Consumer behavior is the biggest concern when it comes to online risks posed by social media. But Bill Wansley of Booz Allen Hamilton says financial institutions can manage those risks. What steps does he recommend?
Rep. Dan Lungren, the bill's chief sponsor, contends the regulatory approach taken by his bill would be less intrusive on the private sector than proposed Senate legislation and a plan by President Obama.
People, as much as anything else, are a critical aspect of information risk management, and businesses and government agencies must monitor employees - and educate them, as well - to thwart a potential threat from within.
"It's a crime like no other crime," says James Ratley, president of the ACFE, describing fraud. "There was not a gun involved, there was not a knife; there was in many cases a ballpoint pen or a computer."
Recently discovered viruses, consisting of Trojans and other malware, at City College of San Francisco have stolen personal banking information and other data from perhaps tens of thousands of students, faculty and administrators, says John Rizzo, president of the board of trustees.
Improved collaboration and communication between small businesses and financial institutions is the first step toward improving online security, says Mark Patterson, an ACH fraud victim. What else would help?
U.S. and European institutions can learn from DBS Bank's example. In response to a rash of fraudulent withdrawals that cost accountholders $1 million, the bank is launching a new SMS/text alert service for ATM transactions.
Cyberhackers are increasing their efforts to target online credentials. And phishing attacks waged against accountholders at Chase in the U.S. and Barclays in the U.K. have made it clear that banking accounts are the target.
Researchers say the Ramnit worm, which has defeated two-factor authentication measures used to protect bank online accounts, is now targeting Facebook - a development that should be especially concerning to banking institutions.