Search Results: Security
May 12 – In testimony following news that FDIC information had been repeatedly breached when outgoing employees downloaded information to their mobile devices, FDIC Chief Information Officer Lawrence Gross laid out steps that the agency is taking to lower the risk of sensitive information being exposed through the mobile channel. (more…)
May 3 – A new study from Juniper Research has found that the value of online fraudulent transactions is expected to reach $25.6 billion by 2020, up from $10.7 billion last year. This means that by the end of the decade, $4 in every $1,000 of online payments will be fraudulent.
By Mark Scholl
It’s no secret that cyber threats continue to increase. The bad guys will go where the money is. But you can’t develop a cybersecurity strategy if you don’t know what you are up against. So where do you go for help to understand the evolving threats and how to mitigate them based on your risk profile?
By Stephanie Chaumont
As a security consultant, I have spent time talking with management and members of the boards of directors at several institutions. And I can tell you that they run the gamut of security-mindedness and technology knowledge. I have met directors who want to know what’s going on in the IT department and are well-versed in information security and cybersecurity threats; there are others who want nothing to do with anything IT-related. But board members now have an excellent resource to improve their knowledge: Overview for Chief Executive Officers and Boards of Directors, released last year with the Federal Financial Institution Examination Council’s Cybersecurity Assessment Tool.
By Tom Hinkel
Cybersecurity has become a topic of interest to every financial institution as regulators increase their focus on cyber risks and controls. Third-party relationships are often the weakest link in the cybersecurity chain, as a whopping 43 percent of companies had a data breach in 2014, according to Ponemon Institute. Subsequently, the release of both the Federal Financial Institutions Examination Council’s Cybersecurity Assessment Tool and the updated FFIEC Management Examination Handbook has heightened awareness of cybersecurity for the financial industry and the importance of accurate cybersecurity assessments.
By Robert Mendez
As a board member or a member of the bank’s executive team, understanding the levels of risk you’re accepting for your bank, your customers and for yourself is essential. CEOs and executives of non-banking firms, such as Target, have lost their jobs because they didn’t understand the cybersecurity risks their businesses were accepting. Bankers have additional concerns about financial risks and the penalties regulators may assess if cybersecurity risks are not being effectively managed by the board.
April 18 -Safe Systems, a national provider of fully-compliant IT and security services for community banks and credit unions, has announced availability of its Enhanced Cybersecurity Assessment Tool (ECAT) for financial institutions. The application is designed to help financial institutions complete the complex FFIEC Cybersecurity Assessment Tool (CAT). The ECAT application provides a user-friendly interface that steps users through assessing Inherent Risks and Control Maturity specific to their financial institution.
March 21 – A NYC area IT consultant and MSP highlights statistics showing the extent to which consumers are feeling the pain of poor credit card data security and why merchants are slow to adopt the Europay, MasterCard and VISA (EMV) chip card security standard.
March 9 – Consumers increasingly rely on computers and the Internet for everything from shopping and communicating to banking and bill paying. While the benefits of faster and more convenient “cyber” services are clear, the strategies for preventing online fraud and theft may not be as well-known by many bank customers. That is why the FDIC has produced a special edition of the agency’s quarterly FDIC Consumer News (Winter 2016) entitled “A Bank Customer’s Guide to Cybersecurity.”