Data security

Like a crime wave, data leaks and vulnerable static identifiers show no sign of abating, as MyFitnessPal became the latest in a string of sites to have users' data exposed trough usernames and hashed passwords.

Northwest CU Association hails victory in all three of the states it represents, including an update to Idaho's Credit Union Act, as well as bills related to data security and municipal deposits.

Mark Begor, a former long-time GE Capital executive, faces lots of challenges as the credit bureau recovers; CEO dismisses “widespread rumors” that the bank wants to replace him.

POS payment encryption products are widely available and have been for many years, from technologies designed to secure card data from the point it is entered into the payment terminal, writes Ruston Miles, founder and chief strategy officer of Bluefin Payment Systems.

A startup called Spring Labs has launched a blockchain network with the goal of getting lenders and data providers to share data to help verify customers' identity.

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.

More than a decade ago, bankers fought Walmart tooth and nail as it made forays into banking. But with Amazon making more moves into financial services, the reaction is very different.

Robert Selander was named an independent director of the embattled credit bureau, which is still trying to regain public confidence after a huge data breach last year.

The breach at Expedia's Orbitz not only jeopardized nearly 880,000 payment cards — it cast a spotlight on the weaknesses all companies expose themselves to when they partner with another brand.

With substantial regulatory relief within reach, community bankers should use their clout to shape cybersecurity policy and ensure a level playing field for banks and nonbanks, retiring ICBA chief Cam Fine says.

The measure easily passes with a two-thirds majority; Wells Fargo CEO's pay up by a third, but no cash bonus.

Many of the same protections for mobile payments, such as tokenization and single-use keys, can come into play to protect in-car payments, according to Jim Carroll, chief technology officer at Mobica.

While there is a collective sense that data breaches are simply a side effect of our digital existence, there are real costs for the companies impacted. The ones that are hit the hardest are the ones that are least able to weather the fines, remediation costs and lost reputation.

A former senior executive at Equifax Inc. was criminally charged for allegedly selling almost $1 million worth of shares before the company’s announcement last year that it had suffered a massive data breach.

There is a growing need for professionals who install and support merchant payment systems to be aware of and trained on critical security controls, writes Mauro Lance, chief operating officer of the PCI Security Standards Council.

As the names pile up — Equifax, Target, Home Depot, TJ Maxx, etc. — there's one thing all of these brands have in common. They all disclosed a major data security breach, and they all remain in business despite what happened.

Timothy Zimmerman is optimistic about regulatory relief and the capabilities of the association's next CEO, but he remains wary of nonbank competition and cybersecurity risk.

Policymakers need to focus less on how they regulate the banking industry’s cyber defenses and more on how they will protect the financial system from an attack.

As chief fraud policy and control officer for Early Warning, it’s Donna Turner’s job to ensure security when consumers enroll through the Zelle app, and protect consumers and participating banks when users zap payments to recipients at different institutions.

Japan’s financial regulator ordered further improvements at embattled cryptocurrency exchange Coincheck Inc. and penalized six others, including one operated by publicly listed GMO Internet Inc.