Cause and Effect: If you build it, will they come?

July 23, 2014
/   Spotlight

Many financial institutions assume that digital banking is lucrative because the most valuable customers happen to bank online. While there is certainly a correlation between online bankers and higher profitability, quantitative evidence suggests that...

Fast Facts: Student Loans

January 22, 2013
/   Insights

The Financial Services Roundtable recently released another iteration of its Fast Facts, reliable, bullet-point research about issues facing the financial services industry. Topics span TARP, Dodd-Frank, insurance, lending, retirement savings and more.  Below are some updated Fast...

Intuit 2020 Report: The Future of Financial Services

April 11, 2011
/   Insights

Today, Intuit released the latest edition of the Intuit 2020 report, Intuit 2020 Report: The Future of Financial Services, which identifies and examines four key trend areas that will  transform the financial services industry...

Small Business: Perception vs. Reality

November 21, 2012
/   Insights

In the most recent election cycle, like most others before it, the one sector of the economy that got the most attention was small business.  This is the future, we were told by every...

The Top 10 Trends in the Digital Banking Industry

December 18, 2013
/   Spotlight

2014 is rapidly approaching and as the year wraps, the Digital Insight team has pulled together the top 10 trends in the digital banking industry based on data and trends from studying financial institutions....

Mobile Banking Engagement: Data from Digital Insight

June 24, 2013
/   Spotlight

Intuit Financial Services has been conducting a comprehensive and ongoing study of financial institution customers. From these studies, the company has been able to provide a deeper view of banking customer behavior across several...

Industry Perception, Optical Delusion

January 14, 2013
/   Insights

In Washington, they talk a lot about ‘optics.’ This has nothing to do with regulatory scrutiny, or government mandates on eyeglasses. It has to do with perception—how something looks, the way a particular story...

Social Banking: Blessing or Curse?

August 1, 2012
/   Insights

While the topic of Facebook and banking has generated plenty of heat (though not necessarily a lot of light), the debate seems mostly focused on two broad issues: The much-maligned IPO, and the notion...

The Financial Services Roundtable released its 2012 Fast Facts Book in September, which contains Fast Facts from January 2012 through July 2012. We shared  information on preventing financial exploitation of of the elderly in a recent post. Below are some updated Fast Facts on recent cyber attacks.

FACT:  Since late September 2012, large financial institutions have been the subject of (or threatened to be the subject of) attacks intended to disrupt the availability of their Web sites.  A group that calls itself the Cyber Fighters of Izz ad-din Al Qassam has claimed credit for these attacks.

FACT:  The attacks have flooded certain bank Web sites with an extremely high volume of electronic traffic from thousands of locations around the world.  This flood of traffic, called “a distributed denial of service (DDoS) attack,” is intended to slow down or disable the bank’s Web site.

FACT:  The attacks are not designed to be – and have not resulted in – a data breach, hacking, or unauthorized access to consumer information.

  • Consumers can access their accounts through alternative means, including bank branch offices and call centers.

FACT:  The financial services industry has robust cyber protections in place.

  • Banks collaborate with other banks, federal regulators such as Treasury, law enforcement officials, other government agencies such as the FBI and DHS, Internet Service Providers, and Internet security experts to fully analyze and deflect online attacks and deliver safe and consistent online service.
  • Financial services institutions use sophisticated online security strategies to protect customer accounts and continue to invest in technology to increase capacity and defend against potential attacks.
  • Financial services institutions are regularly examined by their primary federal regulator to ensure their compliance with cybersecurity regulations and information standards, including standards set in the Gramm-Leach-Bliley Act, Payment Card Industry Data Security Standard, and FFIEC Information Technology Examination Handbooks.
  • Financial services institutions collaborate with the Financial Services Information Sharing and Analysis Center (FS-ISAC) which is an industry forum for collaboration on critical security threats facing the financial services sector.

FACT:  While there is nothing in particular that customers can do in response to the DDoS attacks, consumers can improve the general security of their private information by using the following tips:

  • Install on your computer—and keep updated—anti-virus software, firewall and anti-spyware software.
  • Set your computer’s operating system and browser to “automatic download” to ensure your operating system and browser include the latest security updates.
  • Don’t get hooked by phishing.  Do not respond to unsolicited emails requesting personal information and do not download attachments on unsolicited emails.
  • Use strong passwords and change them regularly.  The best passwords are long—a minimum of 8 characters—and complex. Not your birthday or the name of a child or pet.  Use a combination of numbers, symbols and letter; something meaningful to you like an acronym or batting averages, but not easily guessed.

For additional resources and examples of member programs, visithttp://www.fsround.org/fsr/financial_literacy/financial_literacy_corner.asp.

(370)

Insights

Banking.com’s perspective on industry news and trends

(220)

Spotlight

Must-read news and insights from financial industry leaders

(91)

Voices

Compelling voices and contributed content from around the web

James W. Gabberty

Gabberty is a professor of information systems at Pace University in New York City. An alumnus of the Massachusetts Institute of Technology and New York University Polytechnic Institute, he has served as an expert witness in telecommunication and information security at the federal and state levels and holds numerous certifications from SANS & ISACA.

Zachary Ehrlich

25-year-old writer, and as a native San Franciscan, I am unreasonably loyal to Bank of America, if only for their superhero-like origin story, involving the 1906 earthquake and Italian fruit vendors.

Brad Strothkamp

http://www.forrester.com/rb/analyst/brad_strothkamp

Marisa Mann

Marisa Mann brings over 15 years of experience in consulting and financial services industries to the Solstice team, working on large scale enterprise initiatives across many technologies, including specializing in the digital space – Internet and mobile. Mann is passionate about mobile and the endless possibilities for the enterprise, delivering business value through strong brand recognition and driving to excellence in the consumer experience. Prior to Solstice, Mann worked at JP Morgan Chase, Diamond Management and Technology Consultants, Washington Mutual, Inc, and Accenture.