A new twist in the ongoing online security battle between banks and their commercial customers was reported this week after a corporate account in Omaha, Neb., was hit with thousands in fraudulent ACH transactions.
Has our financial system's attention focused so much on cyberthreats that it's forgotten to lock down controls to prevent low-tech schemes? In a nutshell, yes.
This $38 billion bank has invested a great deal of time and effort into its online security program, continuously conducting risk assessments and making strides to ensure commercial customers stay informed about evolving online-banking risks.
Regulation and legislation are working in banking institutions' favor, helping them enhance fraud prevention and detection investments for debit and online banking.
Eduardo Perez says, simply, the "time was right" for Visa's introduction of chip-based payments incentives for U.S. merchants. Visa's new mobile-to-EMV program offers PCI-audit-compliance waivers to qualified merchants who implement dual-interface contact and contactless acceptance.
With the extension of ENISA's mandate into 2013 by the European Parliament & Council, the agency can continue to educate and collaborate with other nations on cybersecurity issues, an area of constant importance.
Though IT business application functions and security-focused practices are expected to be integrated as a single process, secure configuration is the management and control of configurations for information systems to enable security and facilitate the management of information security risk.
As far as Dr. Giles Hogben of ENISA is concerned, now might be the golden opportunity for information security experts to influence the security and privacy measures that may help define Internet safety for the next decade or beyond.
International collaboration, steeper convictions for those who are caught and government support for the cyberfight are fueling positive progress in the fight against cybercrime.
"There are still a lot of inexperienced people out there that are passing themselves off as experts," says Scott Laliberte, managing director of Protiviti, outlining the common challenges of penetration testing.
As fraud continues to evolve and affect financial institutions, careers are plentiful for fraud-fighting professionals, says Jean-Francois Legault, a fraud investigations specialist with Deloitte and Touche.
"The consequences of computer hacks are much different than they used to be," says cybersecurity expert Joseph Steinberg, following the sentencing of three convicted fraudsters.
"I don't think there's any connection [to] the investments banks will make in fraud prevention," says Doug Johnson of the ABA. "It's not about making budget cuts; it's about protecting the customer relationship and ensuring security."
When it comes to social media, organizations have to be vigilant and consistent with risk assessments that closely monitor and evaluate emerging threats, says Andrew Kennedy of BITS.
Just over a month after Citigroup confirmed a breach of its online banking platform, a second breach affecting Citi customers has come to light, this time in Japan.
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