Two critical steps that banking institutions need to take in 2014 to help prevent fraud are implementing big data analytics and adopting far more sophisticated customer and employee authentication, says Gartner analyst Avivah Litan.
Dan Clements of IntelCrawler, the research firm that claims it traced malware apparently used in the Target breach and other retailer attacks, outlines steps merchants, banks and others should take to secure their networks.
In a groundbreaking effort to boost security, HSBC Bank USA is now requiring its retail banking customers to use dual-factor authentication for certain sensitive online banking transactions, says LuAnne Kingston, senior vice president.
Lawsuits that card issuers have filed against Target to help recoup expenses associated with the retailer's breach aren't likely to reap big rewards, two legal experts say. But they are sending a strong message.
Despite their differences on certain issues, the Financial Services Roundtable and the Retail Industry Leaders Association have joined forces in an effort to prevent breaches by enhancing cybersecurity and threat intelligence sharing.
Merrill Halpern of the United Nations Federal Credit Union, a pioneer in the use of chip cards, says high-profile retail breaches reinforce the long-term value of EMV for various forms of payment within the U.S.
Expenses linked to the data breach at Target Corp. have already cost the 58 member institutions of the Consumer Bankers Association more than $170 million - a price they should not have to pay, says the association's David Pommerehn.
Organizations in all sectors can improve their compliance with the PCI Data Security Standard by taking five critical steps, says Rodolphe Simonetti of Verizon Enterprise Solutions, which just issued a new PCI compliance report.