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Sales of cyberinsurance are rising among financial services companies, a sign of the times as data breaches, distributed denial of services and other types of attacks continue. But policies can be misleading, and they definitely are no silver bullet.


The automated-teller-machine maker announced new software that it estimates can save up to 40% annually on ATM costs by reducing the agony of updating each box individually. The product targets the many banks that still need to upgrade their ATM fleets to Windows 7.

As cybercriminals demonstrate their deep knowledge of banks' fraud and security rules, some institutions are deploying software that analyzes customers' and other entities' behavior for abnormalities.

Former Treasury Secretary Larry Summers, who sits on Lending Club's board, said in a speech Wednesday that such technology-focused marketplace lenders should be given a fair chance to compete.

Hackers are attacking companies with multiple motives and multiple attack vectors, the widely read annual security report finds. Phishing remains effective and cyber-threat sharing efforts need to speed up.

When Apple releases its smartwatch next week, there will be apps available from at least five banks — and four of them are community banks. Bankers see the apps as a way to get in early on a new platform, make banking more convenient and drive digital engagement.
Comments (1)

While many banks prefer to be fast followers, RBC has a patent pending on mobile wallet technology. The goal is to secure a prominent place in customers' mobile wallets before it gets harder to do so.

Mobile wallet developers can find a suitable business partner in prepaid-card providers, who have already been down the path that mobile has just started.

Idea Bank in Poland aims to win over new small-business customers with an Uber-like service that orders cars equipped with ATMs and cash deposit machines to drive to them.

As it launches instant payments using Dwolla, BBVA Compass joins a growing list of banks that are seeking "internal disruption" by giving innovative tech companies access to their inner workings.

Mobile game apps are emerging to expose young adults and children to financial concepts and to help solve problems money management apps may be overlooking.
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Experts from the banking, retail and technology sectors gathered last week for SourceMedia's annual Card Forum and Expo, sharing their predictions for the payments industry's next step. Some were involved in Apple Pay from day one; others are looking past it to the next big thing.  read more »
8 Things Apple Pay Left Out

Apple's long-anticipated move into mobile payments seemed to cover all the bases -- Apple Pay will launch with the support of major banks, card networks and retailers. But there were several things that didn't make it into the first version of its mobile wallet.

(Image: Bloomberg News)

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