US advises against storing data within reach of China's government

The federal Department of Homeland Security is urging U.S. businesses and individuals to avoid storing data with Chinese companies due to the risk the country's government will demand and receive access to commercially valuable information.

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Ashley Madison: The new face of data breaches

From Mobile Payments Today –

“For almost two years now, Target has served as the reluctant standard-bearer when it comes to high-profile data breaches.

The retail giant took that title away from TJX, which suffered a data breach in 2007 that affected 94 million consumers and cost the discount clothing chain close to $500 million. While Target's setback started a string of high-profile retail data breaches and became a rallying cry for the current EMV transition in the U.S., no incident since then has vied to become the new champion.

Enter Ashley Madison.

When news broke that the Canada-based online dating service for married people had experienced a data breach, it set in motion a chain of events not seen with other data breaches.”

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New York Attorney General Looks to Strengthen Data Security Laws

From American Banker –
“New York Attorney General Eric Schneiderman is proposing legislation to strengthen data security laws to protect consumers from having their personal data stolen.

There currently is no law in New York that requires businesses to institute data security measures to protect consumer information. If a data breach occurs, companies only have to notify affected individuals if their "private information" was compromised.”

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Check-the-Box Mentality Exposes Banks to Big Cyber Risks

From American Banker –

“The year of 2014 will be remembered as the year of the data breach. Hackers struck numerous large corporations, from Target to Home Depot to JPMorgan Chase.

These breaches have led to increased regulation for financial institutions at both the federal and state level. In fact, it's safe to say that 2015 may very well be the year of the cyber rule. Among the most prominent developments is the Federal Financial Institutions Council's announcement that it will update cybersecurity guidance in 2015. State initiatives are likely to follow. New York's Department of Financial Services, for example, has given notice that it too will implement more stringent examinations of cybersecurity governance.”

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Is It Time to End Screen Scraping?

From American Banker

“As the industry works to improve the way online banking information is shared with personal financial management apps, a debate is brewing over whether to end the decades-old practice of screen scraping.

Proponents of the popular method say it is a valuable supplement to direct data feeds that may be incomplete or out-of-date. But screen scraping also raises risk concerns, since like other data collection methods it requires consumers to cough up their banking credentials.’

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Leaked trade services pact puts financial data on the table

From Finextra

“Countries could be left helpless to prevent sensitive financial data from leaving their borders under provisions of an annex to the Trade in Services Agreement (Tisa) leaked by WikiLeaks.

Tisa is currently being negotiated by 50 countries, including the US, Japan, Pakistan and 28 European states through the EU.”

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