CUISPA Is Exploring IT Risk
AUSTIN-A new study to be performed by the CUISPA will help credit union IT departments better understand the common security challenges the industry is facing while shedding light on emerging issues and best practices for managing technology risk, the technology think tank said.
"As a national consortium, CUISPA reaches out to over 1,400 credit union IT Security managers," CUISPA Executive Director Kelly Dowell said. "By gathering input from this community on everything from e-mail retention practices to where credit unions are experiencing the greatest losses will help all credit unions benchmark their programs and focus their efforts on the appropriate issues."
CUISPA has been soliciting input from CUs on the topics to be included in the study. All credit unions are encouraged to participate in the CU Technology Risk Survey to receive their copy of the results.
For info: www.cuispa.org.
MFA Study Highlights Weakness
AVONDALE, Ariz.-A recent study on multi-factor authentication found a shift to challenge/response systems that could mean a similar shift in the type of data a would-be hacker will be seeking on potential victims.
Sestus Data Co. and BearingPoint Financial Services Information Security Group conducted a survey of 100 banks to evaluate industry compliance with federal regulatory guidelines regarding multi-factor authentication.
The study shows that almost all U.S. banks are failing to implement multi-factor authentication, opting instead for authentication methods that solicit confidential information from consumers," Sestus Data CEO Taun E. Willis said. "This dramatic shift towards "challenge/response" systems does not bode well for the future of online privacy. As a result of the banking industry's widespread shift to adopt challenge/response systems instead of regulator-recommended MFA systems, fraudsters are no longer only interested in discovering relatively anonymous logins and passwords. They are now beginning to focus their efforts on discovering (previously undisclosed and largely useless) confidential personal information as well."
