As banks and credit unions assess online risk, in light of the updated guidance from the FFIEC, financial fraud analyst Tom Wills says they should consider mobile as a viable layer for out-of-band authentication.
International collaboration, steeper convictions for those who are caught and government support for the cyberfight are fueling positive progress in the fight against cybercrime.
"The timing and the targets point to China," says cybersecurity policy expert James Lewis. "Spying right before the Beijing Olympics and focusing on Southeast Asia reflects China's larger interests more than those of any other country."
Organizations taking proper preventative measures realize a cost savings of nearly 25 percent over those that don't, an analysis of a survey sponsored by Hewlett-Packard reveals. Still, the study shows, it takes longer to resolve cyberattacks than it did a year ago.
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.
Social media, mobility and cloud computing are new areas of risk for organizations, and risk managers need to go back to the fundamentals of understanding the information they are protecting, says Robert Stroud, ISACA's international vice president.
Doug Johnson of the American Bankers Association says banking institutions should spend the next five months focusing on their risk assessments, as they work to meet the FFIEC's new authentication guidance update.
Emerging technology is often touted for enhancing security. But if not properly deployed and integrated, these technologies can hinder rather than improve security.
New mobile technology is behind a growing public concern about Internet security, says former Transportation Security Administration CISO Patricia Titus, who now holds the same post at Unisys.
"The FFIEC guidance does a good job of addressing today's and yesterday's threats and suggested techniques, but it is not sufficiently forward-looking," says Gartner's Avivah Litan. "Two years from now, the guidance will be sorely out of date."
The FDIC's Donald Saxinger says vendor management programs are getting more scrutiny from regulators, especially in areas of emerging technology, such as cloud computing and mobile banking.
Online and mobile banking are taking the world by storm - especially in the Asia-Pacific region. But many institutions are simply not prepared to manage security and privacy appropriately in these venues, says Gartner's Matthew Cheung.
Facebook's facial recognition feature clearly impacts the privacy profession and workplace by creating new challenges and raising significant concerns on the issue of trust.
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