Welcome to Data Security: Myths and Realities
According to the recent State of Banking Information Security 2008 survey, nearly three-quarters (73%) of financial institutions assess themselves as "average" to "failing" when it comes to security awareness efforts. Of the nearly 300 banks and credit unions surveyed and representing institutions of all sizes, the contradiction between their security image and reality indicates that, despite the headlines, financial institutions are increasingly vulnerable to new threats. The reasons for this vulnerability are varied, encompassing everything from disparate systems in merged organizations to an overwhelming reliance on legacy protocols and standards that were not designed for today's global threats.
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- NetBank Goes Under in Biggest Failure Since '93
- Five Biggest Banks Seen Gaining Mortgage Share
- Imaging Growth Surprising Even Exchanges
- The 2007 Honorees
- In Reverse Mortgages, a Spread Issue
- Bright Spots Will Be Few, Far Between in 3Q Reports
- Viewpoint: Why Now's a Great Time to Court the Unscored
- About the New AmericanBanker.com
- Mobile Banking's Second Act
- Mortgage: Republic Hits Vegas With Less Paper
- NetBank Goes Under in Biggest Failure Since '93
- Bright Spots Will Be Few, Far Between in 3Q Reports
- In Reverse Mortgages, a Spread Issue
- Sen. Clinton to Introduce Mortgage Reform Bill
- Study Warns of Card Regulation Impact
- Imaging Growth Surprising Even Exchanges
- About the New AmericanBanker.com
- Downey Divides Top Jobs, Names Another President
- Fulton to Combine Two Banks
- Executive Changes
Back Issues
Twenty-Twenty Vision
When open-source software pioneer Eric Raymond first presented his manifesto The Cathedral & The Bazaar in 1997, he was writing specifically about software development in the days just prior to and just after the introduction of Linux to a worldwide audience: the old-line "cathedral" model, in which only specially trained and highly enlightened craftsmen were able to write and maintain the lifeblood of computing, and the emerging "bazaar," the wide open discourse "of different agendas and approaches" Linux and the open-source world embodies.
America's Great Divide
The subprime mortgage troubles have grabbed a lot of headlines this year as delinquencies and foreclosures mount and lenders scramble to tighten underwriting standards and head off onerous new rules from a populist-minded Washington.
The Rise of Business Intel 2.0
Forget traditional customer relationship measurements. Business intelligence technology-once reserved for derivatives geeks-relies on analytics and economic modeling to determine a customer's value and risk potential to an institution during the course of his life. For banks like Wachovia Corp., BI is helping to build a correlation between corporate strategy and consumers' life stages, household details, and financial choices-something that can translate into money for both parties.
The New Red Menace
Russian and eastern European hackers get all the glory these days, but their efforts to disrupt American financial services are a nuisance when compared to the nation-state threat that china's cyber army, and its rogue hackers, may pose. U.S. financial institutions' IT Security defenses aren't capable of defending against a rising global superpower. But then again, neither are Uncle Sam's.