Matt Gunn, Managing Editor | TechComply
Here at Safe Systems, we’re constantly on the lookout for great industry news and insights from across the web. Whether it’s a new blog post on a bank or vendor’s website, a news article on a banking trade magazines, an update from a regulator or any other story relevant to financial services and technology, we’re interested in keeping up-to-date with the state of the business.
As we head into the weekend, here are five stories that have caught our attention this week. Click the bold headline to check out each of the stories we’ve highlighted.
Industry news site Bank Innovation found a video demonstration of a man-in-the-browser attack on an infected machine that ultimately results in the attacker gaining access to the victim’s Bank of America online account. As the post’s author points out, the demo doesn’t point out a specific flaw in the bank’s website, but rather a real-life example of what can happen with an infected machine. We found this particularly interesting in light of this week’s news that the ZeuS Trojan is making a comeback.
How many times do you hear of a bank suffering a data breach? Not many. Now, how many times do you hear of a service provider falling victim to a hacker and having its data stolen? Much more often. Compliance Guru Tom Hinkel points out the fact that regulators don’t see a difference between the two. And for financial institutions that increasingly rely on outside tech vendors, that means due diligence and incident response are of the utmost importance.
A financial institution’s reputation is just about as critical as the assets and data it protects. And reputation management is not a job simply for senior executives and the folks in marketing and sales. Every member of an institution’s staff plays a part. Credit Union Times shares five basic rules to help safeguard your reputation.
Bank Technology News: Mobile Banking Seen Needing Improved Authentication, ID Verification
This one came with a great tweet from Bank Technology News’ Twitter account: Why Banks Need to Offer Better Security than World of Warcraft. And it’s a great point. Anymore it’s not uncommon to see online merchants, games and even some social media networks and webmail providers enforce multifactor authentication policies for users that wish to gain access to their accounts on those sites. But when you get to banks, it’s still a familiar practice to verify users with old fashioned techniques such as challenge questions. The story covers a hot topic at this year’s Mobile Banking and Commerce Summit.
Over on Bank Systems & Technology, they’re sharing a report from Unisys covering the top four key trends in financial security. Based on the BS&T slideshow, concern over data breaches remains top of mind throughout the industry, as do concerns over payment cards, online banking and commerce and the role of government in cybersecurity.