Cybersecurity risks posed by inadequate IAM and IT asset management are mounting. Now the National Cybersecurity Center of Excellence has drafted guidance to address banking institutions' unique risks, says Nate Lesser, the center's deputy director.
Managers at all levels must understand their responsibilities in providing role-based cybersecurity training, says Patricia Toth, a computer scientist at the National Institute of Standards and Technology.
The NIST cybersecurity framework will help U.S. banking institutions assess their security strategies, but some institutions fear the framework could trigger unnecessary regulations, says Bill Stewart of Booz Allen Hamilton.
The theft of 2 million credentials reminds security professionals that their organizations are at risk because many employees use the same passwords and devices for personal and business purposes, data security lawyer Ronald Raether says.
You can be outraged that the NSA collects Internet communications records of U.S. citizens. But don't be surprised, says sociologist William Staples. This is just one example of our "culture of surveillance."
In the wake of a surge of lawsuits, bipartisan Congressional support is building for a measure designed to help protect banking institutions from frivolous patent infringement claims, says NAFCU's Brad Thaler.
Governments and others using cloud-based services should keep 10 security tips in mind, including making sure they can maintain control of their data if a service provider goes bankrupt, says Dimitra Liveri, co-author of a new report.
Wayne Dunn, CTO of HarborOne Bank in New England, says improving vendor management is a top security priority for institutions in 2014. As more core banking functions are outsourced, due diligence becomes increasingly critical.
For risk managers, an often overlooked step for minimizing supply chain risks is to continually monitor outsourcers and other third parties to address critical security issues, says the Information Security Forum's Steve Durbin.
Computer scientists at the Georgia Institute of Technology are developing new ways to apply encryption when storing or searching data in the cloud, says Paul Royal, associate director of the university's information security center.
U.S. Attorney Steve Wiggington says identity theft, especially linked to card skimming, is still the No. 1 fraud threat facing financial services institutions as well as consumers. He stresses information sharing is critical for fighting fraud.