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.
Banks need to ensure they continuously monitor their cloud vendors, says Troy Wunderlich of Washington Trust, a community bank in Spokane, who outlines his institution's strategy for vendor management.
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.
Mitigating card risks associated with retail malware attacks and POS vulnerabilities is a focus of updates to the PCI Data Security Standard, say Bob Russo and Troy Leach of the PCI Security Standards Council.
TD Bank has been ordered to pay $52.5 million in penalties for violations of the Bank Secrecy Act and securities laws as a result of failing to file timely suspicious activity reports related to nearly $1 billion worth of transactions.
Version 3.0 of the Payment Card Industry Data Security Standard, to be released later this year, will include a focus on the standardization of compliance assessments, says Bob Russo of the PCI Security Standards Council.
Termination of an employee after a breach should be reserved for repeat offenders, individuals who show a total disregard for the rules, those who seek to harm another or the most egregious incidents, security expert Mac McMillan contends.
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.
The House Intelligence Committee warns of threats Chinese chips pose to American IT systems. A new film embellishes that danger. Though pure fiction, the plot could help raise the public consciousness about cyberthreats.
"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.