Five Questions That Directors Should Ask About Cyber Security
Online banking is under siege. Web sites at Wells Fargo & Co. and JPMorgan Chase & Co., among others, have been stalled or shut down under coordinated denial of service attacks. The Office of the Comptroller of the Currency issued an alert in December 2012 that some of these attacks may be cover for fraudulent activity, and suggested banks “appropriately consider new and evolving threats to online accounts” and adjust customer authentication, layered security and other controls as appropriate in response to changing levels of risk. Bank boards are evidence of this heightened awareness, where cyber security is a more...
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Naomi Snyder is a writer and contributor to Bank Director publications. She is the former editor of Bank Director.