Links in “Cybersecurity/Data Breaches”
- When Even the Big Boys Can Be Breached, What Can Your Small Institution Do?
When JPMorgan, which supposedly is investing $250 million in cyber security this year, was breached by what appears to be Russian hackers, is there anything smaller institutions can do? One thing for certain is to make sure you have a game plan in place for what to do when it happens. Such a plan can help your institution avoid being "litigated into the stone age." [8/29/14]
- Compliance Isn’t Enough
Or so says one blogger. According to Eric English, CISSP, industry compliance requirements should be treated as a "baseline, not necessarily the best way of responding to a potential problem," especially when it comes to cybersecurity. [8/28/14]
- The Russians Are Coming: Are Cyber Attacks on U.S. Banks the New Weapon of Choice?
FBI is investigating whether Russian hackers stole gigabytes worth of sensitive data from JPMorgan Chase and another bank using techniques far beyond the capabilities of ordinary criminal hackers. The attacks may have been in retaliation for government-sponsored sanctions. [8/28/14]
- Will Security Breaches Derail Mobile Banking Uptake?
Several recent studies seem to indicate that mobile banking use may have plateaued. The primary reason cited by those who have not adopted mobile banking is concern over security. [8/25/14]
- August NCUA Report Highlights Cyber Security Exam Focus
The August NCUA Report is now available online and includes an article that highlights the top 10 cyber security areas that examiners are focusing on during your examinations. This monthâs addition also includes an economic update that predicts the Federal Reserve Boardâs Fed Fund rate will reach 2.5% by the end of 2016. [8/20/14]
- One More Reason for National Data Security Standards
A national supermarket chain, SuperValu, Inc., announced that it suffered a potential data breach of its point-of-sale network between June 22 and July 17. The company, which operates 180 grocery stores plus stand-alone liquor stores, is not yet certain whether any debit or credit data was stolen and is continuing its investigation. [8/18/14]
- Whatâs Wrong with Our Current Card Security Programs?
Quite a lot, apparently. In addition to the lack of use of the EMV chip, this expert claims that our current two-factor authentication process is not effective as it does not require out-of-band authentication. In addition, key logger malware, which has proven to be a significant threat, can be effectively thwarted by keystroke encryption programs. [8/18/14]
- The Latest Hacking Victim
U.S. grocery chain Supervalu becomes the next victim on the list of 2014 data breaches. Luckily, they seem to have "no evidence of any misuse of customer data." [8/15/14]
- What the U.S. Financial System Can Learn from Brazil’s Woes
No, we're not just talking the World Cup losses. Brazil's unique Boleto payment system, which is used for 100% of business-to-business payments, made it the ideal target for cyber criminals, who have potentially stolen $3.75 billion. [8/12/14]
- Average Cost of Data Breach Tops $5 Million
Total average cost of a data breach in 2013 (not counting the Target breach) comes in at $5.4 million. Here's how it breaks down. [8/11/14]
