Links in “Cybersecurity/Data Breaches”

Along with data security initiatives, a highlight of the White House’s Summit on Cybersecurity and Consumer Protection was a look at a partnership between MasterCard and First Tech Federal Credit Union, which involves a pilot program to allow consumers to authenticate and verify transactions using biometrics, such as facial recognition and voice recognition. [2/17/15]

Banks are being warned about an online gang using Carbanak malware that has stolen up to $1 billion from banks in 30 countries, including the US. A spear-phishing attack, using an infected Word document, downloads malware onto bank employees' computers. Hackers observe everything happening on screen, then use that information to steal funds. The attackers are highly sophisticated, using such techniques as inflating an account of $1,000 to $10,000, then stealing $9,000 so that the account holder would not suspect anything. [2/17/15]

Since the first viruses hit personal computers in the early 1980s, we've been in a cyber arms race ever since. Government involvement is seen as a key to building a comprehensive view of cyber threats and to ward off attacks. [2/17/15]

The White House has announced the creation of a new federal agency, the Cyber Threat Intelligence Integration Center, which will analyze cybersecurity threats and coordinate strategies to address those threats. CUNA CEO Jim Nussle applauds the President’s actions, but points out that credit unions will need to be vigilant to ensure that the new agency’s strategies include a focus on national security standards that apply to both financial institutions and merchants. [2/12/15]

Among the cybersecurity tips provided by ICBA to consumers is getting an IP PIN, a six-digit number assigned to eligible taxpayers to help prevent misuse of SSNs on phony tax forms. [2/11/15]

A Senate subcommittee is looking at the security specifications in the Gramm-Leach-Bliley Act as a model for developing national data security standards. Of particular importance is the provision in the GLBA that allows it to preempt state law in order to create uniform national requirements. [2/6/15]

ABA tells Congress that a uniform federal data breach law is needed to preserve consumer confidence with their credit and debit cards. [2/6/15]

One of the nation's largest health insurers is the latest company to report a massive cyberattack, in this case a database that contained as many as 80 million customer and employee records. [2/5/15]

According to a report issued by NCUA’s Inspector General the mobile devices, including iPhones, supplied by NCUA to its staff and contractors are not adequately secured to protect data and resources. [2/4/15]

At yesterday’s hearing, witnesses not representing financial institutions told members of the Senate Homeland Security Committee that new legislations should not include a strict timeline for data breach notifications and should instead use a “reasonable man” standard. They recommended that the triggering event be limited to situations where data is actually stolen and not just events where a system has been infiltrated. [1/29/15]