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.
Out with the old; in with the new. It's time for security-minded organizations to invest in the power and protection of the next generation firewall, says Matt Keil of Palo Alto Networks.
In an exclusive interview about the evolving firewall, Keil discusses:
Why current firewalls are failing us?
New York State Office of Cybersecurity Director Tom Smith says an information asset classification policy implemented by his office is helping agencies identify their critical data and apply appropriate controls to protect it.
According to FINRA, Citi's negligence in adequately supervising Tamara Moon, a former sales assistant at a Citi branch in Palo Alto, Calif., resulted in $749,978 being skimmed from the accounts of 22 Citi customers.
Social media, mobility and cloud computing are new areas of risk for organizations, and risk managers need to go back to the fundamentals of understanding the information they are protecting, says Robert Stroud, ISACA's international vice president.
"If not properly implemented, telework may introduce new information security vulnerabilities into agency systems and networks," Office and Management and Budget Director Jacob Lew warns in a White House memo.
Recent hacks have uncovered security vulnerabilities that should have been addressed years ago. "These attacks are going to escalate," says Josh Corman of The 451 Group. But organizations can implement basic steps to make the hackers' job harder.
From mobile devices to social media and cloud computing, IT governance is all about risk management. "You can't de-risk everything, but you can de-risk the majority of circumstances you will see in normal operations," says governance expert Robert Stroud.
Anti-money laundering expert Kevin Sullivan says that U.S. banking institutions should not take Osama bin Laden's death as a sign that they can let their AML and BSA screenings become more lax. "We have not defeated terrorism yet."
"Almost everyone has a firewall and is using it; it's just not necessarily a relevant defense against the way people are actually being attacked," says Josh Corman, research director of enterprise security at security consultancy The 451 Group.
Nearly 8 of 10 hard drives tested contained tax returns, Social Security numbers, names of children placed in foster homes, passwords and child abuse documentation, an audit by New Jersey authorities reveals.
"Today's risk management professionals really need to take a strategic view of managing risk to be relevant in achieving the organization's expected outcome," says Philip Alexander of Wells Fargo Bank.