Banking institutions expect significant increases in fraud-fighting resources in 2012. But in which solutions should they invest? Banking CTO Michael Wyffels has some prioritized suggestions.
Eighty-five percent of data breaches go undetected, but organizations have a new type of cop on the beat to ferret out these illicit activities - the data scientist, says Phil Neray, head of security intelligence strategy and marketing for Q1 Labs, an IBM company.
As the House prepares to vote on a slew of cybersecurity bills, James Lewis of the Center for Strategic and International Studies provides the skinny on the measures and their chances of passage.
When it comes to fighting financial fraud, Peter Tapling of Authentify says banking institutions are chronically underestimating and under-utilizing one key resource: Their own customers.
When it comes to the FFIEC Authentication Guidance, Aite analyst Shirley Inscoe fears too many banking institutions are investing only in achieving compliance - not ongoing security.
Securing the massive amounts of data swamping organizations, a trend known as big data, can be addressed, in part, by organizations simply getting rid of data no longer needed, Grant Thornton's Danny Miller says.
How well do banks conform to the FFIEC's updated Authentication Guidance? Gartner analyst Avivah Litan says most have made progress, but they still struggle with the details.
One of the biggest mistakes companies make after a major data breach is communicating with the news media, consumers and others before all the facts are clear, says attorney Ronald Raether.
Phishing - it's the classic scheme that never goes away. In fact, it evolves. Amy Blackshaw of RSA offers insights on how to respond to this and other trends identified in the 2012 Faces of Fraud survey....
What's the best strategy for communications after a data breach, like the one suffered by Global Payments Inc.? Bob Carr, CEO of Heartland Payment Systems, discusses what to say in the weeks following a breach.
Banks and credit unions are making investments to prevent ACH/wire fraud. But are they investing in the right solutions? Attorney Joseph Burton says the focus must be on 'reasonable' security.
To respond to a security incident, an organization must first be aware of it. But too many intrusions go undetected, says Rob Lee of SANS Institute. That's the first problem that needs to be addressed.
"Regulation drives spending," says George Tubin of GT Advisors. "You're in a situation where the regulators are telling you, 'You have to do something; you have to make improvements.' Therefore, the bank has to spend some money on technology."
Creating a "culture of compliance" that emphasizes the importance of privacy requires far more than "management by committee," says change management specialist Jan Hillier.
What might the Global Payments breach investigation entail? Dave Ostertag of Verizon's Investigative Response unit describes a forensics investigation - how long it can take and what it might reveal.
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