Tag Archives: banking security

FTC, FCC Flex Muscles

Duane Morris partner Joseph Burton was featured in a video on Bank Info Security  on the impact of regulators involved in cybersecurity.

The Federal Trade Commission and the Federal Communications Commission are among U.S. regulators now starting to flex their muscles when it comes to enforcing cybersecurity standards, says Burton. What enforcement trends might we expect to see in 2017?

To view the video, please visit the Bank Info Security website.

Hacking Continues: European Central Bank Is the Latest Victim

WHEN WILL IT stop? We have been hearing about cyberhacking for years, and rather than hack attacks dropping out of the news, we continue to be inundated with reports of successful hacks. This time the latest victim is the European Central Bank.

Perhaps you are thinking that because hacking is nothing new, methods and technology should have been developed to thwart hackers in their tracks. And it is true, there has been significant progress in this regard.

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Important New Banking Security Guidelines

In October 2005 the Federal Financial Institutions Examination Council (FFIEC) issued updated information security guidance for financial institutions offering internet-based financial products and services. The 2005 Guidance discussed the need for financial institutions to (1) utilize effective and well considered risk assessments in order to carefully evaluate the risk to an institution’s data in light of the nature and scope of the data services offered online; and (2) employ customer awareness and education as an effective means of reducing or eliminating risks associated with online banking.

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