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.
Global banking regulators will examine whether their new rules forcing lenders to hold more capital to absorb any future losses should be simplified after criticism that they are too complex to be effective.
By Robert A. Irwin, On Deck Capital Inc. and Kurt L. Kicklighter, McKenna Long & Aldridge | March 08, 2013
Regulations are murky in defining how banks should verify customer identity when a new customer opens an account or credit line through digital channels, but best practices are emerging to help banks with customer identity verification in those instances.
A senior adviser to
President Barack Obama said the White House will soon renew
efforts to push cyber security legislation through Congress,
though he foresaw an uphill battle given the failure of the last
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.