"It should provide fuel for anyone calling for data breach legislation to include criminal sanctions ...," says Neal O'Farrell of the Identity Theft Council. "This was nothing short of a clumsy cover-up."
Organizations have started achieving PCI compliance, but it's a struggle for many to maintain, says Jen Mack, director of PCI Consulting Services for Verizon.
Benjamin Franklin. Thomas Edison. Henry Ford. If there were a Mount Rushmore of great inventors, it wouldn't be out of line to imagine Steve Jobs' face carved into the stone.
"Organizations are putting in layers of security and tools to safeguard information and assets, however, the fraudsters are attacking our weakest link, the consumer," says Anthony Vitale of Patelco Credit Union.
"With a company-issued device, you can issue a policy that says users have no rights of privacy over information on the device," says Javelin's Tom Wills. But with employee-owned devices? A whole new set of issues.
RSA Chief Executive Art Coviello challenged a widespread belief that cybersecurity awareness could curb cyberthreats: "There's no amount of consumer education to make them smart enough to resist attacks. They're just too sophisticated."
The threat landscape has evolved, and India's banking institutions must grow their information security strategies, says Anand Naik of Symantec, which just released a report that offers a new security agenda to institutions.
"Everyone plays a role in protecting card data," says PCI Council head Bob Russo, offering the group's first public response to criticism from Verizon's new report on the state of PCI compliance.
Successful wire fraud attacks cause losses averaging between $100,000 to 200,000 per victim. So, it's not surprising that banks are being sued by business customers for alleged failures to prevent fraud via ACH.
BofA's announcement to charge customers for debit transactions is likely just the beginning, as banks across the U.S. react to debit interchange cuts that take effect Oct. 1.
Major breaches involving lost or stolen storage media point to the need to take better security precautions when storing massive amounts of patient information.
When it comes to mobile banking, which do you believe is the greater security risk: the latest evolution of malware or continued bad behavior by the end user? Experts' answers may surprise you.
Discussing Verizon's new report on the state of PCI compliance, PCI expert Jen Mack says payment card security today is "disappointing," and global merchants are at serious risk of new data breaches.
Fraud is winning in the fight against cybercrime. Why? Because financial institutions continue to rely on ineffective technology and controls, says fraud analyst Tom Wills says.
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