahoo's Justin Somaini believes his fellow CISOs in business and government do a good job keeping their bosses informed of proper information security practices, but could do better in educating the rank and file about them.
When economists dissected July's 0.1 point drop in overall unemployment, to 9.1 percent, they attributed the decline mostly to fewer people seeking work. But that's not the case for IT security professionals. There are few discouraged workers in the information technology occupation categories these days.
Looking at the international stock market crash and the impact it's likely to have on future investments in fraud detection and prevention, how much can banks and credit unions reasonably afford, when economic stability is shaky and the financial future uncertain?
The cyber threat landscape is more widespread than ever before, and cybersecurity professionals are needed in all sectors, from government to private industry, says Dickie George of the National Security Agency.
"We're continually testing our controls and the effectiveness of our controls. We do a lot of emerging-threats monitoring ... so we can react," says First Niagara's Joe Rogalski.
Because information security threats know no borders, the European Network and Information Security Agency is working hard to ensure the solutions span nations, too, says Prof. Udo Helmbrecht, ENISA's executive director.
Corporate account takeover events are reigniting the debate between banks and their former commercial customers, about everything from fraud liability and the "good faith" standard to commercially reasonable security.
With the issuance of the final FFIEC Authentication Guidance, institutions need to start moving forward on conformance, and taking a risk-focused approach is the first step, says Matthew Speare, SVP of IT for M&T Bank Corp.
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