Audit and enterprise risk - they're inextricably linked. As cyber threats grow - from the inside and out - require organizations and their regulators to pay closer attention to technology and information security.
The Heartland Payment Systems (HPY) data breach came as an unpleasant surprise to many financial institutions and their customers in early 2009. What are the threats we should eye as we look ahead to 2010?
President Obama on Wednesday spelled out the details of his long-awaited plan for financial services regulatory reform. In an exclusive interview, Christie Sciacca, formerly with the Federal Deposit Insurance Corporation, currently a director with LECG in Washington, D.C., discusses:
With the U.S. Supreme Court's ruling on Cuomo v. ClearingHouse, the door is now wide open for state attorneys general to step in and monitor regulatory compliance at national banks. And according to Gregory Taylor, VP and associate general counsel at the American Bankers Association, this new scrutiny could come soon....
Financial institutions must execute best practices internally and do a better job educating their customers on identity theft.
This is the advice stemming from the Identity Theft Resource Center (ITRC), which recently released its sixth annual report, Identity Theft: The Aftermath 2008, providing essential...
The U.S. Supreme Court has issued a ruling on the closely-watched case of Cuomo v. ClearingHouse, which addresses the issue of federal pre-emption governing consumer protection in the banking industry. The ruling clears the way for individual states to enforce fair-lending laws and other consumer protection measures...
As I listened to Bernie Madoff get his prison sentence meted out to him by Judge Denny Chin, I felt some tinge of vindication. But not having been directly affected by the largest Ponzi scheme in history, I can't imagine what the more than 1,000 victims of his unprecedented crime felt at that same time.
Bernard Madoff will spend the rest of his life behind bars, as he was sentenced today to 150 years in federal prison for the biggest Ponzi scheme ever perpetrated.
Earlier this year in March, Madoff, 71, pled guilty to swindling thousands of investors out of billions of dollars. Prosecutors say the Ponzi scheme...
If the first six months of 2009 are an indication of what the banking industry will face in terms of increased regulatory pressure, then it could be a long, hot summer -- and beyond -- for financial institutions.
Following is an overview of the top regulatory priorities so far -- and going forward -- in 2009.
Five more banks were closed by banking regulators on June 26, bringing the total number of bank/credit union failures to 50 for 2009. Two banks in Georgia, one in Minnesota and two in California were shut down. Four were bought by other banks. The total assets of the five banks were just over $1 billion.
Vendor Management: Banking/security leaders all know they need to get a better handle on it - but how?
Charlie Miller, former director of vendor governance at Merrill Lynch, offers his insight on improving vendor management, including:
The biggest challenges facing banking institutions;
Where to start the...
The International Information Systems Security Certification Consortium (ISC2) has recently launched an online information security course, the Live Online Official ISC2 Certified Information Systems Security Professional Common Body of Knowledge Review Seminar.
Texas attorney Richard Coffman was the first to file a class action suit against Heartland Payment Systems (HPY) after its data breach was announced publicly this past January.
In an exclusive interview, Coffman discusses:
The status of legal actions against Heartland;
What's unique about the Heartland...
The TJX Companies, Inc. announced on Tuesday it has settled with a multi-state group of 41 Attorneys General, resolving the states' investigations related to the 2005 breach of TJX's computer system. The breach made headlines, as an estimated 94 million credit card numbers were taken in the hack. The company will pay...