"The environment that started by supporting whistleblowers ... is essentially morphing into 'Gee, we as an organization need to be completely transparent, whether we want to or not,'" says Cal Slemp, managing director of Protiviti.
Fraud attempts will escalate, not diminish, as new threats and channels blossom in 2011. Growth in mobile banking and the use of social networks are expected to pose new security challenges, experts say.
There have been 58 reported banking-related data breaches so far in 2010, according to the Identity Theft Resource Center -- slightly fewer than the total of 62 breaches in 2009.
2010 Timeline of data breaches involving U.S. financial institutions. See the type of breaches, when they occurred and how many records were compromised.
"The environment that started by supporting whistleblowers ... is essentially morphing into 'Gee, we as an organization need to be completely transparent, whether we want to or not,'" says Cal Slemp, managing director of Protiviti.
Banks and credit unions have to change the ways they invest in fraud prevention. What they need more of in 2011 are stronger cardholder authentication and more computing in the cloud.
Thwarting the insider threat entails more than knowing an individual with access to a computer, but to recognize the synergy between the individual, organization, technology and environment, I3P Research Director Shari Lawrence Pfleeger says.
WikiLeaks founder Julian Assange has become akin to a "cyber messiah," Hemu Nigam says. And Assange's followers have proven: "If you turn your back on our messiah, we are going to take you down."
The recent WikiLeaks release of thousands of sensitive government documents puts security leaders on notice: The breach threat is real, and no organization is immune.
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