Banks are part of a interconnected ecosystem with law enforcement, vendors and other critical industries when it comes to cyber security. New cyber security regulations should help to facilitate cyber security efforts among these players instead of burden banks with a checklist of to-do’s.
Bank Systems & Technology got an early exclusive look at a report to be released tomorrow by Celent that highlights the difficulties many financial institutions are facing in moving towards a data-driven business model.
Today’s cybercriminals are much more effective than the masked robber holding up a teller; they’re very good at finding and exploiting an organization’s weakness and often even better at being able to get in and out of a computer network before an organization even knows what hit them.
By Susan Heavey and Alina Selyukh, Reuters | March 13, 2013
Corporate leaders from the
defense, technology, energy and banking industries told
President Barack Obama on Wednesday they agreed cyber attacks
were a top security threat but that they were looking for a
"light touch" from the government in response to the risk.
While the President’s executive order on cyber security last week brought public attention to the growing issue of cyber threats, legislation is still needed from Congress to help block attacks like those aimed at banks in recent months.
Mobile payments adoption can gain a significant boost if customers are sure that it is secure, but increased adoption will also create new opportunities for fraudsters, which banks - and customers - must be prepared for.