"It is clear that Internet technology represents the moment of a change equivalent to the change brought on by the printing press and the steam machine," says Kosta Peric of SWIFT.
What fraud and security issues does Paul Smocer, the new president of BITS, see as being top concerns in the coming year? Mobile payments, social media, and a strong need for institutions and organizations to comply with existing guidance top the list.
As the Bank of America website outage proved, "Assuming it's an attack or breach is now the default response," says ID theft expert Neal O'Farrell. So, how can organizations change that perception?
Payments are moving away from tangible currency to so-called new economies, where value relies more on reputation than currency. Venues such as Facebook facilitate e-commerce via new economies. But as with any change in the payments scheme, industry experts expect these new economies to be accompanied by new risks.
Most consumers understand the need for security on laptops and PCs. On mobile devices, the thinking is not the same. "Their behavior is much riskier," says Markus Jakobsson, online security expert.
"You need to understand how you are currently using social media in your organization, and how you intend to use it, before you can define policies around social media," says Erika Del Giudice of Crowe Horwath.
A new social-media-management tool provided by the ICBA aims to help community banks monitor social media communications, streamlining posts and comments that appear about banks on and through a number of channels.
Whether you're preparing for the upcoming HIPAA compliance audits, pondering a move to cloud computing or developing a social media policy, it pays to get privacy and security tips from experts in the field.
The future worth of payments will not rely so much on tangible currency, but more on digital value and data. And that means a stronger need for security and data management.
A new, free guide on Facebook security, though geared for users, details the practices chief information security officers and other organizational security practitioners should share with their staffs to assure not only safe Internet hygiene when workers access Facebook from work, but for use with other social media...
As social media continues to evolve and new threats continue to emerge, organizations must constantly re-evaluate their policies and conduct risk assessments, says Andrew Kennedy, who heads up social media policy for BITS.
ICBA's Chris Lorence says all financial institutions, especially community banks, should appreciate the positive and negative effects posts on social-networking sites can have on their reputations.
When it comes to banning the use of social media in the workplace, Jenny Corotis Barnes, assistant general counsel at Ohio State University Medical Center, has a strong opinion: Forget about it.
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