Data security

Banks’ tab to fight hackers rose 9% from last year by one measure. Investors want them to rein in tech investments, but security experts say the crooks are getting smarter and smarter.

The cost of fighting fraud at financial institutions is up nearly 10 percent from last year. That means credit unions face significant challenges in being ready for the next threat.

Collaboration is a critical part of how we prevent cyberattacks from turning into breaches that put consumer payment card data at risk, writes Lance Johnson, executive director of PCI SSC.

Visa is pursuing the online criminals to prevent future fraud. Visa also works with law enforcement agencies to quantify potential losses and, where possible, assist in the threat mitigation.

In September, the National Credit Union Administration barred five people from the industry, including one individual who was accused of working to embezzle more than $1 million.

The law gives residents more — and welcome — control over their data. But it will take work for credit unions to meet the new requirements, such as possibly having to amend third-party vendor agreements.

Biometrics make sweeping attacks harder to pull off, but fraudsters are finding new ways to target vulnerable groups of customers.

Card-on-file tokenization systems enable payment details to be instantly refreshed when a card is lost, stolen or expires, according to André Stoorvogel a director at Rambus.

Her primary job is advising senior executives on compliance, technology and data security matters, but Hosein is also making a mark as a champion for up-and-coming female leaders.

The plan identified five risk areas — including cybersecurity — that will be on the agenda for agency examiners next year.

Fintech developers are trying to monetize data without scaring away privacy-conscious consumers — and, increasingly, to make sure bigger financial companies don't overstep the same boundaries.

A deaf woman who had over £8000 stolen from her bank account by fraudsters has become the latest symbol of the insecure practice of using phone numbers as proof of identity.

Every month, from January to April of this year, there were roughly 3.2 billion attacks perpetrated by malicious code that infiltrated business' networks. Representatives of smaller financial institutions disputed the notion that they are one of the weak links in the chain.

State regulators and advocacy groups say a federal breach notification standard could supersede state laws that already benefit consumers.

Once personal and financial information is accessible to criminals, it feeds the pipeline of future cybercrime for years to come, writes Ryan Wilk, vice president of customer success for NuData Security.

Hackers are illegally generating Monero, Bitcoin and other cryptocurrencies by exploiting a software flaw that was leaked from the U.S. government, raising questions about the security of one of the fastest-growing corners of financial markets.

While nearly all banks, financial institutions and other organizations have a disaster recovery strategy in place, it’s clear that these plans are not enough to ensure these organizations remain online, regardless of what happens, according to Gijsbert Jassen van Doorn, technology evangelist at Zerto.

A recent bill to update data breach notification requirements has pitted state and federal credit union trade groups in opposing camps.

Organizations that lack security controls and have experienced a breach can expect auditors, regulators and standards bodies to knock on their doors demanding information, writes Fouad Khalil, head of compliance and SecurityScorecard.

The time is now for Congress to enact stricter data security standards that better protect credit unions and consumers.