Links in “Technology”

Citing market fluctuations that have seen Bitcoin's value rise from $100 in July 2013 to more than $1,100 in December 2013, the Connecticut Department of Banking issues a consumer advisory warning of the dangers of virtual currency. [5/13]

Don't forget to register for tomorrow's FREE DDoS webinar that will bring you up to speed on how these deceptive attacks are impacting credit unions.

TrustCC, a security assessment firm that performs penetration testing for credit unions, reported that in 2013, for 63% of the credit unions tested, their employees were able gain access to the credit union’s internal network. Seventy-nine percent of the time they were able to compromise sensitive data, and escalate to domain admin privileges 58% of the time. [5/9]

As part of yesterday's cybersecurity webinar, the FFIEC announced a vulnerability and risk-mitigation assessment along with a regulatory self-assessment or supervisory policies and processes to be used by FFIEC member agencies in making cybersecurity decisions to strengthen existing programs. The webinar also provided information on focus areas for management in assessing cybersecurity risks. [5/8]

The plan is for the U.S. to abandon the archaic magnetic strip technology and put a computer chip in every one of its consumers' 1.2 billion credit and debit cards over the next 18 months, finally exceeding the level of credit card security used in Mongolia and Papua New Guinea. [5/8]

NCUA Chairman Matz notes in the FSOC annual report positive efforts undertaken to promote increased security. Highlights of risks and recommendations include forward looking capital and liquidity planning, need for improved interest rate monitoring, and use and monitoring of technology. [5/8]

DDoS attacks are like an emergency storm warning: when they arrive, you start running around your house, locking all the windows, and getting the flashlights out—all the while forgetting just about everything else. In the same way, DDoS attacks act like a smokescreen, distracting institutions from protecting against more dangerous cyber attacks. So put down the flashlights, step away from the windows, and learn what you should really be doing to defend your credit union against DDoS attacks. Register here. [5/8]

Target's chairman and chief executive is the latest victim of the retailer's massive data breach last year. [5/5]

Mining Bitcoins is becoming less lucrative, so attacking user's wallets has become the preferred approach of thieves. Experts advise transferring Bitcoins to a "cold wallet," a storage device that is completely offline. [5/5]

Hires CIO who has advised Homeland Security, Department of Justice and Secretary of Defense. Also announces plan to accelerate implementation of its conversion to cards that store information on embedded chips. [4/30]