"Any other bank could have just as easily been victimized," says banking fraud expert Shirley Inscoe, following the arrest of a former Citigroup executive charged with embezzling more than $19 million.
The database has become the main target for hackers and negligent insiders, as the insider breach at Bank of America showed. A recent survey highlights the need for financial institutions to enhance security measures to mitigate threats and losses.
Payment card fraud. ACH and wire transfers. ATM skimming. And especially insider crimes. These are among today's top information security threats to institutions, says banking regulator Gigi Hyland in an exclusive interview.
Two stories stand out when I look back on the month of May: the POS PIN pad swap scheme that hit Michaels crafts stores in more than 20 states and the insider job at Bank of America that led to $10 million being stolen from some 300 customer accounts.
An inside breach at BofA that led to more than 300 compromised accounts signifies growing concerns about internal threats. But experts say organizations can implement strategies to detect - and in some cases even predict - internal fraud.
For Will Pelgrin, the former New York State chief information security officer, mobile devices, insiders and old infrastructure represent the major challenges local and state governments face in in securing information technology.
Until the IRS corrects the identified weaknesses, its financial systems and information remain unnecessarily vulnerable to insider threats, including errors or mistakes and fraudulent or malevolent acts by insiders, GAO auditors says.
Lengthy downtime, data losses, and security breaches can harm business results, bringing business to a halt: stopping the flow of orders, reducing sales revenue, and interfering with the supply chain. These downtimes could potentially impact a company's ability to compete with other organizations that were unaffected,...
Insider theft and other malicious behavior are particularly difficult to detect and prevent because employees often have legitimate access to sensitive corporate data and tend to know the weaknesses in their organization's infrastructure. Over the course of hundreds of customer interactions, Prism Microsystems, a...
The survey of local, state and federal IT security practitioners also shows a lack of faith in secure cloud computing. Half see insider threats and poor practices as their agencies' greatest vulnerabilities.
Virtually every business acquires, uses and stores personally identifiable information (PII) about its customers, employees and partners. These organizations are expected to manage this private data appropriately and take every precaution to protect it from loss, unauthorized access or theft. Misusing, losing or...