Before entering a contract with a cloud computing company, organizations should consider three critical issues, says Feisal Nanji, executive director at the security consulting firm Techumen.
Despite previously announced plans to appeal last month's ruling in the ACH fraud lawsuit filed by Experi-Metal Inc., Comerica Bank now says it has resolved to pay the $560,000 in damages and close the case.
Anomaly detection and behavioral monitoring are minimum requirements or mitigating online risks, and the newly-issued supplement to the FFIEC Authentication Guidance highlights why banks and credit unions should be doing more, says Terry Austin of Guardian Analytics.
With the issuance of the final FFIEC Authentication Guidance, institutions need to start moving forward on conformance, and taking a risk-focused approach is the first step, says Matthew Speare, SVP of IT for M&T Bank Corp.
On June 28, the FFIEC released its final, formal version of its Authentication Guidance. Not even one month later, we've created three new training programs to help banking institutions understand and conform with the guidance.
From the exposure of thousands of Citi cardholders to the Michaels debit breach, fraud continues to impact card issuers. Involving the consumer in prevention is a step financial institutions must take, says Javelin's Phil Blank.
You know the tune: Cyber thieves pirated the town's banking credentials, arranged some bogus "payroll transactions" with the town's bank and then next thing you know ... money mules are transferring funds to the Ukraine.
It's not enough for banking institutions to conform to the FFIEC Authentication Guidance update. They also must ensure that their key vendors meet the same standards, says Philip Alexander of Wells Fargo Bank.
Former banking regulator William Henley has simple advice for banking institutions wondering how to comply with the new FFIEC authentication guidance update: "Start immediately, develop a plan, and document your progress."
Village View Escrow's suit against its former institution, Professional Business Bank, raises questions about "good faith," reasonable security and FFIEC authentication guidance compliance.
The new FFIEC online authentication guidance update is a good "cookbook" for financial institutions to apply layered security, says Avivah Litan of Gartner.
Now that the FFIEC Authentication Guidance update has been issued, there is no more important task for banking institutions than to conduct their risk assessments, says Matthew Speare of M&T Bank Corp.
Doug Johnson of the American Bankers Association says banking institutions should spend the next five months focusing on their risk assessments, as they work to meet the FFIEC's new authentication guidance update.
Now that the FFIEC's updated online authentication guidance is out, banking institutions need to move forward in preparation for 2012 compliance, says Julie McNelley, banking fraud analyst for Aite Group.
In the wake of devastating cyber attacks and fraud losses to banking institutions and customers, the FFIEC has issued its first online authentication guidance since 2005. Banking regulators will begin assessing institutions by this new guidance in 2012, so it's imperative to attend this session and gain expert insight...
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