In the five months since the compliance deadline for the Identity Theft Red Flags Rule, banking institutions generally are compliant. But examiners are finding issues with security awareness and vendor management.
This is the initial report from the Federal Deposit Insurance Corporation (FDIC), the largest U.S....
The down economy pressures organizations to reduce operational expenses and discard many capital-intensive IT and security projects. What gets left behind often is a skeletal staff dealing with very basic day-to-day IT functions, with no time or resources to dedicate toward compliance, audit and core security...
The Heartland Payment Systems data breach has brought extra attention to the Payment Card Industry Data Security Standard - PCI DSS. How well embraced is the standard, and what happens to companies if they're found to not be PCI compliant?
In an exclusive interview, Tony Bradley, co-author of the book PCI...
Every day I'm driving to or from work -- or even on the weekends - it seems like I hear about some new urgent priority that I must be aware of, whether it be the flailing economy, President Obama's directives, data breaches, or any number of other news-worthy items. But I love the news - so I don't mind!
Heartland Payment Systems (HPY) has been removed from Visa's list of compliant service providers, and banking institutions affected by the Heartland data breach have until May 19 to file their fraud claims with Visa.
This news emerged late last week from a public statement by Visa, as well as from a letter sent by...
The Heartland Payment Systems data breach has brought extra attention to the Payment Card Industry Data Security Standard - PCI DSS. How well embraced is the standard, and what happens to companies if they're found to not be PCI compliant?
In an exclusive interview, Tony Bradley, co-author of the book PCI...
I was thinking after my last few Heartland-centric posts that I should probably get back to covering the basics of our practice and re-focus on all things regulatory. So I started skimming through my notes from recently completed fieldwork looking for ideas. The last few engagements happened to be with Credit Union...
We're barely out of January, and already this year has revealed itself as one to remember. Between the worsening conditions within the banking sector, the Heartland breach and a very noticeable shift in the regulatory climate, we're already hard pressed to pick this year's "Story of the Year." And somehow I suspect...
The news of the Heartland Payment Systems (HPY) data breach gives new meaning to an annual study of what such a breach truly costs a business.
The average cost of a data breach was $202 per compromised record in 2008, according to the Ponemon Institute's Cost of Data Breach study. This represents a 2.3 percent...
So, we were among the first to break the Heartland story when it first broke last Tuesday, and we've continued to follow it closely. After the initial media surge, where we saw news outlets and solutions providers tripping over one another to opine over what they think happened to Heartland and what it all means, here...
When it comes to regulatory compliance and its intended purpose, I'm a believer. I genuinely believe that if a bank or credit union implements and supports all required controls essential to achieving compliance, they're the better for it, and their account holders can sleep better at night. What you might've missed...
Let's talk about how a big disaster becomes an even bigger one.
On Tues., Jan. 20 - Inauguration Day - Heartland Payment Systems (HPY) President/CFO Robert Baldwin announced the company had been breached sometime in 2008.Heartland, which processes roughly 100 million transactions per month for 250,000 different...
Last week the NCUA announced the formation of the National Examination Team (NET) to "enhance the supervisory process in areas where economic conditions have adversely impacted federally insured credit unions." Or as I like to think of this move, the FDIC sneezes, and NCUA catches a cold.
It was only a question of time before one of the regulators stepped forward to tell its banking institutions to monitor the use of their federal funds. The FDIC this week drew its own line in the sand when it comes to monitoring how the bailout money will be accounted for at its banks.
An alleged bank robber gets away with nothing, and he's in jail awaiting trial. Not that I'd argue otherwise. Meanwhile, Madoff defrauds investors of billions, quite literally ruins businesses and lives ... and he hasn't even lost access to his premium movie channels.
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