According to FINRA, Citi's negligence in adequately supervising Tamara Moon, a former sales assistant at a Citi branch in Palo Alto, Calif., resulted in $749,978 being skimmed from the accounts of 22 Citi customers.
"There are still a lot of inexperienced people out there that are passing themselves off as experts," says Scott Laliberte, managing director of Protiviti, outlining the common challenges of penetration testing.
Trust has been a murky trait on the Internet since its inception. Remember the New Yorker cartoon? A dog, sitting by a PC, says: "On the Internet, nobody knows you're a dog." It's hard to trust what you see on the Net. That's more true today than ever.
Documenting procedures for the State Department's custom-made, continuous-monitoring tool known as iPost will help ensure that the data collected are appropriately used to protect the agency's global IT system, a GAO audit says.
Yahoo's Justin Somaini believes his fellow CISOs in business and government do a good job keeping their bosses informed of proper information security practices, but could do better in educating the rank and file about them.
"The timing and the targets point to China," says cybersecurity policy expert James Lewis. "Spying right before the Beijing Olympics and focusing on Southeast Asia reflects China's larger interests more than those of any other country."
The FFIEC Authentication Guidance update is out, and third-party service providers need to begin reviewing their internal systems and communicating with their financial institution customers, says Wells Fargo Bank's Phil Alexander.
Organizations taking proper preventative measures realize a cost savings of nearly 25 percent over those that don't, an analysis of a survey sponsored by Hewlett-Packard reveals. Still, the study shows, it takes longer to resolve cyberattacks than it did a year ago.
A California judge handed down a 12-year prison sentence to a phisher who stole financial details from more than 38,000 online accountholders. Observers say the sentence signals a changing attitude about the severity of cybercrimes.