In the absence of the FFIEC's new guidance, industry experts say banks need to act now to help mitigate online risks associated with commercial accounts. "You can be sure the attacks won't abate until banks fight back," says Gartner's Avivah Litan.
The latest Verizon Data Breach Investigations Report is out, and the good news is: The number of compromised records is down. The troubling news is: The number of breaches is up. Bryan Sartin, one of the report authors, explains why.
How did fraudsters hijack the identities of scores of South Florida residents for the filing of fraudulent tax returns? Thieves had funds electronically routed to bank accounts, and then quickly withdrew the funds using debit cards at ATMs.
Sony Corp.'s announcement that hackers may have accessed data on 77 million gamers follows a long line of recent breaches. And Neal O'Farrell of the Identity Theft Council says the string of incidents has led to consumer 'breach fatigue.'
A focus on cost and speed, not on data protection, creates a security hole, a survey of cloud computing service providers reveals. Nearly two-thirds of providers say they aren't confident cloud apps are sufficiently secured.
"If you want to defend your computer completely, you better not connect it to the Internet, not use it, not even power it on. So we got to get to a different place." DHS Deputy Undersecretary Philip Reitinger says.
Between March 2010 and April 2011, 20 incidents of wire fraud hit small and mid-sized U.S. businesses. All of the transactions involved payments routed to Chinese economic and trade companies located near the Russian border.
"The location data that researchers are seeing on the iPhone is not the past or present location of the iPhone, but rather the locations of Wi-Fi hotspots and cell towers surrounding the iPhone's location," Apple said.
A U.S.-based hacker just pleaded guilty to stealing more than 675,000 credit cards that led to more than $36 million in fraud. "These SQL injections are allowing someone in through the side fence, not the front door," says information security attorney Randy Sabett.
"We took our understanding of the tools, tradecraft and techniques used by these malicious actors, and converted it into actionable information that ... would lower their risk to the type of attack we saw at RSA," DHS Secretary Janet Napolitano says.