Do we have any reason to believe that any targeted banking institution will be better prepared next week to ward off a distributed denial of service attack like those that rocked three banks this week?
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.
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.
When it comes to hot topics, they don't get hotter than authentication, cloud computing and IT governance - all of which I've discussed at length in recent interviews with industry thought-leaders. Let's review some highlights from these conversations.
Banking/security leaders aren't crazy about banking regulators telling them they could have done a better job detecting ACH fraud, and they're eager for more specific guidance on what to do going forward.
Recent incidents of corporate account takeover have pushed regulators, associations and practitioners to call for greater awareness and more collaboration between commercial customers and banks. But is there an ROI to enhanced awareness?