Banking institutions can expect more cyberattacks, including threats from nation-states, as the U.S. elections draw near. So they must take adequate security steps - and clearly explain them to their customers.
Occupy supporters plan today to protest at several banks' headquarters in NYC. Coming on the heels of cyberattacks that targeted police in Boston, how worried should banks be about growing physical threats and cyberattacks waged by Occupy sympathizers?
Corporate account takeover events are reigniting the debate between banks and their former commercial customers, about everything from fraud liability and the "good faith" standard to commercially reasonable security.
No one is really sure when the FFIEC's new authentication guidance will be issued, but we do know banking institutions can't afford to wait. Hence, our new FFIEC Authentication Guidance Resource Center.
Wire fraud incidents from China prove current security measures, including multifactor authentication, are too easy to bypass. And security pundits say it all points back to why the financial industry needs more guidance about adequate online security.