Welcome to the Future!
Which state? New York
Which state officials are proposing cyber security regulations for banks/financial institutions? Governor Cuomo & New York State top banking regulator.
What will be required of financial institutions under these state data security regulations?
Where is this happening? Oregon courts
What is the complaint by the credit union and the other financial institutions in the class action?
SC Magazine | Oregon credit union sues Noodles & Company over breach
Which banks are invloved? The 8 largest banks are joining forces. This includes Bank of America, JP Morgan, and Goldman Sachs.
What will the 8 banks do to protect against cuber crime? Share intel and conduct war games to improve data security.
Why did they form? The large banks issues are similar unlike the data security efforts among all financial institutions and the large banks share information with the federal governmet but believe they get little information in return.
Top business sector for data breach complaints: Finance
Have data security laws led to more enforcement actions?
What benefit of data security laws is highlighted? breach notification to impacted customers
Information Age | The financial data divide: regulations are not having the desired effect
American Banker | What’s the Biggest Threat to Data Security?
Out with PINS in with biometric identifiers to access banking information.
Why switch from PIN numbers to biometrics at financial institutions?
New York Times | DealB%k | Goodbye, Password. Banks Opt to Scan Fingers and Faces Instead.
Which financial entity is facing an SEC fine for a data breach? Morgan Stanley
How much is the SEC fine? $1,000,000
What was the data breach? Security measures failed to prevent an employee from transfering account information to a private server that was hacked
What do federal rules require of financial entities? policies and procedures that are reasonably designed to protect customer data
The Hill | Morgan Stanley to pay $1M SEC fine for data breach
The Hill | Financial industry spars with retailers over data breach bill
The Hill | Retailers battle financial sector over data breach legislation
The FDIC announced on May 9th, 2 new data security initiatives:
Bloomberg BNA | FDIC Takes New Initiative on Data Security Following Breaches
Executive GOV | FDIC Plans New Security Measures After Retroactive Data Breach Report
Let’s peak into the Electronic Payments Coalition:
Electronic Payments Coalition- who are they?
What’s the point of the EPC?
What’s the EPC saying about the federal Data Security Act of 2015 (H.R. 2205)?