What Operation Shady RAT reminds us is not just how vulnerable our IT systems are, but how interconnected we are as a global society, and the fundamental role information technology plays.
The FFIEC Authentication Guidance update is out, and third-party service providers need to begin reviewing their internal systems and communicating with their financial institution customers, says Wells Fargo Bank's Phil Alexander.
Banking institutions have a lot to do in order to prepare for the Jan. 2012 deadline to conform with the new FFIEC authentication guidance, and former banking regulator William Henley has one, simple piece of advice: start now.
Despite previously announced plans to appeal last month's ruling in the ACH fraud lawsuit filed by Experi-Metal Inc., Comerica Bank now says it has resolved to pay the $560,000 in damages and close the case.
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.
The fight against cyberattacks is a top priority for financial institutions, and industry insiders are optimistic about President Obama's plan to thwart cyberattacks that lead to corporate account takeover and other forms of fraud.
With the issuance of the final FFIEC Authentication Guidance, institutions need to start moving forward on conformance, and taking a risk-focused approach is the first step, says Matthew Speare, SVP of IT for M&T Bank Corp.
On June 28, the FFIEC released its final, formal version of its Authentication Guidance. Not even one month later, we've created three new training programs to help banking institutions understand and conform with the guidance.
You know the tune: Cyber thieves pirated the town's banking credentials, arranged some bogus "payroll transactions" with the town's bank and then next thing you know ... money mules are transferring funds to the Ukraine.
It's not enough for banking institutions to conform to the FFIEC Authentication Guidance update. They also must ensure that their key vendors meet the same standards, says Philip Alexander of Wells Fargo Bank.
The FFIEC's updated online authentication guidance urges banks and credit unions to do better jobs of authenticating and identifying devices, areas that aren't bolstering the kind of security they could, says security expert Ori Eisen.
The new FFIEC online authentication guidance update is a good "cookbook" for financial institutions to apply layered security, says Avivah Litan of Gartner.
Federal regulators won't speculate about how many more financial institutions could be shuttered in 2011, but the number isn't expected to exceed 2010, the most recent "peak" year for failures.
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