Michael Magrath

U.S. financial institutions should prepare for potential new regulations around data privacy and protection, digital identity verification and the use of biometrics, says OneSpan's Michael Magrath.

Under the regulation, banks and financial services providers must secure their own systems as well as implement third-party risk management programs, which can mitigate insider threats from third parties, says Michael Magrath, director of global regulations and standards for OneSpan.

Driven by big breaches like the Equifax incident, all stakeholders in card payments will have to demonstrate multifactor authentication, writes Michael Magrath, director of global regulations and standards at VASCO.