The Fed's ruling on interchange, mandated by the Durbin amendment, offers financial incentives for fraud-prevention investments and could fuel a U.S. move toward new card-payment technologies, like EMV.
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.
We all know the cost of regulatory compliance - how expensive it can be to meet the standards of HIPAA, HITECH and other industry guidelines. But two organizations this week learned hard lessons about the cost of non-compliance.
People's view of cybersecurity will need to broaden over the next few years, says IT expert Robert Brammer. That's why a consortium has been established to conduct research on the security of computer systems, as well as other areas where computerization has excelled.
The Fed's ruling on interchange cuts mandated by the Durbin Amendment will aid fraud prevention and could accelerate a move to chip-based payments, says Randy Vanderhoof, director of the Smart Card Alliance.
"The FFIEC guidance does a good job of addressing today's and yesterday's threats and suggested techniques, but it is not sufficiently forward-looking," says Gartner's Avivah Litan. "Two years from now, the guidance will be sorely out of date."
The release of the list coincides with the issuance of the Common Weakness Scoring System that allows software makers to identify vulnerabilities in their programs and buyers to determine software they acquire is secure.
"We appear to be asking DHS to take on new cybersecurity roles and missions while it is establishing its basic core competencies," Melissa Hathaway says. "Is this reasonable? Do we want DHS to become a first party regulator?"
Security experts at this week's Gartner Security and Risk Management Summit agree: Security, not compliance, has to be the new focus. Cyberintrusions cannot be stopped, and the RSA breach should be a lesson to the industry.
Some organizations hesitate to involve law enforcement in their breach investigations for fear that exposing the hack would cost them their reputations and money. A Justice Department contingent tells a gathering of lawyers why that impression is wrong.
What's the top threat on the minds of global IT leaders? Employee-owned mobile devices - or BYOD (bring your own device), as the trend is known. The struggle: Do mobile device benefits outweigh the organizational risks?