Links in “Cybersecurity/Data Breaches”

The GAO has conducted an analysis on the CFPB regarding its privacy and security procedures for data collections. According to the GAO, “additional efforts are needed in several areas to reduce the risk of improper collection, use, or release of consumer financial data.” [9/23/14]

In these perilous cybersecurity times, Lancaster Rose Credit Union's Matt Steffy gives 10 tips for personal online or mobile banking safety. [9/22/14]

While it will make fraud more difficult, EMV technology won't make fraud go away. Right now, it's easier for the crooks to go after cards without the enhanced technology of EMV cards. However, as older technologies begin to go away, expect the bad guys to exploit weaknesses in the EMV technology. [9/22/14]

#1: Follow the lead of First Choice Federal Credit Union and sue the retailer for damages. #2: Do as credit unions in Maine are doing and proactively issue new cards to your members. [9/19/14]

With its announcement that 56 million cards were compromised, Home Depot surpasses Target's 40-million-card breach. That said, so far the cost of its breach, estimated at $62 million, is coming in at less than half the Target breach, at $148 million. [9/19/14]

Survey of 54 executives at a risk management conference identifies EMV technology as the most effective in reducing credit card losses over the next three years. [9/18/14]

The Credit Union National Association is asking its member credit unions to record the effect of the Home Depot breach on their members as they receive breach notifications. Of great interest is the cost of retailer breaches to credit unions. [9/17/14]

Research indicates that 75% of mobile apps will fail basic security tests through 2015 and that the focus of breaches will move from desktops to smartphones and tablets by 2017. [9/17/14]

Cybercriminals seek to jump onboard the smartphone bandwagon by introducing a skyrocketing number of new malware just for mobile phones. There were 2.5 million new mobile malware streams in 2013. That number is expected to climb to 5.4 million in 2014 and hit more than 50 million by 2017. [9/11/14]

Ever trying to protect consumers, the CFPB has offered guidance on four simple steps to take if you think your debit or credit card data may have been hacked. This guidance seeks to mitigate the mess caused by several high-profile security breaches and to help consumers help themselves during uncertain times. [9/10/14]