It's clear that major data breaches have become not just a topic of mainstream news, but they're occurring with such frequency and potential devastation that they're almost deserving of a 24-hour news desk.
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.
One of the unexpected impacts of the global economic crisis is that many organizations have lost their business resiliency, says Lyndon Bird, director of The Business Continuity Institute, headquartered in the U.K.
High-profile legal wrangles over ACH- and wire-related fraud remain at a standstill, despite the industry's ongoing discussions about corporate account takeover and how to fight it.
Payment card fraud is a reality the industry is learning to deal with, through stronger analytical tools and transaction monitoring, financial experts says.
When it comes to hot topics, they don't get hotter than authentication, cloud computing and IT governance - all of which I've discussed at length in recent interviews with industry thought-leaders. Let's review some highlights from these conversations.
Widely publicized reports aren't giving the full picture of an (ISC)2 survey that projects the doubling of the federal government IT security workforce by 2015.
Bankers aren't waiting for the FFIEC to act on the release of its updated online authentication. Instead, they've already begun to comply with the major points recommended in the draft. And the death of Osama bin Laden has heightened concerns terrorists' efforts to launder money through legitimate banking channels.
North American Clearinghouse Association, not the government, led the effort to move Food Stamps to e-payments. That's what the government wants to do with the National Strategy for Trusted Identities in Cyberspace initiative, the fed's NSTIC point man says.
Key questions: What impact - if any - will the recent RSA and Epsilon data breaches have on the FFIEC's pending authentication update? And when will this long-awaited banking guidance finally be released?
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