Posts Tagged ‘protection’

Will Regulation Solve Cybersecurity Problems?

Posted on November 13, 2017 by Laura Lam

Cybersecurity was a main topic at a recent New York banking conference.  According to Arthur Lindo, senior associate director of the Fed’s division of supervision and regulation, more rules may not be the best answer to protecting the financial system.  “I don’t think the solution to the cybersecurity problem rests in regulation,” said Lindo.  “We’re going to try a more flexible approach.” The Fed and other regulators issued a notice of proposed rulemaking on cyber risk management standards last year, which is typically followed by a prospective rule. After the industry and others involved in computer security discouraged regulators from…

What’s Next for Consumer Data Security?

Posted on September 29, 2017 by Laura Lam

For Equifax, the fallout from its massive data breach is far from over.  The company is facing numerous inquiries from government agencies and even lawsuits.  The breach exposed serious flaws in the financial system’s consumer data security framework.  So how can the financial services industry protect against fraud in the future?  How can they make things safer? According to a new report from ratings agency DBRS, the answer to making things safer is to further embrace technology.  Specifically, DBRS states that it believes the financial services industry needs to move towards biometric security, which would provide additional layers of protection that a Social Security…

Financial Firms Boost Cyber-Security Budgets

Posted on November 24, 2014 by Saldutti

Hundreds of U.S. financial companies are ramping up spending to combat hackers following attacks this summer on J.P. Morgan Chase & Co. and at least a dozen other firms.  Financial-services companies plan to bolster their cybersecurity budgets by about $2 billion over the next two years, according to a new report by PricewaterhouseCoopers.  Spending this year on protecting networks and other cybersecurity efforts will total $4.1 billion, according to PwC’s survey of banks, insurers, money managers and other companies. The spending increases represent accelerated efforts to keep hackers out and a realization that previous efforts haven’t been sufficient.  The increased…