Extensive news coverage about the attacks against RSA and others have made customers jittery. "The publicity resulted in many customers' risk tolerance going down whilst their level of awareness and concern went up," says RSA CFO David Goulden.
Because information security threats know no borders, the European Network and Information Security Agency is working hard to ensure the solutions span nations, too, says Prof. Udo Helmbrecht, ENISA's executive director.
In the wake of natural disasters or global political unrest, financial institutions of all sizes must be mindful of international fraud schemes and suspicious activity, says EastNets' Paul Buelens.
Anomaly detection and behavioral monitoring are minimum requirements or mitigating online risks, and the newly-issued supplement to the FFIEC Authentication Guidance highlights why banks and credit unions should be doing more, says Terry Austin of Guardian Analytics.
With the issuance of the final FFIEC Authentication Guidance, institutions need to start moving forward on conformance, and taking a risk-focused approach is the first step, says Matthew Speare, SVP of IT for M&T Bank Corp.
The fight against cyberattacks is a top priority for financial institutions, and industry insiders are optimistic about President Obama's plan to thwart cyberattacks that lead to corporate account takeover and other forms of fraud.
The Fed's ruling on interchange, mandated by the Durbin amendment, offers financial incentives for fraud-prevention investments and could fuel a U.S. move toward new card-payment technologies, like EMV.
There are significant hard and soft benefits for government agencies to gain by investing now in solutions built around Trustable Identities, says Mike Ozburn, principal of Booz Allen Hamilton.
Performing digital forensics in the cloud isn't necessarily a new discipline, says Rob Lee of SANS Institute. But the task definitely requires a whole new mindset and some new skills from investigators.
On June 28, the FFIEC released its final, formal version of its Authentication Guidance. Not even one month later, we've created three new training programs to help banking institutions understand and conform with the guidance.
"The action and manifestation of risk is not necessarily evident to today's users in the way it was in the past, and that creates a big inherent challenge for a CISO," says Malcolm Harkins, CISO at Intel Corp.
From the exposure of thousands of Citi cardholders to the Michaels debit breach, fraud continues to impact card issuers. Involving the consumer in prevention is a step financial institutions must take, says Javelin's Phil Blank.
You know the tune: Cyber thieves pirated the town's banking credentials, arranged some bogus "payroll transactions" with the town's bank and then next thing you know ... money mules are transferring funds to the Ukraine.
It's not enough for banking institutions to conform to the FFIEC Authentication Guidance update. They also must ensure that their key vendors meet the same standards, says Philip Alexander of Wells Fargo Bank.
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