Reported data breaches increased by nearly half in 2008, and 12 percent of the total hacks were at financial institutions - up from 7 percent in 2007.
This is the news from the Identity Theft Resource Center's (ITRC) 2008 breach report, which shows that 2008's 656 reported breaches were up 47 percent over 2007's...
Stupid robbery attempts are always funny, but when they happen in your backyard, well, they're even funnier.
A few weeks back, near my home in New Hampshire, a would-be robber held up a local Citizens Bank branch, and he attempted to get away with an undisclosed amount of cash.
From Bear Stearns to IndyMac, Eliot Spitzer to Bernard Madoff, AIG to WaMu, BCP to TARP...2008 has been an historic year for banking institutions. And everybody from regulatory examiners to practitioners and service providers looks forward to closing the books on the old year and ringing in the new.
As we head into...
Looking ahead to 2009, banking/security guru Steve Katz quotes the ancient proverb: "May you live in interesting times."
With a new administration, new banking landscape and regulatory changes expected, we live in interesting times, indeed.
The year 2008 was marked with significant milestones. Major banks and investment firms around the globe foundered, failed and were acquired or propped up by their governments and regulatory overseers. Stock markets plunged as the subprime problems of investors around the world began unraveling. Opportunistic fraud was...
Getting people on the phone this time of year can be quite a challenge. Between getting ready for the holidays, celebrating the holidays and trying to wrap up everything outstanding before year end there's simply a shortage of available time. And so as we work on building out the project schedule for the first...
Wow - we've been part of quite a bit of quick decision-making recently. Financial institutions going out of business almost overnight, trillions of dollars being offered from the U.S. government in the blink of an eye, and the largest in the industry merging with and/or acquiring peer institutions within weeks.
The federal banking regulatory agencies have issued a revised brochure, "You Have the Power to Stop Identity Theft," which is designed to help consumers prevent and resolve identity theft-related crimes.
The Identity Theft Resource Center in San Diego has made some dire predictions for businesses and consumers to ponder for next year.
Here's a list of some of the things that ITRC sees as causing the most problems in the identity theft arena. Some are already hitting financial institutions and their customers.
Sitting down at your desk wondering how you're going to get your info sec budget through the next finance meeting unscathed and still manage to meet all of your department's regulatory requirements? Well, I can assure you, you're not alone.
From Hannaford to Countrywide to the Bank of New York Mellon, 2008 has been a year of high-profile security breaches in or impacting the financial services industry. Here's our list of the top 10 - and lessons that should be learned, so we aren't back revisiting these issues in '09.
Earlier this year, The TJX...
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.