The recent Sony and Epsilon breaches sent a strong reminder that companies lack transparency and aren't prepared to respond to a breach once it occurs, says Kirk Herath, Chief Privacy Officer at Nationwide Insurance Companies.
Many organizations are unprepared to adequately respond to a breach, security expert Bob Chaput says. "Breach notification planning is just a fundamental, basic part of risk management in the new millennium," he adds.
A July trial date has been set for a pay-at-the-pump skimming scheme that allegedly led to the theft of more than $150,000 from six Hawaii financial institutions, highlighting the growing fraud vulnerability of self-service card payments.
The federal list of major healthcare information breaches that have occurred since September 2009 didn't grow much in the past month. The list now includes 272 cases affecting a total of almost 10.9 million individuals.
More than 30,000 enrollees in a Medicare supplementary insurance plan from Anthem Blue Cross are being offered free credit monitoring services after they were mailed notices that apparently displayed their Social Security numbers in the envelope window.
The Obama administration's plan for a federal data breach notification policy is too vague to be effective, and it lacks teeth to penalize violators, according to experts who raise open questions about the proposal.
ThreatMetrix's Taussig says strong authentication should be part of every financial institution's layered security approach. And according to expected changes to the Federal Financial Institutions Examination Council's 2005 online authentication guidance, that means proven measures to enhance device identification.
"Raising the security awareness of your workforce is your best defense against having a breach incident," says David Holtzman, who's on the federal team that enforces the HITECH Act breach notification rule.
ThreatMetrix's Taussig says device identification must be part of layered security measures. Banking regulators want financial institutions to deploy multiple layers of online security. But what does that expectation mean when it comes to investments in fraud detection?