SMBs risk data security if they use free cloud storage, but nearly 25% still do, despite warnings from industry experts. In addition, new findings reveal that 11% of SMBs are storing banking information and 14% are storing medical records in free cloud storage, according to a survey of 293 SMBs by Clutch. Storing sensitive data in free cloud storage is an ill-advised and irresponsible business practice since necessary security measures are often lacking, according to … More
Source: helpnetsecurity

Companies are increasing technology investments to protect against external data breaches, but employees pose a bigger threat than hackers, according to CEB. To mitigate the rising costs of breaches, organizations need to reduce the burden of complying with privacy policies. Due to the advent of cloud-based productivity tools and the increase in collaboration between employees, more data is changing hands and leaving company-controlled networks than ever before. In fact, almost two-thirds of employees report regularly … More
Source: helpnetsecurity

Nine out of 10 banking professionals surveyed at large US, European and Canadian commercial banks said their company is currently exploring the use of blockchain technology for payments, according to a new report from Accenture. The initiatives are designed to reduce costs, speed payments, reduce errors and drive new revenues. The report is based on a survey of 32 top commercial banking professionals that was designed to assess their views on the potential of blockchain … More
Source: helpnetsecurity

Everyone is increasing the attention of cybersecurity given the continued parade of hacking incidents. Just last week, the three main prudential regulators for financial institutions—Office of the Comptroller of the Currency (OCC), Federal Reserve Board (FRB), and Federal Deposit Insurance Corporation (FDIC)—released new proposed cybersecurity risk mitigation standards called, Enhanced Cyber Risk Management Standards. Cybersecurity is a critical aspect of all global financial transactions as the financial sector operates through a network of interrelated markets … More
Source: helpnetsecurity

96 percent of companies still do not fully understand the European General Data Protection Regulation (GDPR), despite it coming into effect in May 2018. Elements respondents believe to be part of the GDPR The results of Symantec’s State of European Data Privacy Survey, which was conducted through interviews with 900 business and IT decision makers across the UK, France and Germany, shows 91 percent of respondents have concerns about their ability to become compliant. The … More
Source: helpnetsecurity

The Anti-Money Laundering Directive (AML), the EU-US Privacy Shield and the Market Abuse Directive (MAD) and Regulation (MAR) are the three biggest regulatory pressures across EMEA, according to a survey conducted by Vanson Bourne. Most significant challenges 59 per cent of respondents cited ‘delivery’ as a number one challenge in their day to day operations, with 38 per cent claiming high levels of rework hinders their capacity to deliver on data and reporting objectives. Additionally, … More
Source: helpnetsecurity

Organizations ‒ both SMBs and large enterprises ‒ lack general awareness of the requirements of the new regulation, how to prepare for it, and the impact of non-compliance on data security and business outcomes, according to Dell. Does your company have a plan to prepare for GDPR? Designed to strengthen protection of personal data for all EU citizens, the new regulation goes into effect in May 2018 and affects companies of all sizes, in all … More
Source: helpnetsecurity

Two-thirds of business associates are not fully prepared to meet the growing marketplace demands regarding controls for protecting healthcare information, such as patient records, according to a survey conducted by KPMG. “An increasing number of healthcare organizations are requiring their vendors to demonstrate controls for securing PHI (protected health information) to manage their cyber and regulatory risks, especially since healthcare information is a rich target for hackers,” said Emily Frolick, third-party risk and assurance leader … More
Source: helpnetsecurity

This month, New York State Governor Andrew Cuomo announced proposed regulation that requires banks, insurance companies, and other financial services institutions regulated by the NY State Department of Financial Services to comply with a set of requirements designed to strengthen the security posture of those organizations and their customers’ information. The requirements include requiring annual penetration testing and risk assessments, establishing programs and policies to identify cyber risks and detect cyber events, appointing a Chief … More
Source: helpnetsecurity