As smartphone usage grows, so do emerging threats of mobile malware. When it comes to mobile banking security, financial institutions can only do so much. Security solutions will have to come from mobile vendors, says ENISA's Giles Hogben.
"Everyone knows it is happening, but no one is capable of stopping the proliferation of these cyberattacks," says Jim Payne of Choice Escrow and Land Title LLC, a victim of corporate account takeover.
Account takeovers are up, but losses are down. Doug Johnson of the ABA says that's because banks and their customers are catching and blocking suspect ACH transactions before they drains corporate accounts.
"We have this problem on the Internet, which is: How do I talk to someone I've never met before and know that they are who they say they are?" says Michael Smith of Akamai Technologies.
International communication and public-private partnerships are the keys to cybersecurity in the financial space, according to the Department of Homeland Security and the Financial Services - Information Sharing and Analysis Center.
Out with the old; in with the new. It's time for security-minded organizations to invest in the power and protection of the next generation firewall, says Matt Keil of Palo Alto Networks.
In an exclusive interview about the evolving firewall, Keil discusses:
Why current firewalls are failing us?
The key...
The Federal Financial Institutions Examination Council (FFIEC) recently released a supplement to the "Authentication in an Internet Banking Environment" guidance, originally published in 2005. Within this update are "Specific Supervisory Expectations" related to an overall "General Supervisory Expectation" that...
Nessa Feddis of the ABA says increased investments in technology at the bank and consumer levels have fueled confidence in online banking. "I think the reason you see an uptick in use here is because the channel is more secure."
The Treasury Department's Office of Terrorism and Financial Intelligence has worked to prevent anti-money laundering and illegal cash flow from reaching the hands of terrorist groups, but more needs to be done to further mitigate risks, says Treasury Assistant Secretary Daniel L. Glaser.
Gary Foster, a former vice president in Citigroup Inc.'s treasury finance department, pleaded guilty to bank fraud he waged on Citigroup and its customers between September 2003 and June 2011.
"What banks need to be aware of is that much of this fraud is occurring on the consumer and business-customer side, and not all of them will invest in technology that catches these attacks," says Phil Blank of Javelin Strategy & Research.
Philip Reitinger's appointment as Sony's first chief information security officer comes more than four months after a massive breach of Sony's PlayStation gaming system that exposed the personal identifiable information of some 77 million customers.
In an ironic twist, a new phishing scheme, purporting to be from the Federal Deposit Insurance Corp., actually claims to offer assistance with ACH and wire fraud, but instead delivers malware that could enable fraud.
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