I was in shock, I could not believe such a headline made front page news on Digg.com. I didn't think anyone would believe me; I had to take a screenshot! OK, OK, I may be exaggerating a bit - however I can say that as much as I visit Digg.com, rarely do I see something that has implications to banking and...
Only half of U.S. banking institutions will beat the Nov. 1 deadline for compliance with the Identity Theft Red Flags Rule.
This is the key finding of a new survey aimed at gauging the success of institutions' efforts to meet the terms of the new regulatory mandate. An even 50% of institutions surveyed say they...
Interview with Tom Field, Editorial Director at Information Security Media Group
As Nov. 1 looms, Identity Theft Red Flags Rule compliance is an absolute must for financial institutions. Information Security Media Group recently surveyed 300 banking and credit union leaders to gauge their progress toward...
I've told this story before about Michael Barrett, CISO of PayPal. When he joined the company, he asked how senior leaders were fighting the phishing problem.
"Technically, we don't have a phishing problem," he was told.
More than 75 percent of bank webites in a recent survey have at least one design flaw that could make customers vulnerable to cyber thieves.
This according to a new University of Michigan study of online banking.
These design flaws stem from the flow and the layout of the websites, according to the study. Led...
Financial institutions should brace themselves for more malicious attacks, as the recent Threat Horizon 2010 report from the Information Security Forum (ISF) warns of an increase in such threats -- including attacks from organized crime and industrial espionage.
"In general, financial services probably represent...
Talk about a harmonic convergence.
Just as the major banking regulatory agencies went before the Senate committee recently to deliver their "State of the Banking Industry" addresses, I was sitting back and starting to think about drafting the questions for our next State of Banking Information Security survey.
Excerpt of a Q&A with William Henley of OTS and Jeff Kopchik of FDIC
In conjunction with the recent Identity Theft Red Flags Rule Roundtable webinar, we conducted an interview session with William Henley of OTS and Jeff Kopchik of FDIC. Topics ranged from:
What should institutions expect on Nov. 1?
What have...
Whenever family or friends or otherwise ask what I do or what kind of company I work for, I always take the opportunity to start off with a question: Do you know what "information security" is? I do not expect much, as I myself could not quite give a clear definition before working in the position I hold now. No one...
Early this year, I caught up with Steve Katz, the dean of banking CSO's (see Stephen Katz on Top InfoSec Issues of 2008), and he had some interesting insights on the year's top challenges for banking institutions.
We are in the process of analyzing data from the Identity Theft Red Flags survey we recently administered - a survey that aims to gauge the current readiness of financial institutions as they move toward complying with new guidance from the banking agencies regarding their identity theft prevention programs. Many of...
The parent company of the Montgomery Ward website had at least 51,000 records stolen out of a database last December, but failed to notify its customers.
The breach, first detected by Citigroup, a financial services company, showed hackers found a way into HomeVisions.com, a separate website of Direct Marketing...
Only half of U.S. banking institutions say they will beat the Nov. 1 deadline for compliance with the Identity Theft Red Flags Rule.
This is the key finding of a new survey aimed at gauging the success of institutions' efforts to meet the terms of the new regulatory mandate. The survey, administered in June by...
So, how do the third-party service providers respond to regulatory pressure on financial institutions to improve vendor management?
The major banking regulatory agencies have sent a clear statement to the institutions they oversee: Do a better job of selecting, contracting with and managing your major vendors....
We've known for roughly six months now that the Identity Theft Red Flags Rule compliance deadline is Nov. 1, barely four months away. How close, then, are banking institutions to meeting that deadline?
That is the question of the summer, and the answer will be found in the results of our new Identity Theft Red...
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