I studied the trends in cybersecurity in the banking industry and presented this PowerPoint to my University Studies class at University of Maryland University College.
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Cybersecurity trends in the banking industry
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5. United States is one of the last
countries to implement the chip-and-pin
technology
October 1, 2015– Fraud Liability Shift
Will reduce card-present fraud
According to the Toledo Business
Journal, a credit union in Ohio incurred
over $100,000 in fraud losses due to
card compromises (Toledo Business
Journal, 2015).
6. • The implementation of EMV cards is going to change
the banking industry who holds the liability.
• Policy changes by MasterCard, American Express,
and Visa will protect from certain liability.
– Example: A bank issues EMV cards to customers, but the
merchant fails to adopt the chip-and-pin technology, then
merchant will face the liability in the event of a data
breach.
7. • Training is crucial when it comes to
training employees and could reduce
likelihood of accidental breaches
• One study showed that 78% IT
personnel indicated they have
experienced a data breach in result of
employee negligence (Abawajy, 2014).
• Training and awareness is the most
cost-effective form of security control!
8. • Many companies are
implementing
cybersecurity awareness
programs
• By increasing awareness,
the outcome of a security
breach may decrease
• Employees are frontline
defense against these
cyber criminals (ABA Banking
Journal, 2014)
• Employee negligence could
cost financial institutions
major loss and liabilities, and
affecting the reputation of
institutions.
• Many banks and credit unions
are starting to use the FFIEC
Cybersecurity Assessment
Tool (Released June 30,2015)
9. • Identity theft
– As EMV cards are deployed, it
should reduce card-present fraud;
BUT card-not-present fraud could
increase along with identity theft.
– Financial institutions are educating
their members with newsletters,
pamphlets, and on the company’s
websites.
– Some companies will likely start
implementing methods to
authenticate callers to prevent
phone “spoofing” (ABA Banking
Journal, 2014).
10. EMV cards
– Today, 100% of fraud liability is on the
card issuer
– Companies are trying to determine if the
cost of the technology is going to
outweigh the benefits
– Less than one quarter of retailers are
EMV compliant
– Numerous companies need to upgrade
their systems, but many say it’s
unnecessary.
– Companies are reluctant on upgrading
their POS systems due to how expensive
it is
11. • Training & Awareness-
– Many companies are starting to
employ phishing awareness
assessments amongst employees
– FFIEC and NIST took the steps to
increase awareness in the U.S. and
assist companies in calculating their
inherent risk profile (Stechyshyn, 2015).
– For those companies that do not have
a cybersecurity strategy in place, this
tool will guide them in developing
one.
– Institutions and other businesses are
already using this free resource
12. Conclusion
• These trends are not going away anytime soon
• Education is key!
• EMV cards are going to become the new
standard. By 2016, an estimated 500 million
EMV cards will be active in the U.S.
• Employees are the frontline defense against
these threat actors. Training is imperative!
13. • Abawajy, J. (2014). User Preference of Cyber Security Awareness Delivery Methods. Behavior
& Information Technology, 33(3), 236-247.
• Lazette, M. (2014). Credit union puts chips on fraud protection. Crain's Cleveland Business,
35(4), 5. Retrieved from
http://ezproxy.umuc.edu/login?url=http://search.proquest.com.ezproxy.umuc.edu/docview/1
494489918?accountid=14580
• Retailer cyber security harming area financial institutions. (2015). Toledo Business Journal,
31(6), 25. Retrieved from
http://ezproxy.umuc.edu/login?url=http://search.proquest.com.ezproxy.umuc.edu/docview/1
698149300?accountid=14580
• Sauer, C. (2014). Data Security: How Much Will EMV Help?. Credit Union Magazine, 80(7), 26.
• Working Together to Protect Against Identity Theft. (2014). ABA Banking Journal, 106(9),29-48
• Stechyshyn, A. (2015). Security vulnerabilities in financial institutions (Order No. 1586590).
Available from ProQuest Dissertations & Theses Global: Science & Technology. (1677223944).
Retrieved from
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677223944?accountid=14580