Understanding the risks of different types of Mobile Banking transactions...

While leaving responsibility for personal mobile banking security solely in the hands of financial institutions is a poor strategy, your CU needs to do its part. Is yours?

Image source: gadgetdude / CC BY 2.0

There are a number of different mobile banking techniques, and with each comes a specific set of security rationale. Both your CU and its members need to understand the various possible attack scenarios against mobile banking systems and what can be done to minimize risk.

Security controls built into smartphone operating systems are now thought to be stronger than those built into desktop computers; however mobile device malware threats are growing rapidly. Your members can easily undermine mobile banking security and thus actively monitoring the health of their devices can help them to protect their data.

Read the article and learn about the various types of mobile banking transactions and their associated risks.

Financial Regulators Address Cloud Security

In effort to help financial institutions address and understand the risk of cloud computing and avoid outsourcing haphazardly, the US Federal Financial Institutions Examination Council (FFIEC) has published Outsourced Cloud Computing.

Image source: Article

This resource document stresses the importance of due diligence when shopping cloud service providers. Vendors may be unaware of the regulatory requirements applicable to financial institutions, but the financial institutions are still responsible for the compliance and security of their records and therefore must make sure their providers meet risk-management, compliance, quality-of-service, and cost standards.

Focused on business continuity planning, regulatory and legal compliance, audits, information security, vendor management, and due diligence, this FFIEC resource is an excellent guide for outsourcing cloud services and hammering out your vendor contracts and service-level agreements.

Read the story in CloudTimes and take advantage of this invaluable resource for your CU.