A consortium of federal agencies and private organizations has just released the first version of the Consensus Audit Guidelines (CAG), which defines the most critical cyber security controls to protect government agencies and critical infrastructure industries, including financial services.
The fallout is still coming from the Heartland Payment Systems (HPY) data breach, and banks and credit unions are still dealing with the aftermath. At today's count there are more than 124 banks and credit unions affected by the breach, the number of cards affected topping 250,000.
The big question is: If your...
Three more U.S. banks failed in the first month of 2009. The MagnetBank of Salt Lake City, UT; Suburban Federal Savings Bank, Crofton, MD; and Ocala National Bank, Ocala, FL were closed on Friday, Jan. 30, by banking regulators.
All three banks were turned over to the Federal Deposit Insurance Corp. and placed into...
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...
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.
The Government Accountability Office (GAO) on Thursday issued a new report that sums up what many in the financial services industry have known for years - the regulatory system is in dire need of a makeover.
The GAO report, "A Framework for Crafting and Assessing Proposals to Modernize the Outdated U.S. Financial...
OK, for months now we've been saying (all right, I've been saying) that we all know regulatory reform is coming; it's just a matter of "what" and "when."
Well, "when" was Thursday, and "what" arrived in the form of a new report from the U.S. Government Accountability Office (GAO), proposing a new framework for the...
Say the words $50 billion. Sort of rolls off your tongue. I'd be really upset if my family, firm or investment company had invested money with Bernard Madoff's alleged Ponzi scheme. It is shaping up to be one of the biggest investment frauds ever.
The FDIC announced details regarding their recently approved 2009 operating budget. Not exactly your "stop the presses, hold all my calls" sort of thing, but it was worth my time to read through it.
I've heard that timing is the key to comedy; it may well be true for information security as well.
Late last week I'd sent an email to the BIS (BankInfoSecurity.com) team suggesting that they consider publishing a piece about phishing. I've been getting clobbered with a wide-range of phishing emails over the past...
Information Security Media Group (ISMG), publisher of BankInfoSecurity.com and CUInfosecurity.com, recently posed few questions to Gary S. Baker, Partner, Enterprise Risk Deloitte & Touche LLP, and a senior ISACA leader on IT Governance and Assurance. In this exclusive interview, Gary S. Baker an audit and IT...
A Government Accountability Office audit says the Treasury Department needs to have stronger controls in place to oversee how banks and other recipients are using funds from the $700 billion financial bailout package.
The GAO's report to Congress states the Treasury Department does not have a mechanism in place to...
There's so much we can't control today. The global economy, the fickle stock market, rampant layoffs, decisions being made in Washington, D.C. All these elements affect us, but there's little to nothing we can do to influence them.
Helpless feeling, no?
That's why this week, in advance of the Thanksgiving...
"Who's watching the road?"
That's the question many observers ask amidst the global economic crisis, with its wild market fluctuations and historic failures of well-known banking institutions such as Washington Mutual and IndyMac.
But don't blame these failures solely on institutions' audit committees for being...
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