Links in “Cybersecurity/Data Breaches”

There is a type of attack hackers can use to access confidential information without cracking passwords—the hash attack. Although hard to do, it's not impossible and the concern is that "it stems from a problem inherent with the design of the system." [3/27]

Investing $24 billion since 2005, IBM launches big data software designed to aggregate information from a variety of sources to find non-obvious relationships and co-occurrences between entities to address all kinds of fraud and financial crimes. [3/21]

While cyber security threats have usually targeted large financial institutions, regulators are anticipating that smaller institutions are next. AffirmX’s SVP and In-House Counsel Jane Pannier explains the risks and what small to mid-sized financial institutions should be doing now to prepare accordingly in our third episode of Risk Watch. [3/20]

12-page report provides insights on wide range of topics including the strength of Insurance Fund, threats to and management of cyber security, voluntary liquidation, "know your member," verification, fraud, HMDA data, and Fair Lending impact. [3/18]

Despite a team of security specialists, a $1.6 million malware detection tool and compliance with PCI standards, Target employees still failed to heed the red flags. Even after the malware software detected the hacking activity it was weeks before Target responded. [3/14]

Details are emerging that the source of the breach at Target was an HVAC service provider who had remote access to the retailer's network, bringing new emphasis to the need to examine the security of third-party vendor relationships. [3/13]

On April 8, 2014, Microsoft will discontinue its support of the Windows XP operating system, on which the vast majority of ATMs in the U.S. run, exposing the system to much greater risk for a security breach. Switching to Windows 7 is not a viable option for many machines, leaving some credit unions in a difficult position. Here is some guidance on what they can do. [3/12]

U.S. financial services companies lost an average of $23.6 million from cybersecurity breaches in 2013, making it the industry that lost the most (up from third in 2012). [3/11]

NCUA Chair Debbie Matz is concerned about credit unions being the next big target for cyber terrorism stating, “Cyber terrorism doesn’t just deny services; it destroys security and dismantles systems.” Matz encourages CTOs to visit NCUA’s website and review the new section, “Cyber-Security Resources.” [3/10]

Search begins after CIO and EVP of tech resigned this week following the massive data breach that took place late last year. [3/7]