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He also recommended that the Financial Stability Oversight Council (FSOC) be charged with “the responsibility to create a framework for regulating cryptocurrencies and developing guidelines for strong protections against money laundering and cybersecurity threats to those marketplaces.”.
House Committee passed proposed legislation last week that would require the National Institute of Standards and Technology (NIST) to create cybersecurity guidelines developed specifically for SMEs. ” The risks include hacks, criminal fraud and corporate espionage, and the list of potential crimes is growing, the FSB said.
Unfortunately, Fauss says, regulating prepaid cards out of the market as a low barrier alternative to DDA accounts will not make consumers who are currently unable to get bank accounts suddenly able to get one – or make a millennial who is concerned about cybersecurity any more excited to use her existing debit card at a merchant POS.
Recent research by San Francisco-based cybersecurity company RiskIQ , aggregated in the company’s 2017 State of Enterprise Digital Defense Report , shows 68 percent of corporate decision-makers have little to no confidence in this area. How confident do you feel in your ability to handle and mitigate the situation?
As mobile wallets become more popular they'll also become more popular targets for fraud. Banks ought to improve enrollment guidelines and other security tools in plotting their mobile-wallet strategy.
The Consumer Financial Protection Bureau (CFPB) has indicated it will publish rules , not guidelines, aimed at strengthening consumers’ control over and providing portability of their financial account data, sometime in 2023. The SEC rules will require a new cybersecurity preparedness level that many organizations may not be meeting today.
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