BITS, part of The Financial Services Roundtable, in a new report about malware says cyberthreats are evolving, and institutions must collaborate with customers to keep up with evolving risks.
Recent high-profile data breaches and heightened threats add up to one thing: a bright future for information security professionals who want to start or re-start a career in risk management.
As recent incidents at Citi and BofA reinforce, most banking institutions, from large to small, have done a poor job of keeping up with inside jobs and internal threats.
Among the 12 computer-related job classifications tracked by the Department of Labor's Bureau of Labor Statistics, information security analysts was one of only two categories to report no unemployment during the second quarter of 2011.
Three banks and one credit union were closed by state and federal banking regulators on Friday, July 8. These failures raise the year's tally to 66 failed institutions.
As more criminals target branch ATMs, industry experts wonder if links to insider fraud might not be to blame. Recent brazen attacks prove even in a bank or credit union lobby, ATM skimming can strike.
Insider fraud expert Shirley Inscoe says Citi is not the only financial institution that's doing a poor job of keeping up with employee misconduct. Few banking institutions grasp how damaging inside jobs actually are.
RSA customers who feel victimized by last March's breach of the security vendor's computers have viable options that include continued use of the SecurID authentication tokens, those offered by competitors, or something entirely different: biometrics.
Emerging technology is often touted for enhancing security. But if not properly deployed and integrated, these technologies can hinder rather than improve security.
"Professionals like me now understand that we are the ambassadors for ethical behavior and should actively encourage other employees to adhere to it," says Alessandro Moretti, a senior risk and security executive.
Despite increased incidents, major U.S. card issuers receive poor marks for card fraud prevention, according to a new study from Javelin Strategy & Research. The biggest area of concern: card-not-present fraud.
"Any other bank could have just as easily been victimized," says banking fraud expert Shirley Inscoe, following the arrest of a former Citigroup executive charged with embezzling more than $19 million.
New mobile technology is behind a growing public concern about Internet security, says former Transportation Security Administration CISO Patricia Titus, who now holds the same post at Unisys.
Today's top fraud threats recognize no global boundaries, says James Ratley, head of the Association of Certified Fraud Examiners. And they require a stronger global workforce than ever before.
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