Speculation about the pending update to online authentication guidance has been circulating around water coolers for months now. "A [disclosure] like this could make it more challenging for the regulators," says attorney David Navetta.
"It's interesting to see regulators putting the onus on the financial companies for fraud that occurs after the theft has already happened," says David Navetta, co-chairman of the American Bar Association's Information Security Committee.
Describing it as the capstone publication of a partnership with the defense and intelligence communities, NIST publishes new guidance on managing security risk associated with the operation and use of IT systems.
"We want to know what the FFIEC guidelines actually mean and who is responsible for enforcing audits and compliance," says fraud victim Jim Payne, owner of Choice Escrow.
A preliminary draft of new authentication guidance puts greater responsibility on financial institutions, and the ACH/wire fraud case between Experi-Metal Inc. and Comerica Bank marks the first major corporate account takeover incident to hit a courtroom.
Once a CEO understands the value and risks catered through mobile functionality, it is easier to discuss mobile innovations, policy and how the company can then strike a balance to meet customer and employee requirements.
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