Monday, June 13, 2011

Regulators Pressure Banks After Citi Data Breach

Maria Aspan writes for Reuters:

Major U.S. banks came under growing pressure from banking regulators to improve the security of customer accounts after Citigroup Inc became the latest high-profile victim of a cyber attack.

While Citigroup insisted the breach had been limited, experts called it the largest direct attack on a major U.S. financial institution, and said it could prompt an overhaul of the banking industry's data security measures.

The Federal Deposit Insurance Corp, the nation's primary regulator, is preparing new measures on data security. Its chairman Sheila Bair said on Thursday she may ask "some banks to strengthen their authentication when a customer logs onto online accounts."

More here.


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