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Cybersecurity

Cybersecurity Task Force Releases Banker Best Practices

July 10 – State banking regulators, jointly with the U.S. Secret Service, released banker best practices for managing risks related to certain cyber threats. The best practices were developed by the Bankers Electronic Crimes Task Force, which includes bank CEOs and executive officers from banks across the U.S. In the industry best practices, the bankers identified four cyber threats that warrant continued attention by banks.

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OCC Focuses on Cybersecurity, BSA/AML Issues in Risk Report

July 7 – Significant operational risks – particularly those related to BSA/AML and cybersecurity — were cited by the Office of the Comptroller of the Currency in its Semiannual Risk Perspective for Spring 2017. Meanwhile, credit risk concerns arising from auto lending issues cited in previous reports were downgraded, having been appropriately mitigated, according to remarks by Deputy Comptroller for Supervision Risk Management Darrin Benhart. (more…)

New White Paper: “Understanding the FFIEC’s CAT: How Your Institution Can Improve Its Cybersecurity Posture”

June 27 – Safe Systems, a national provider of fully-compliant IT and security services for community banks and credit unions, has published a free white paper, “Understanding the FFIEC’s CAT: How Your Institution Can Improve Its Cybersecurity Posture,” which is now available for download on its website.

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Retailers to Lose 71 Billion Dollars in Card-not-Present Fraud Over the Next 5 Years

June 20 – New data from Juniper Research has found that retailers stand to lose $71 billion globally from fraudulent CNP (Card-Not-Present) transactions over the next 5 years. The research found that a number of factors, such as the USA’s shift to EMV cards, delays in 3DS 2.0 (3D-Secure) and click-and-collect fraud were key drivers behind the rise.

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Cybersecurity Incidents Plague U.S. Finance Operations, According to TD Bank Survey

June 13 – Financial and payment professionals do not anticipate any respite from cyber fraud and cyber attacks in the near future, according to a recent survey conducted by TD Bank. An overwhelming 91 percent of respondents stated they anticipate that payments fraud will become a bigger threat in the next two to three years, up slightly from last year (89 percent).

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Three Technology Innovations Will Change Our Economic Future

June 5 – A handful of rapidly evolving technology sectors will create enormous economic opportunities for the U.S., says Francis Dinha, CEO of OpenVPN, creator of Private Tunnel.

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Spear Phishing Market to Grow at a CAGR of 10.8 Percent between 2017 and 2022

June 5 – The spear phishing market is projected to grow from an estimated USD 840.7 million in 2017 to USD 1,401.6 million by 2022, at a CAGR of 10.8% between 2017 and 2022. Organizations rely heavily on spear phishing solutions whereby filtering spam, data loss prevention, email encryption, and email archiving proves beneficial for organizations. Hence, there is a huge demand for the integration of spear phishing market solutions with other mainstream technologies, which is fueling the growth of the spear phishing market. However, lack of awareness about cyber-attacks is restraining the growth of the spear phishing market.

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Cybercrime Costs to Business Forecast to Exceed 8 Trillion Dollars in Next 5 Years

May 31 – A new report by Juniper Research has found that criminal data breaches will cost businesses a total of $8 trillion over the next 5 years, due to higher levels of connectivity without an appreciation of the additional actions necessary to make such systems secure.

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Cloud Encryption: Bring Your Own Key Is No Longer Enough

By Matt Landrock

May 16 —  ‘Trust’ can be both a terrific enabler and a severe inhibitor in cloud services adoption. Keen to benefit from the cloud’s promise of flexible and scalable on-demand computing, businesses everywhere continue to migrate increasing volumes of critical data off-site and into the hands of third party cloud service providers. Each time this happens, however, they must answer the same question: what guarantees do I need before I can trust this provider to protect my data?

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Banks Confident in Cybersecurity Capabilities But Lack of Real-World Testing Leaves Gaps in Their Defense

Many senior bank executives are confident about their cybersecurity strategy, yet a lack of comprehensive, practical testing is leaving gaps in their defense, according to a new report from Accenture.

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