The Fed's ruling on interchange, mandated by the Durbin amendment, offers financial incentives for fraud-prevention investments and could fuel a U.S. move toward new card-payment technologies, like EMV.
The arrest is part of a continuing investigation into network intrusions and distributed denial of service attacks against a number of international business and intelligence agencies by what is believed to be the same hacking group.
On June 28, the FFIEC released its final, formal version of its Authentication Guidance. Not even one month later, we've created three new training programs to help banking institutions understand and conform with the guidance.
Dickie George of the National Security Agency has one word to describe the state of information security education today: "Spotty." And this state must improve if we hope to fill all the growing demand for security pros.
You know the tune: Cyber thieves pirated the town's banking credentials, arranged some bogus "payroll transactions" with the town's bank and then next thing you know ... money mules are transferring funds to the Ukraine.
"Consumer notification is often hampered by the fact that companies must first determine their obligations under 47 different state regimes," says Rep. Mary Bono Mack, R-Calif., the subcommittee's chair and bill's sponsor.
If enacted,the bill that's heading to the House floor would require increased coordination and prioritization of federal cybersecurity R&D activities and the development of cybersecurity technical standards. It also would strengthen cybersecurity education and talent development and promote industry partnership...
It's not enough for banking institutions to conform to the FFIEC Authentication Guidance update. They also must ensure that their key vendors meet the same standards, says Philip Alexander of Wells Fargo Bank.
NIST's Ron Ross points out that its seminal security control guidance, Special Publication 800-53, contains only one privacy control, requiring agencies to conduct a privacy impact assessment. That will change by year's end.
The U.S. government wants to move many services online, but the inability to authenticate customers and develop Trusted Identities has kept agencies from making the transition. This is a problem that could soon be resolved, says Mike Ozburn, principal of Booz Allen Hamilton.
"These are projects that were already...
Former banking regulator William Henley has simple advice for banking institutions wondering how to comply with the new FFIEC authentication guidance update: "Start immediately, develop a plan, and document your progress."