Links in “Cybersecurity/Data Breaches”
- Payment Security Task Force Recommends Multi-Layered Approach to Card Security
A report issued by the Payment Security Task Force recommends a layered approach to protecting the security of card payments that includes a combination of chip technology, point-to-point encryption, and the use of tokenization to replace account numbers. [12/17/14]
- NAFCU on NCUA’s Self-Inflicted Black Eye: Practice What You Preach
In light of an NCUA examinerâs loss of a credit unionâs member data, NAFCU CEO Dan Berger is urging NCUA to practice what it preaches and conduct a thorough investigation into the incident and a thorough review of its internal data security policies and procedures. Berger notes that as a steward of credit unions' sensitive data, the agency must be held to the highest standard for safeguarding that data. [12/17/14]
- When Fraudsters Mimic Transaction History, What’s Next? Voice!
Fraudsters recognize that they need to pay attention to transaction history in order to make their transactions escape detection for as long as possible. Adding voice biometric analysis into the equation may be not only a way to thwart them, but detect who they are when calls are made to confirm their transactions. [12/16/14]
- Biometrics Ushering in the Post-Password Era
Alliance of 150 companies seeks to create a common standard for authentication, relying instead on fingerprints and other biometrics to usher out the "old world order of passwords and PINs." [12/16/14]
- NCUA Examiner Blamed for Data Breach
$13 million Palm Springs FCU did what many credit unions do when NCUA is performing their exam: they downloaded the requested data to a flash drive and provided that to their examiner for review. Unfortunately, it appears now that the examiner lost the flash drive that contained member names, addresses, account numbers, and social security numbers and the credit union finds itself having to notify its members of the data breach. [12/16/14]
- OCC on Cyber Security
Speech by OCC's senior critical infrastructure officer highlights rapid world of changing technology, rising risks, and response requirements needed to face those risks. Testimony provides a baseline of activities needed by financial institutions to promote compliance as well as recommendations for Congressional consideration regarding cyber security. [12/12/14]
- Cyber Security Threat Shifting from Online to Mobile
Online banking malware threats fall 24% from previous quarter, while the number of mobile banking trojans tripled during the same period. [12/12/14]
- NY’s Plan for Cyber Exams Includes Beefed Up “First Day Letter”
New York's IT examinations to be preceded by a pre-examination questionnaire, called the "First Day Letter," that will require bankers to detail how they are set up to handle cyber security issues. [12/11/14]
- Matz to Retailers: Man Up
In a recent address, NCUA Chairman Debbie Matz urged retailers and other third parties to shoulder more responsibility in cases of security breaches. That being said, she did not let financial institutions off the hook, but instead issued the reminder that cyber security will remain an area of supervisory focus in 2015. [12/10/14]
- The Danger of Confusing Compliance with Security
When it comes to data breaches, compliance does not equal security. In fact, compliance can equal a false sense of security, as demonstrated by the fact that the PCI Security Standards Council recently hashed out recommendations that probably wouldn't have done much to stop the Home Depot breach that was happening at about the same time. [12/9/14]
