Initial reports suggested that Russian hackers could behind an attack against JPMorgan Chase, and perhaps other U.S. banks. While it's still far from clear who the culprits are, experts discuss the potential hacking motivations of a nation-state.
A multi-layered approach known as "context-aware security" is the most effective strategy for fighting both insider and external cyberthreats, says Gartner analyst Avivah Litan, who explains how this strategy works.
"With a company-issued device, you can issue a policy that says users have no rights of privacy over information on the device," says Javelin's Tom Wills. But with employee-owned devices? A whole new set of issues.
Anomaly detection and behavioral monitoring are minimum requirements or mitigating online risks, and the newly-issued supplement to the FFIEC Authentication Guidance highlights why banks and credit unions should be doing more, says Terry Austin of Guardian Analytics.
The FFIEC's updated online authentication guidance urges banks and credit unions to do better jobs of authenticating and identifying devices, areas that aren't bolstering the kind of security they could, says security expert Ori Eisen.
Now that the FFIEC's updated online authentication guidance is out, banking institutions need to move forward in preparation for 2012 compliance, says Julie McNelley, banking fraud analyst for Aite Group.
Fraud expert Ori Eisen says banks spend too much time reacting to ACH fraud, rather than trying to stop it. Now that the FFIEC's new online authentication guidance is official, banks must focus on eliminating outdated solutions and moving toward automated solutions for device identification and log analysis.
No one is really sure when the FFIEC's new authentication guidance will be issued, but we do know banking institutions can't afford to wait. Hence, our new FFIEC Authentication Guidance Resource Center.
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.