Bank Card Technology is Older Than the Floppy Disk. So Why Aren't ATMs Hacked More Often?

From PR Newswire –

“After collectively spending billions of dollars, perhaps a trillion dollars, on network security, corporations still have major security problems. Meanwhile, your ATM card allows your bank to dispense cash with confidence from a machine on a city sidewalk.

The technology used by your ATM card is more ancient than the floppy disk. So why are bank ATM networks generally secure, while corporate information networks, in spite of continuous investment in the latest security technology, are barely able to keep ahead of intruders?

Wes Kussmaul, author of Don't Get Norteled, claims that the difference is not about technology but about assumptions and architecture.”

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Banks with Weak Cybersecurity Could Be Downgraded: S&P

From CFO –

“Standard & Poor’s on Monday said that it could downgrade banks with weak cybersecurity, even if they haven’t been attacked.

S&P has yet to downgrade any bank that has suffered a security breach because the cyberattacks so far have not resulted in reputational issues or monetary or legal damages that significantly hurt profits, S&P analysts led by Stuart Plesser wrote in a report.”

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Mobile payments are growing slowly

From Mobile Commerce Press -

“Mobile payments are growing quickly, but consumers are still not convinced that new payment technology will take hold. According to a new survey from Trustev, many consumers are still concerned about the security issues that exist in the mobile payments space and they are not certain that using a payment platform is in their best interests. As such, many have been slow to embrace mobile payments platforms, even if these platforms offer secure and convenient services.”

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