2010 Timeline of data breaches involving U.S. financial institutions. See the type of breaches, when they occurred and how many records were compromised.
"Many institutions only know about fraud when they get notified by the customer, and that is not indicative of an industry that is really trying to address the problem." George Tubin, TowerGroup
Financial institutions can play an integral in the fight against identity theft, by getting involved at the grassroots level, says Identity Theft Council founder Neal O'Farrell.
"Managing risk with regard to information systems and security sometimes doesn't go to the highest levels and that's why the risk framework is a way to get senior leaders involved early in the process," NIST senior computer scientist Ron Ross says.
"There's a real threat out there." Cybersecurity Coordinator Howard Schmidt says. "But the threat sort of follows the way we build our defenses against it, and I think those things continue to move in parallel."
President Obama on Saturday signed legislation that exempts certain businesses, including physician practices and apparently most hospitals, from the Identity Theft Red Flags Rule.
Gartner's Avivah Litan says emerging card-fraud schemes such as 'flash attacks' highlight the need for stronger cardholder authentication and transactional analytics.
A panel of regulators and industry experts weighs in on the top 4 regulatory issues of 2011, and card skimming attacks get more sophisticated the world-over.
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