Banks and other financial firms are using technology to make sure data doesn’t fall into the wrong hands. The financial-services industry has been roiled this year by a string of data-security lapses involving tapes lost in transit, losses and theft of payment-card information, phishing attacks, and insider scams. The list of companies that have been stung reads like a Who’s Who of the financial-services industry: Ameritrade, Bank of America, Citigroup, City National Bank, Commerce Bancorp, PNC Financial Services, and Wachovia.<\/p>\n","protected":false},"excerpt":{"rendered":"
The data-security problem reached a new level in June when it was disclosed that a security breach at payment processor CardSystems Solutions Inc. had led to the exposure of 40 million card accounts.<\/p>\n
Citigroup has said it would encrypt all tapes bound for transit, while Bank of America improved its tape-tracking procedures and launched a system intended to thwart phishing.<\/p>\n
“A day doesn’t go by where information security isn’t front and center,” says Katherine Busser, CIO of the U.S. card division at Capital One Financial Corp.<\/p>\n
Banks, insurance companies, and investment firms will spend $362 billion worldwide this year on IT, according to research firm TowerGroup. Other IT priorities in financial services are profitability management and improving revenue streams using technology, according to research firm Financial Insights.<\/p>\n
http:\/\/www.informationweek.com\/showArticle.jhtml;jsessionid=JXRN20RYC05RQQSNDBECKH0CJUMEKJVN?articleID=170703276<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[29],"tags":[],"class_list":["post-702","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=702"}],"version-history":[{"count":1,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/702\/revisions"}],"predecessor-version":[{"id":3189,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/702\/revisions\/3189"}],"wp:attachment":[{"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cybersecurityinstitute.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}