The Internet is inherently insecure, and the only way to ensure today's evolving information systems is to build them upon three pillars of trust. This is the premise of Mike Ozburn, Principal at Booz Allen Hamilton, which has just authored a new white paper about these pillars.
Banking/security leaders aren't crazy about banking regulators telling them they could have done a better job detecting ACH fraud, and they're eager for more specific guidance on what to do going forward.
AML concerns heat up, as FinCEN warns U.S. institutions to scrutinize accounts held by foreign political figures. And the unofficial release of an FFIEC draft about online authentication guidance opens regulators to more feedback and criticism.
Speculation about the pending update to online authentication guidance has been circulating around water coolers for months now. "A [disclosure] like this could make it more challenging for the regulators," says attorney David Navetta.
"It's interesting to see regulators putting the onus on the financial companies for fraud that occurs after the theft has already happened," says David Navetta, co-chairman of the American Bar Association's Information Security Committee.