Data breaches

An employee at a Canadian cooperative recently stole nearly 3 million members’ personal data. Here’s why it matters to U.S.-based credit unions.

The watchdog and three Democratic lawmakers urged the agencies to stop using knowledge-based verification methods to grant access to their online portals.

Financial institutions have different levels of breach protection than health care, heightening the risk, according to Brad Keller, senior vice president and program director at Shared Assessments.

Companies must be more prepared to defend user data from malicious outsiders, or suffer the consequences of lawsuits, sanctions from data privacy laws, decreased user trust, tarnished brand reputation, damaged investor relations and more, writes Ben Goodman, vice president of global strategy and innovation at ForgeRock.

Data protection strategies need to consider how data travels and how that impacts vulnerabilities and breach risk, according to comforte AG's Jonathan Deveaux.

Some technology upgrade can leave databases open to the public internet, creating more risk for payment credential exposure and other risks, contends Ameya Talwalkar, co-founder and chief product officer of Cequence Security.

In the era of big data, a more thorough, data-centric approach is needed for security than the traditional encryption of the past, argues comforte AG's Jonathan Deveaux.

Given the risks of improperly securing a multicloud environment, it's crucial to engage with partners who understand networking, says Mounir Hahad, head of threat research for for Juniper Networks.

Some contracts are not "adequately" defining which party — the bank or the vendor — is responsible for managing risks, the agency said.

The watchdog’s report — requested by Sen. Elizabeth Warren, D-Mass., and Rep. Elijah Cummings, D-Md. — called for civil money penalty authority and better supervision to guard consumer data.

The Conference of State Bank Supervisors urged Sens. Mike Crapo and Sherrod Brown to establish a baseline for consumer protection in data privacy and security that would leave room for stricter state rules.

A proactive and preventive security strategy will go a long way to building consumer trust and ensuring continued loyalty, writes Maria Allen, global head of financial services for Unisys.

The Credit Union National Association is tackling a range of challenges during its Governmental Affairs Conference this week in Washington, D.C.

Cybersecurity is about protecting the house, the corporation, the people, process, technology and the data, writes Harley Lippman, founder and CEO of Genesis10.

A new regulation in the Golden State could provide a de facto national standard as Congress continues to stall on data breach legislation.

Lawmakers must hold merchants accountable when credit unions are left cleaning up the mess after data breaches.

Online retailers must accept hacking, malware and phishing as a reality of doing business in our digital world, but tokenization can make the prize less worthy for crooks, according to André Stoorvogel, director of product marketing for Rambus Payments.

Equifax's massive breach and Facebook's scandals have made data privacy a big issue for state and federal lawmakers. Here's why banks need to be worried.

Leading a credit union can be exhausting. Implementing these best practices can help ease the burden.

Unauthorized exposure of any type of customer data, for any period of time, is a serious issue, writes Carl Wright, chief commercial officer of AttackIQ.