Could too much regulatory oversight hinder cyberthreat information sharing, rather than encourage it? That's an increasing concern for bankers, who argue regulators could bog down progress in cybersecurity.
If the NSA's meddling in NIST cryptography standards soiled the reputation of the National Institute of Standards and Technology, an amendment approved by the House of Representatives could help restore it.
Banking experts say the Retail Industry Leader Association's launch of a cyberthreat information sharing initiative is a good first step toward thwarting breaches, but it should build on the models used by other industries.
High-profile retail breaches, such as the one suffered by Target Corp., could spur more merchants to promote increased use of mobile payments to boost security, says Thad Peterson, a new analyst at Aite Group.
Class action lawsuits that banking institutions filed against Target Corp. in the wake of the retailer's massive breach are being consolidated. The suits seek recovery of expenses, such as the cost of re-issuing affected payment cards.
As mobile banking adoption rapidly grows this year, financial institutions need to identify and fill security gaps, says Aite Group analyst Julie Conroy, a featured speaker at the May 14 Fraud Summit Chicago.
Third-party risks and the Fed's plans for emerging payments will be highlighted at ISMG's Fraud Summit Chicago on May 14. How banking institutions and retailers are expected to respond to new risks posed by external parties will be a focus for our keynote panel.
Police have withdrawn their allegation that a man arrested for fraud in Georgetown, Texas, also may have been involved in the Target Corp. data breach last December that impacted millions of customers.