Thursday, June 16, 2011

Feds Tighten Noose on Bank Security

As Ronald Reagan used to say "Here we go again!" The Internet insecurity just keeps rolling on threatening more and more American consumers as well as critical infrastructure such as power plants, dams, and national security related facilities. Here are some excerpts from the article.

"Federal regulators are pushing banks to keep customer financial information more secure after about 200,000 Citigroup credit card accounts were hacked last month.

The Federal Deposit Insurance Corp., which regulates the nation's banks, is pushing for stronger account security measures at those institutions. The agency is specifically developing "additional guidance to enhance authentication procedures when customers access their online accounts," FDIC Chair Sheila Bair said in a statement.

"The FDIC continually monitors (security) vulnerabilities as they evolve to prevent and deal with these risks and their impact on institutions and their customers," the statement reads. "Both banks and regulators must remain vigilant."

Although the Citigroup accounts were hacked more than a month ago, the breach was first made public Thursday."

Clearly this is an example of rampant negligence. Imagine if it took a month to report a rape or car accident! There would be a huge public outcry and heads would roll. The problem continues to be that these breaches are almost viewed as "acts of God" and no one is held responsible or punished for negligence!

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At 4:39 AM, Blogger CFI said...

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