International communication and public-private partnerships are the keys to cybersecurity in the financial space, according to the Department of Homeland Security and the Financial Services - Information Sharing and Analysis Center.
Fraud is a global concern, and an area regulators and financial institutions the world-over are watching closely, says Bill Isaac. Whether a cyberthreat or mortgage fraud, investments in fraud prevention will continue, despite the state of the international economy.
The PCI Security Standards Council's new guidance for tokenization offers clarification and recommendations for merchants struggling to determine which tokenization solution is best, especially where compliance with the Payment Card Industry Data Security Standard is concerned.
As fraud continues to evolve and affect financial institutions, careers are plentiful for fraud-fighting professionals, says Jean-Francois Legault, a fraud investigations specialist with Deloitte and Touche.
"I don't think there's any connection [to] the investments banks will make in fraud prevention," says Doug Johnson of the ABA. "It's not about making budget cuts; it's about protecting the customer relationship and ensuring security."
"The need for fraud-prevention tools increases during times of recession," says Aite Group's Julie McNelley, who does not believe this week's economic shockwaves will hurt organizations' security priorities.
The fight against cyberattacks is a top priority for financial institutions, and industry insiders are optimistic about President Obama's plan to thwart cyberattacks that lead to corporate account takeover and other forms of fraud.
Security experts at this week's Gartner Security and Risk Management Summit agree: Security, not compliance, has to be the new focus. Cyberintrusions cannot be stopped, and the RSA breach should be a lesson to the industry.
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.