"It's time to stop shifting the security burden onto retailers and restaurants like Margarita's," says Gartner analyst Avivah Litan on the latest payment card breach. "In fact, it was time for that over five years ago."
Extensive news coverage about the attacks against RSA and others have made customers jittery. "The publicity resulted in many customers' risk tolerance going down whilst their level of awareness and concern went up," says RSA CFO David Goulden.
Because information security threats know no borders, the European Network and Information Security Agency is working hard to ensure the solutions span nations, too, says Prof. Udo Helmbrecht, ENISA's executive director.
Despite previously announced plans to appeal last month's ruling in the ACH fraud lawsuit filed by Experi-Metal Inc., Comerica Bank now says it has resolved to pay the $560,000 in damages and close the case.
Anomaly detection and behavioral monitoring are minimum requirements or mitigating online risks, and the newly-issued supplement to the FFIEC Authentication Guidance highlights why banks and credit unions should be doing more, says Terry Austin of Guardian Analytics.
Corporate account takeover events are reigniting the debate between banks and their former commercial customers, about everything from fraud liability and the "good faith" standard to commercially reasonable security.
With the issuance of the final FFIEC Authentication Guidance, institutions need to start moving forward on conformance, and taking a risk-focused approach is the first step, says Matthew Speare, SVP of IT for M&T Bank Corp.
Some 200 people have reported fraudulent debit and credit transactions hitting their accounts after dining at Margarita's Mexican Restaurant in Texas. Investigators believe a third-party vendor may have been hacked.
Performing digital forensics in the cloud isn't necessarily a new discipline, says Rob Lee of SANS Institute. But the task definitely requires a whole new mindset and some new skills from investigators.
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.
It is no longer enough for information security professionals to secure critical information. They also need to be asking about the legitimacy of where this information comes from, says John Colley, managing director of (ISC)2 in EMEA.
From the exposure of thousands of Citi cardholders to the Michaels debit breach, fraud continues to impact card issuers. Involving the consumer in prevention is a step financial institutions must take, says Javelin's Phil Blank.
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.
"The first step is for banks to admit there is a problem before they can address it, and many bankers are still in denial," says Shirley Inscoe, author of the book "Insidious: How Trusted Employees Steal Millions and Why It's So Hard for Banks to Stop Them."