Data breaches

As the Central Bank of Bangladesh threatens to sue the Federal Reserve Bank of New York over at least $80 million stolen from its account there, the Fed says its systems were not compromised.

The tax agency's struggle to protect sensitive data mirrors banks' own, and its shortcomings can also be found at financial institutions.

Cybercriminals and hackers are increasingly targeting people, and not just technology, in an attempt to breach financial institutions.

WASHINGTON — President Obama on Wednesday named Thomas Donilon, the former national security adviser, to chair a special commission to develop a long-term cybersecurity strategy.

Bank of America announced Thursday that it customers can now suspend their debit cards temporarily; it is the first of several new features the bank has planned for 2016 after it tripled its digital banking budget.

Bank regulators will stiffen their requirements and identity theft will escalate, but banks will toughen up their defenses.

Relations between banks and providers of personal financial management tools have soured of late amid reports that some banks block PFM sites' access to their customers' information during peak traffic periods. Aggregators say they are working to address banks' concerns, but they also are urging banks to invest in more server capacity to keep pace with customer demand.

Despite increased investment and development in the consumer payments space around mag stripe, EMV and contactless payments solutions, there is still a huge concern when it comes to data theft.

House Republicans attacked the Consumer Financial Protection Bureau on Wednesday, arguing the agency is not able to safely secure the anonymous bulk data it collects on consumers' financial activities.

The House Financial Services Committee approved a data security bill Tuesday that would require all financial companies to have similar security protections and notification requirements as banks.