One of Philip Reitinger's last official acts as the top cybersecurity executive at the Department of Homeland Security will to testify before Congress.
High-profile legal wrangles over ACH- and wire-related fraud remain at a standstill, despite the industry's ongoing discussions about corporate account takeover and how to fight it.
"With significant progress having been made, with growing recognition of DHS's roles and authorities, and the cybersecurity legislative proposal now delivered to the Hill, it's a logical point for me to leave," Philip Reitinger says.
The timing of two new watchdog reports that highlight the need to protect the security of electronic health records could help build momentum for action, some observers say.
The National Credit Union Administration liquidated Hmong American Federal Credit Union of St. Paul, Minn., on May 18. This closure raises the total number of failed institutions to 51 so far in 2011.
The NAFCU says growing debit fraud incidents, such as those linked to the Michaels POS breach and the Sony hack, prove Sen. Jon Tester's proposal to delay debit interchange fee reductions is needed.
Hearing at a Senate Commerce subcommittee addresses smartphone apps that collect consumers whereabouts even though those application don't need to know the users locations to function.
More questions than answers surround the Durbin amendment's future impact on fraud prevention. With all of these open questions, bankers aren't likely to face any significant changes anytime soon, says FICO's Mike Urban.
"Updating this law to reflect the realities of our time is essential to ensuring that our federal privacy laws keep pace with new technologies and the new threats to our security." says bill sponsor Sen. Patrick Leahy.
It's been nearly two years now since the corporate account takeover spree began. So, what exactly are the courts, institutions and the financial services industry doing today to prevent further incidents of fraud?
The threat landscape has evolved dramatically over the past several years, and now it's time for healthcare security leaders to step up and meet the new challenges involved with securing critical data.
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