It's not on consumers to fix this problem, says NuData Security's Justin Fox, who argues organizations must get more cooperative and proactive to improve authentication.

There's equal importance on encrypting data and securing the server, says STEALTHbits Technologies' Adam Laub.

The equation is no mystery to those in payments or financial services: Expand your digital footprint, and you expand the opportunities for hackers to damage your network.

Consumer trust is hard to win, easy to lose, and eroding daily as attackers achieve success with fraudulent transactions, says NuData Security's Justin Fox.

Many companies have tools in place alerting them to possible security issues, but if companies get a large volume of issues, this quickly overwhelms the ability for security and risk professionals to analyze, prioritize, and remediate, writes DivvyCloud's Chris DeRamus.

At the same time, consumers hold banks to tougher disclosure standards than government agencies, health care organizations and retailers, according to Experian.

With lots of day-to-day IT tasks and countless systems to configure, it's easy to make mistakes, says Brian Kelly, CEO of CloudBolt.

Not only does it illustrate the willingness of regulators to impose massive fines for massive data breaches, it also reminds us that this situation could be just the tip of a financial iceberg, says White Hat Security's Mark Rogan.

House Financial Services Committee Chair Maxine Waters, D-Calif., and a bipartisan congressional delegation met with Swiss government officials last week to discuss Facebook’s plans to launch and operate a digital currency.

As mobile payment applications increasingly integrate with social media platforms, fraudsters are using a mix of bots and human labor to increase their chances of a successful account takeover.