Data security

As connected devices expand in use and add payment capabilities, retailers and technology companies will need to move fast to stay safe and ahead of the curve.

Live Oak Bank, known for streamlining the lending process, has turned its attention to fixing its patchwork approach to cybersecurity.

Some new data rules, such as the one in New York state governing cybercrime protection, require complex technology work to remain compliant. But the rules also leave room for outside help.

ID attacks have expanded quickly in the past year, partly due to the same kind of automation that companies use to manage a high volume of transactions.

Cleveland-based Select Restaurants Inc., a national chain of upscale restaurants and bars, has experienced a breach exposing customers’ payment card data through point of sale technology, according to data security expert Brian Krebs.

A lot of time can pass between a breach and when a company discovers the incident, creating an opportunity to damage payment systems.

The venture capital firms of Goldman Sachs and Citigroup, along with the fund backed by Google’s chairman, have invested in a firm that helps banks secure their cloud technology.

The bank’s clients now have a simpler alternative for logging in to treasury management and other commercial accounts, part an effort by bankers to offer business customers more convenient high-tech services that are still secure.

Credit unions and financial institutions are required to take steps to protect against cyberattacks, but small businesses that process payments are not doing enough to protect the security of the financial system, a credit union executive said Wednesday.

Verifone is checking into a breach of its computer network, reports security blogger Brian Krebs.