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.
"Unfortunately, like many organizations, we were targeted by criminal hackers who penetrated our system with a new strain of a virus," Massachusetts Labor and Workforce Development Secretary Joanne Goldstein says.
The Obama administration's plan for a federal data breach notification policy is too vague to be effective, and it lacks teeth to penalize violators, according to experts who raise open questions about the proposal.
More than 30,000 enrollees in a Medicare supplementary insurance plan from Anthem Blue Cross are being offered free credit monitoring services after they were mailed notices that apparently displayed their Social Security numbers in the envelope window.
Kazuo Hirai, a top Sony executives, says the company is applying advanced security technology, increasing levels of encryption, adding firewalls and implementing early warning systems to detect attacks on network.
Regulatory compliance expert Harry Rhodes says it's essential to have a formal process in place for objectively assessing whether a security incident needs to be reported as a breach.
Lacking technology is not the problem, says attorney Lucy Thomson. It's that today's technology is not being adequately used to fight modern cybersecurity threats.
"Raising the security awareness of your workforce is your best defense against having a breach incident," says David Holtzman, who's on the federal team that enforces the HITECH Act breach notification rule.
A key factor in ensuring that information technology is available in the wake of a disaster is cross-training IT staff to handle multiple roles, says Terrell Herzig, information security officer at UAB Medicine.
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