Links in “Cybersecurity/Data Breaches”

Two lawmakers have sent letters to 16 financial institutions, including several banks, requesting details on data breaches. The breaches constitute a "clear and present danger to our nation's economic security," according to the lawmakers. [11/19/14]

You’re probably familiar with the NCUA rules regarding data breaches and member notifications. But did you know that 47 states, plus the District of Columbia, have their own data breach regulations that may require additional or different steps to be taken? In addition, many of these state laws use different definitions to determine when a breach that requires consumer notification has occurred. [11/17/14]

With cybersecurity a top priority for NCUA this year, it is likely that it will take a larger role in the examination process according to Tim Sergerson, Deputy Director of the Office of Examination and Insurance.  The focus will be on what the credit union is doing to mitigate the risk of a cybersecurity attack. [11/17/14]

Invisible authentication with fewer password interruptions at the point of sale is where MasterCard and Visa want to head in 2015, with facial and voice recognition apps, or maybe even wristbands that authenticate cardholders through their cardiac rhythms. [11/14/14]

BlackPOS, FrameworkPOS and Backoff are the three families of malware that breached Target, Home Depot and UPS, respectively. [11/14/14]

According to NAFCU and CUNA the answer is “yes” and it is the reason that retailers need to be subjected to the same level of regulation as financial institutions. Specifically, NAFCU and CUNA are telling Congress that retailers must be required by regulation to protect consumer data, as well as being required to notify consumers when  a breach has occurred. See also. [11/13/14]

A letter signed by several trade associations, including those representing banks and credit unions, seeks to counter assertions the retail industry has made regarding recent breaches of consumer information. The letter asserts that while both retailers and financial institutions are under attack by cyber criminals, only financial institutions are developing and maintaining robust internal protections to combat attacks. [11/13/14]

Federal Trade Commission continues its crackdown on companies that target consumers in financial distress. Bayview Solutions of Florida and Cornerstone and Company of California are accused of posting the financial details and other personal information about 70,000 people online, making them vulnerable to identity theft and debt fraud. [11/13/14]

Comptroller of the Currency, Thomas J. Curry, discussed the rising issue of cyber threats and what financial institutions can do to combat these threats, stating that “All of these risks are manageable, but they must be well understood and they must be managed.” [11/10/14]

Study finds that federal employees in more than a dozen agencies are far from immune when it comes to bogus phishing emails, opening malware-laden websites, or being tricked by scammers into sharing confidential information. [11/10/14]