Regulators need to do a better job of notifying banks promptly when they find severe security flaws at third parties, especially core banking processors. And community banks need to collaborate on assessments of third-party risks.
In the wake of an ongoing stream of merchant and payment processing breaches, the FDIC is reminding smaller banking institutions that they are ultimately responsible for ensuring the security of cardholder data.
Banks have a critical role to play in helping other industries with DDoS mitigation, as DDoS targets are expected to shift. Attacks against U.S. banks are proving increasingly ineffective because banks have enhanced their defenses.
NIST is hosting a workshop this week to continue shaping the cybersecurity framework President Obama wants implemented by February. Learn about the latest developments in the effort to identify IT security best practices.
When building a business continuity plan, banking institutions too often overlook certain key processes that must be maintained after a cyber-attack or a disaster, says Dan Shannon of core banking processor FIS.
John Streufert, the DHS director overseeing the rollout of a federal continuous diagnostic initiative to mitigate IT systems vulnerabilities, expects that many state and local governments will participate in the program.
Citi's settlement with two states over a breach that exposed 360,000 cards will likely set an example for other states. One expert says banking institutions will likely pay more damages when accounts are compromised.
The massive initiative to deploy continuous monitoring at U.S. federal government agencies will be done in phases, with the initial rollout occurring over three years, the Department of Homeland Security's John Streufert says.
Fraud is increasing across the board, but attributing losses to certain types of fraud continues to pose challenges for many banking institutions, says Doug Johnson of the American Bankers Association.
"We've made the investments in our shields, they must work" - this statement must have been decried by legions of ancient soldiers as this age-old defense decayed before their eyes and they were crushed on the battlefield. In fact, the graveyard is littered with 'proven' defense strategies which, given time, have...
Iris scanning is becoming old hat for authenticating individuals entering secured facilities or crossing international borders, but it remains several years away for use in providing access to IT systems.