Details surrounding the reported breach of the International Monetary Fund remain sketchy, but alarming. And Gartner analyst Avivah Litan believes there may be "dozens" of similar incidents that have not been disclosed.
If you need one more reason to take additional steps to prevent health information breaches, here's something to consider. An attorney argues that if breaches, and their high costs, are not brought under control, "I think where we are headed is to an insurance crisis."
"This is yet another [incident] in what is turning into a major 'breach streak,' which will make all of us rethink what information security really means," says Mike Urban, senior director of fraud solutions for FICO.
"Durbin, as it stands today, is very poor for the payments industry and the consumer, because it would lend itself to reducing fraud prevention and detection," says one banking/security leader about the controversial Durbin Amendment to Dodd-Frank banking reform.
Breaches will not slow anytime soon, and there's not much financial institutions and the payments chain can do to stop them. At this point, the best course of action for banks and retailers is to focus on damage control.
Some organizations hesitate to involve law enforcement in their breach investigations for fear that exposing the hack would cost them their reputations and money. A Justice Department contingent tells a gathering of lawyers why that impression is wrong.
Victimized by a hack of its SecurID authentication token that resulted in the breaches of several customers' IT systems, security maker RSA is expected to announce its first chief security officer as early as Friday.
Strong authentication, using both fact-based and behavioral-based fraud detection solutions, should be part of every financial institution's layered security approach, says Reed Taussig, CEO of ThreatMetrix.
A personalized medicine project leveraging genetic information holds great promise for improving patient treatment but raises certain privacy issues, says Scott Megill, CIO at the Coriell Institute for Medical Research.