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We've Been Compromised!

We've Been COMPROMISED! AN IN-DEPTH LOOK AT SECURITY BREACHES In June 2011, Citigroup -the third largest U.S. bank - confirmed its computers were hacked and the culprits gained access to over 360,000 credit card accounts. Luckily, in this instance highly compromising personal data like birth dates and social security numbers wasn't affected, but often this isn't the case. Here we take a look at just how often our sensitive information is exposed and how organizations are fighting fraud. Finding Fraud A 2010 information Security Group survey of 230 banks and credit unions revealed nearly 82 percent of respondents have experienced fraud within their organization. REPORT 55% 32% 23% of respondents said they still use manual reports to detect fraud of banks said they feel prepared to prevent online bank fraud of respondents learned of fraud through their own auditing processes HOW DO BANKS PROTECT THEMSELVES? Same Information Security Group survey said the best way to fight fraud is through employee and customer education, and by promoting awareness. 70% 14% 44% of banks surveyed said they planned on investing in intrusion detection technologies of banks indicated their awareness of institutions said they didn't have a customer education or awareness program program could be improved 89% of victimized agencies didn't achieve PCI Security Standards Council compliance (a rise of 10 percent from 2010) - meaning simple measures to prevent instrusion went lacking. Common Jssue? A Websense survey of 1,000 IT managers confirmed how widespread data breaches are becoming. When asked "Which of the following occurred in your organization in the last 12 months?" respondents said: Data was lost by employees 32% Company data was taken from an unprotected mobile device 27% CEOS or other executives confidential data has been breached 20% 18% Customer confidential data was lost Data was stolen by employees 18% Systems have failed to pass an internal compliance security audit 18% Confidential information was posted to a social networking site 17% Systems have failed to pass a third-party compliance security audit 16% Company was a victim of an advanced persistent threat 16% Preventative Measures A Ponemon study sponsored by Symantec confirms cyber attacks are making organizations more conscientious in ensuring their systems can prevent and mitigate breaches. Companies are also employing new security technologies and complying with security policies and regulations at higher rates. Companies are more vigilant about preventing system failures, with only in percent reporting system failure. 63 percent of respondents use training and awareness programs after data breaches, 61 percent of organizations Implement encryption, the second most implemented preventive security measure Encryption and data loss prevention (DLP) solutions have increased by 17 percent since 2oo8. Banks are one of the key groups working to protect their customers' information from hackers and other malicious culprits. For customers to continue to put their trust and personal information in the hands of banks, companies must ensure every possible preventive measure has been taken to effectively guard the assets of their customers. SOURCES: WEBSENSE.COM, SYMANTEC.COM. INFOSECURITY-MAGAZINE.COM CenturyLink Business O 201a Centurylink, Inc. All Kights Reserved

We've Been Compromised!

shared by CenturyLinkBiz on Feb 24
Information security is a hot button for all businesses. But for banks, it is particularly critical due to the nature of the information they have as well as increasing compliance regulations. This in...




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