Matt Gunn, Managing Editor | TechComply
Each week we wrap up some of the news highlights from the world of banking and enterprise IT.
Although regulations tend to bring a higher up-front cost to financial institutions, compliance can, over time, save those institutions money, according to a study highlighted by BankInfoSecurity. The study, conducted by Ponemon Institute on behalf of Symantec, shows that two-thirds of data breaches are in part the result of human errors and system problems. The remainder of breaches — about 37% — come by way of malicious attack. The healthcare and financial industries are most significantly impacted by data breaches, in terms of how much they cost an institution.
Bank Technology News: Banks’ Vendor Relationships Come Under Closer Scrutiny
Vendor management is often a hot topic of conversation among senior execs and IT professionals working in the banking industry. And this latest report from Bank Technology News seems to back that up. In a regulator’s eyes, all actions taken on behalf of the bank — whether through the bank’s actions or those of its vendors — are viewed the same. The financial institution is accountable. Because of this, due diligence, vendor management and incident response are critical.
Dark Reading: 10 Ways Attackers Automate Malware Production
When it comes to malicious attacks, the bad guys rely on a whole arsenal of tricks. This slideshow from Dark Reading highlights the transition from manually-created malware to a more automated process that only serves to give hackers more ways to attack a network’s defenses.
Although security is still a major concern for companies considering cloud adoption, those worries are fading somewhat with time, GigaOM points out in this post about a recent survey on cloud computing. Of course, take that with a grain of salt — where financial institutions are concerned, that ‘fading’ concern might not be as pronounced. As we’ve highlighted above, vendor management, along with a whole host of other factors, are kind of a big deal right now among America’s banks and credit unions.
Finextra: Gartner on Mobile Payments — 5 Key Lessons for Retail Banks
In its survey of global payment forecasts, Gartner came up with a handful of key takeaways for retail banks, as they further work to develop the type of electronic payments solutions customers demand. Finextra has the highlights, which include diversification (don’t go all in with one technology like NFC), focus on customer experience and to think of a world without computers, as people increasingly move to mobile devices.