Links in “Cybersecurity/Data Breaches”

Big law firms of big banks are the first to feel regulatory pressure to make sure they are not a back door for hackers to sensitive bank data, but smaller law firms for smaller banks are not likely to be far behind in feeling the heat. [11/10/14]

After announcing in September that 56 million cards were breached, the company's investigation finds another 53 million email addresses were also compromised. Hackers got in using a vendor's stolen log-on credentials and implanted custom-built, antivirus-evading malware on self-checkout registers. [11/7/14]

According to researchers in the UK, the card system developed by Visa for use in the U.S. doesn’t recognize foreign currency transactions and can be tricked into approving such transactions for up to $999,999.99. In addition, the contactless technology could allow a thief carrying a card reader designed to read a card that’s stored in a wallet or purse to conduct fraudulent transactions without the victim ever removing their card. [11/4/14]

According to a recent cybersecurity assessment, the FFIEC recommends participation in the Financial Services Information Sharing and Analysis Center (FS-ISAC). The FS-ISAC provides an information-sharing forum to aid institutions in the process of identifying, responding to, and mitigating threats of cybersecurity. [11/4/14]

Bitcoin has gotten a lot of bad press, but strip away the currency aspect and look at the technology behind Bitcoin. What you'll see if the first internet protocol for storing and exchanging value. Bitcoin was built for the internet. Current cybersecurity measures are really just patches on today's financial system that wasn't designed for the internet. [11/4/14]

In a letter to NAFCU and CUNA signed by the Retail Industry Leaders Association, the National Association of Convenience Stores and other organizations accused credit unions of using misleading arguments with the media and before Congress. The groups argue that 34% of the data losses that have occurred this year have been at financial institutions, while only 11% affected retailers. In addition, the groups criticized credit unions for being slow in adopting chip and PIN technology. [11/3/14]

First step to managing vendor risk is knowing what the risk points are. Only then can you work with vendors to ensure sensitive data is protected. [11/3/14]

Big banks with deep pockets for cyber defense are coming up lacking against hacker attacks. Reason for concern? "I worry that we're going to have some sort of major cyber event in the financial system that's going to cause us all to shudder," said NY's top regulator. [10/31/14]

The Home Depot data breach has cost credit unions $63 million, which is nearly twice as much as the Target breach. Credit unions report that at least one quarter of that cost is for card replacement. [10/31/14]

MCX, a mobile wallet solution, discloses that it had been hacked while piloting its "CurrentC" product. [10/31/14]