Data security

With large banks establishing strong security infrastructure, cybercriminals are eyeing smaller and mid sized companies as their next victims.

Although no attacks have been tied to the country so far, professionals say the industry already beset by heightened fraud risk is a ripe target.

An incident at American Financial Resources compromised the information of 216,645 borrowers, the company acknowledged.

The bill, part of the omnibus spending package, would force banks and other critical infrastructure providers to tell the government right away when they’ve been breached.

The legislation by Sens. Rob Portman and Gary Peters has bankers worried about burdensome reporting requirements.

Eighty percent of banks plan to spend more to strengthen their safeguards against malware, phishing and other threats in the next 12 months, but only about half are vetting their defenses each year, according to a new Arizent survey. Read on for more findings.

Industry leaders identified mobile device usage and consumer-granted third-party access to data as emerging risks.

Changing consumer expectations, new workplace realities and increasing demand for third-party access to data are pushing companies to re-invent cybersecurity's role for the future.

Changing consumer expectations, new workplace realities and increasing demand for third-party access to data are pushing companies to re-invent cybersecurity's role for the future.

Attacks directed at mobile usage are helping drive the increase, with almost 30% of related expenses coming through the channel.

Banks have extra reason to be concerned by the news that a commonly used piece of software could be exploited by hackers.

Experts discuss the latest ways firms are defining their value propositions and evolving their customer communications, experience and support.

The credit bureau's $638 million deal to buy the ID verification firm is its second M&A agreement in a little over a month to broaden its line of products and services that help customers combat fraudsters and identity thieves.

Chief executives from across the business world are set to join President Biden for a discussion Wednesday on how industry and the federal government can partner to improve cybersecurity in the face of debilitating ransomware and cyberattacks.

Infrastructure will command most of lawmakers’ attention, but expect banks to keep pushing for bills that would ease the transition away from a key benchmark rate and help them serve legal cannabis businesses.

Whether it’s ransomware or a natural disaster, a sudden freeze on operations can be devastating, and the recent incident highlights why mortgage industry businesses must constantly review their data security efforts.

While the company did notify the public and regulators in May 2019, executives were not aware at the time that there was previous knowledge of the security vulnerability within the company.

With the Colonial Pipeline attack still in the news, bank CEOs testifying at a recent hearing cited cyber risk as the biggest threat facing the industry. But members of Congress did not share those concerns, and instead were more focused on criticizing banks about overdraft fees and their level of investment in minority communities.

There is no doubt 2020 was a year of contactless transactions. But what implications do contactless payments present when it comes to security?

Some say Equifax, Experian and TransUnion are too slow to investigate grievances, prompting more complaints to the Consumer Financial Protection Bureau. But the big three say other forces are at work.