In The News

FinTech Convergence, Not Collision

March 3, 2016

It may not be obvious to consumers, but the financial and tech industries are converging in the digital world as new technologies offer added convenience, security, and opportunity. This process has given rise to a now-common term – FinTech.

FinTech foreshadows what the convergence of these two industries will mean in the near future: It’s not just “TECH companies getting into FINancial services,” it’s really “FINance and TECHnology evolving in a shared universe,” and that’s a universe based on rules that prioritize the trust consumers have today in their financial providers with the converged FinTech providers of tomorrow.

Financial Industry Looks to Automate Information Sharing for Cybersecurity Risks

February 25, 2016

Now that the federal government is encouraging companies to voluntarily share information about the cybersecurity threats they face and the steps they are taking to mitigate those risks, the financial services industry wants to continue to automate that sharing process.

Over the past few years, the financial industry has taken steps to automate the process but should continue down that path, according to John Carlson, chief of staff at the Financial Services Information Sharing and Analysis Center, or FS-ISAC, the financial industry’s global clearinghouse for cybersecurity and physical threat intelligence analysis and sharing.


Hearing planned next month on cyber insurance

February 25, 2016

The House Homeland Security Committee will hold a hearing in the next month on bolstering cyber insurance, an aide said today.

The committee has been meeting with industry and now plans “a hearing in March trying to figure out how to go from here, and how to build a robust cyber insurance market,” said Brett DeWitt, cybersecurity staffer for the panel.

WEDNESDAY BUZZ: THE RISE OF .BANK

January 21, 2016

The financial industry is rapidly adopting a new tactic in the fight against cybercrime. Plus: the state of frequent flyer perks.

Cybersecurity remains a key challenge for financial institutions, with cybercrime potentially threatening banks, investors, and customers alike. A number of measures have been adopted over the years to improve financial security, from EMV to basic best practices.


Podcast: Chris Feeney on Why Regulators, Agencies Need to Avoid Conflicting Advice on Cyber Guidance

December 28, 2015

Conflicting cybersecurity guidance from banking regulators and a federal agency is making it more difficult for CISOs to set priorities, says Chris Feeney, president of BITS, the technology and policy division of the Financial Services Roundtable. Regulators and agencies need to improve collaboration so they can send a consistent message about the best cybersecurity practices and the expectations CISOs should meet, he says in an interview with Information Security Media Group.

Final verdict on the cybersecurity bill

December 18, 2015

THE GOOD, THE BAD AND THE UGLY — After years of fighting over cybersecurity information sharing legislation, Congress is poised to send a bill to the president today as part of the omnibus spending package. The House Rules Committee blocked an amendment to strip the cybersecurity language, and the overall omnibus is expected to pass the House then clear the Senate. So what’s the verdict on the final product?


Why banks are ditching ‘.com’ for ‘.bank’

December 18, 2015

European banks have rushed to acquire the more secure domain name “.bank”, after more than 4,000 registrations were made in the U.S. for the web address.

So far, over 500 European financial institutions have signed up to have this special domain, and the reason is “consumer protection,” according to the chief executive of domain name seller, CentralNic.

Your Bank’s Website Is About to Change, and That’s Great for Your Cybersecurity

December 4, 2015

The website you visit for online banking may soon be changing.

In an effort to improve cybersecurity at banks, the Internet Corporation for Assigned Names and Numbers, which is the nonprofit organization responsible for managing the domains and web addresses across the Internet, has created a new domain name: .bank. It is only available for verified banks, credit unions, and other qualifying financial institutions.


Banks Urge Removal of Cyber Bill Provision Allowing DHS Oversight

November 12, 2015

President Barack Obama may have to decide whether it’s worth shutting down the government to protect tough rules for Wall Street.

Lobbyists for the biggest banks are trying to force the Obama administration into a game of chicken to see how far it’s willing to go to maintain industry reforms and some of the sweeping changes enacted in the Dodd-Frank Act of 2010. Despite Obama’s veto threats, they’re pushing lawmakers to include provisions that would roll back some of those changes in the end of year spending bill that has to be passed next month.

Financial industry rallies behind controversial cyber bill

October 19, 2015

A group of prominent financial industry trade associations threw their support behind controversial cybersecurity legislation on Thursday.

“On behalf of our members, we are writing today to urge you to support the Cybersecurity Information Sharing Act (CISA) and … bring this important legislation to the Senate floor as soon as possible,” the coalition wrote in a letter to senators.