Compliance Guide

BankNews.com

Cybersecurity - Page 2

Biometrics, Bots and the Future of Security in Financial Services

By Eric Crabtree

Not surprisingly, cybersecurity always ranks high on the list of chief concerns that cause bank CIOs to lose sleep at night. That’s because increasing levels of sophistication in the tech used by hackers and fraudsters is making it harder for financial institutions to defend themselves.

(more…)

October Is National Cybersecurity Awareness Month

September 30 – Recognized every October, National Cybersecurity Awareness Month (NCSAM) was created as a collaborative effort between government and industry to ensure all digital citizens have the resources needed to stay safer and more secure online while also protecting their personal information.

(more…)

Studies Show Credit Card Use Decreases After Fraud

September 20 – A new report reveals that nearly half of U.S. consumers have experienced card fraud,(1) while another survey found that 56% of fraud victims changed their card use or shopping behavior after a fraudulent charge.(2) eConsumerServices (econsumerservices.com/), a dispute mediation firm, maintains that card issuers and merchants must be proactive to avoid losing business in cases of credit card fraud; so CEO Gary Cardone counsels banks and retailers on steps they can take to retain consumers’ trust.

(more…)

Goldman Sachs Fined 36.3 Million Dollars in Case Over Leaked Documents

August 5 – Goldman Sachs Group was ordered by the Federal Reserve Board to pay a $36.3 million civil money penalty for its unauthorized use and disclosure of confidential supervisory information and to implement an enhanced program to ensure the proper use of confidential supervisory information. (more…)

Cybercrimes Mounting at Smaller FIs

July 19 – Hackers are training their sights increasingly on smaller financial institutions and their valuable client financial data, according to a study by security consultants.  After healthcare, financial institutions — particularly those with annual revenues below $35 million — experienced the highest levels of breaches. (more…)

New Payment Protection Resources for Small Merchants and Their Banks Help Defend Against Cybercrime

July 7 – Small businesses around the world are increasingly at risk for payment data theft. Nearly half of cyberattacks worldwide in 2015 were against small businesses with less than 250 workers, according to cybersecurity firm Symantec. In order to help these companies protect themselves and their customers, the PCI Security Standards Council (PCI SSC) Small Merchant Taskforce has developed a set of payment protection resources for small businesses.

(more…)

Solving the Security Concerns over Mobile Wallets

June 27 – Mobile wallet adoption is projected to climb to 90 million users by 2019. While mobile wallets are already affording consumers new, convenient ways to pay, they are also providing new opportunities to fraudsters. Last year, 112,000 consumers became victims of mobile-wallet related account takeover; as more banks prepare to launch mobile wallets, security is the leading consideration for consumers. (more…)

2016 Survey: 90 Percent of IT Professionals Say They Must Detect Cybersecurity Incidents That May Lead To Breach Within One Day

June 1 – Lumeta Corporation, a leader in network situational awareness, has released the findings of a survey that targeted 5,000 U.S. IT executives responsible for network security and network management of large enterprise networks. The research revealed that, in terms of cybersecurity breach detection, there is a large disconnect between IT professionals’ needs and today’s realities. The overwhelming majority (90%) of IT professionals indicated they want to detect cybersecurity incidents that lead to breaches of their network within a day, 7% said less than one week would be an acceptable timeframe, 3% said less than one month. However, industry data shows the average duration of a breach is more than six (6) months.

(more…)

Increased Number of Advanced and Sophisticated Threats and Cyber-Attacks Will Augment the Global IT Security Market Through 2020

May 31 – Technavio research analysts are forecasting positive growth for many segments of the global IT security market over the next four years as several markets, including BYOD security, mobile payment security software and contactless smart card market in banking sector, will witness an increase in revenues.

(more…)

Digital Roadmap Offers Tactics for Capturing Digital Banking Market

May 24 – $405.3 Billion. That’s the “digital value at stake” retail banks have the potential to realize from 2015 to 2017. Yet, in 2015, financial services as a whole captured just 29 percent of that opportunity. Of the challenges slowing growth and innovation, cybersecurity weakness is certainly at the forefront. Cybersecurity concerns have prevented retail banks from adopting digital technologies and business models. And this has contributed to them missing out on more than 70 percent of the potential revenue opportunity. (more…)

Kryptronic Internet Software Solutions