Lessons from the Oval Office: Sharing Global Trust to Fight Cyber Fraud Do firms understand the value of co-operation? When it comes to cyber security and online fraud prevention I remain sceptical. Not because there aren’t risk managers and information security professionals out there who know that the best way of fighting back is by collecting and analysing more complete industry-wide sets of data. Rather, because too often they’re shouted down by their legal and corporate counterparts who think that the risks of sharing outweigh…

…NO. Taiwan’s Payment Fraud Is Four Times from What It Was in 2009. Lax Password Security Appears to Be a Major Factor When it comes to cybersecurity, passwords have proven anything but effective. Alisdair Faulkner, ThreatMetrix’s Chief Products Officer, has been warning about their inherent weaknesses for years and dubbed the fallout from the many breaches they failed to prevent the “Password Apocalypse.” So what’s worse than password protection? How about no protection at all? Tsai Chin-lung, a legislator in Taiwan’s ruling Kuomintang (KMT) party…

In a Speech Full of Proposals Most Pundits Say Can’t Pass Congress, President’s Historic Cybersecurity Push Clear Exception After the State of the Union, analysts of every stripe concluded that most of the President’s agenda would pass the Republican-controlled Congress “when pigs fly.” However, on one issue, pigs have grown wings and are soaring. And that’s cybersecurity, where the President’s call had both Republicans and Democrats standing and applauding. In his wide-ranging article on thehill.com, Cory Bennett describes the President’s measures for increasing cybersecurity, which…

Major Retail Data Breaches Hit C.U.s and Community Banks Harder Than the “Big Boys” To a large financial institution such as JP Morgan Chase or B of A, breaches like the ones suffered by Target, Home Depot and Staples may be little more than an annoyance. But, to a credit union or community bank, a major retailer’s breach can turn out to be costly and time- and resource-consuming. That’s the message being delivered by Credit Union Association (CCA) President and CEO Jim Nussle. In his…

FBI Investigates Revenge Hacking (Illegal under U.S. Law) by Banks Seeking to Get Even With Countries or Criminals Who Hacked Them “Vengeance is mine,” saith the Lord and the Federal Bureau of Investigation, which is looking into the possibility that some of the nation’s largest banks hacked the hackers who attacked them. Revenge has been a storyline from Homer to Shakespeare to the American western. Now, some bankers may have been looking to make revenge a strategy for preserving a financial institution’s bottom line. In…

Former D.H.S. First Assistant Secretary for Policy Says Threat of Tort Liability Won’t Force Companies to Improve Cybersecurity What is tort liability anyway? In short, it’s the legal obligation of one party to a victim as a result of a civil wrong or injury. Okay, say a company that, for the sake of argument we’ll call Company A, has been breached because it did not have sufficient cybersecurity protections in place. Company A would then be liable for damages to customers whose private information was…

Thousands of American and United Airlines’ Usernames and Passwords Hacked from a Third Party. And Thieves Fly Free. Airlines were taken for a ride when hackers booked or made mileage transactions on approximately three dozen accounts. In his nydailynews.com Jason Silverstein (link to article) cited an American Airlines spokesperson saying that 10,000 accounts were hacked, including at least two cases of a hacker booking a trip or making an upgrade. Third-party source hacked Both airlines denied their systems were hacked and pointed to an as…

President Prepares Comprehensive Online Privacy Bill of Rights to Be Announced at Upcoming State of the Union A recent study has nine out of ten Americans feeling they’ve lost control of their personal information. A number of breaches, including that of Sony which exposed reams of employees’ personal data, only added to the public’s perception that its personal data is at risk. In the administration’s view, the threat of having personal information compromised could discourage many from taking advantage of the latest technological innovations and…

You might have been too busy celebrating the start of 2015 to notice, but 1 January also marked a rather important date in the calendar when it comes to card data security. The long awaited Payment Card Industry Data Security Standard (PCI DSS) v3.0 finally came into full force, with a list of new requirements designed to make organisations more resilient to the kind of breaches that have become commonplace in 2014. But while any steps designed to improve the security of firms which handle…

January 13, 2015

Home Smart Home

CES Features Internet of Things’ Products for Connecting Grills, Refrigerators, Coffee Makers, Baby Monitors, Locks…and Hackers At this year’s Consumer Electronics Show (CES), manufacturers rolled out product after product that connects to the Internet and is designed to make life easier for the owner. Of course this connectivity also makes life easier for the hacker. In her story on nytimes.com, Molly Wood details the risks that go along with the rewards the Internet of Things promises. The following has been excerpted from Wood’s piece and…

Consumer Electronics Show Featuring Connectivity Products Has a Disconnect Side as Privacy-Focused Manufacturers Show Wares With identity thefts, hacks and data breaches skyrocketing, a growing number of consumers don’t trust companies to protect their personal information and have begun taking security matters into their own hands, i.e., Do-It-Yourself privacy. That’s most evident at the Consumer Electronics Show (CES) where, for the first time, exhibitors of privacy-focused products have their own area. It’s a part of the show where privacy, rather than connectivity, is the major…

…to Retailers. Estimates Are That Holiday Return Fraud Will Cost Merchants $3.8 Billion Wrong size, wrong color, wrong item, wrong choice by the aunt who can’t remember the giftee hasn’t been ten for over ten years are all the right reasons for returning items to a retailer. The wrong reasons? Fraud. Close to 93 percent of retailers suffered stolen merchandise returns A National Retail Federation survey revealed 92.7 percent of retailers experienced stolen merchandise returns. The survey, reported by pymnts.com (link to article), observed that…

January 7, 2015

Tales of Retail 2015

Five Less Obvious Retail Trends That Experts Are Predicting Will Impact Retail in the Coming Year. It’s almost a given that certain retail trends will continue on into the foreseeable future. These include the explosion in online and mobile sales and the improving integration of on- and offline sales. In her cnbc.com piece, Krystina Gustafson touches on five trends that are less apparent, but no less important to how things play out in retail. The following has been excerpted from Gustafson’s piece and edited to…

The Best in the Business Warn That Retail, Healthcare, Banks and Other Financial Institutions Will Be High-Priority Targets for Hackers As soon as the calendar flips to a new year, modern-day Nostradamus’s start cropping up like corn in Iowa in July with predictions on everything from Super Bowl winners to potential presidential candidates. But, while everybody’s entitled to an opinion, has one and usually doesn’t have to be coaxed to offer it, not all carry the same weight. In his story on investors.com, Michael Perrault…

During Xmas Week, ThreatMetrix Finds Existing Account Logins Growing to 80 Percent as Customers Return to Trusted Sites In addition to the ThreatMetrix Global Trust Intelligence Network (The Network) preventing more than 11.4 million attempted fraudulent transactions over the holidays, data from The Network showed that over Christmas Week (Dec. 20 – 28) there was a continuing shift toward mobile shopping (specifically on iPhones) and an increased number of logins to trusted retailers. Final holiday-week spending surge According to ComScore, the final week leading up…