NYDFS finalizes cybersecurity regulations for New York financial institutions

The New York State Department of Financial Services (NYDFS) recently issued cybersecurity regulations that require New York banks, insurance companies and other financial institutions to create and maintain a cybersecurity program designed to protect consumers and the financial services industry at large, according to a report by Mondaq. The regulations, which take effect on March 1, require all applicable entities subject to come into compliance with most requirements within 180 days of the effective date. However, certain requirements allow up

U.S. government agencies increasingly adopting new biometric authentication tools

U.S. government agencies are increasingly adopting a range of biometric technologies to ­minimize cyberthreats and streamline system access, according to a report by FedTech. The Defense and Homeland Security departments have long been using fingerprint readers to facilitate physical and digital access. However, these agencies and others are increasingly investing in new biometric technologies which measure an individual’s unique physical and behavioral characteristics, including facial dimensions, ­fingerprints and irises, handprints, voiceprints, gait and signature. G. Nagesh Rao, chief technologist at

New York banks look to adopt biometrics in compliance with new cybersecurity rules

New York banks, insurance companies and other financial institutions are preparing to adopt multi-factor authentication including biometrics in compliance with the new cybersecurity rules, which take effect on March 1st, according to a report by Bloomerg BNA. New York Department of Financial Services’ (NYDFS) cybersecurity program is intended to protect consumers and ensure the safety of the state’s financial services industry. One of the requirements of the NYDFS cybersecurity program calls for organizations to use multi-factor authentication “to protect against

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Researchers developing emotional brainwave verification system

Researchers are developing a security system that analyzes brain waves to determine the user’s mental state, and provide or deny access to resources based on them. A research paper titled “Brainwave authentication using emotional patterns” by Violeta Tulceanu was published to the latest issue of the International Journal of Advanced Intelligence Paradigms, and describes the use of brainwave biometrics to supplement access control systems. Applications of a security system based on mental state could include control of access to buildings,

Versasec study forecasts IT security spending to increase significantly in 2017

Versasec has published a new study that reveals that IT executives in small- and medium-sized companies as well as larger enterprises believe that mobile, bring-your-own-devices, and cloud usage pose the biggest security challenges as they head into 2017. In the report, nearly 70% of respondents said their companies will spend at least 10% of their IT budgets on security in 2017. In fact, 15% of respondents said their budgets for IT security will account for more than 50% of their

IBM recruits 40 enterprises to beta test Watson cognitive system

IBM has recruited 40 enterprises from auto, banking and insurance sectors to beta test its Watson cognitive computing system as an enterprise protection tool, according to a report by CIO. The enterprises include Sun Life Financial, University of Rochester Medical Center, SCANA Corporation, Sumitomo Mitsui Financial Group, California Polytechnic State University, University of New Brunswick, Avnet and Smarttech, which will all help research and develop new security applications that will use the system’s natural language and machine learning methods. The

Bipartisan cybersecurity panel issues report recommending stronger authentication

The Commission on Enhancing National Cybersecurity, a bipartisan panel that addresses cybersecurity challenges facing government and industry, issued a new report intended for the next administration that recommends, among other things, that all Internet-based federal government services provided directly to citizens use “appropriately strong authentication.” The 100-page ‘Report On Securing and Growing the Digital Economy’ document includes 16 recommendations and 53 related directives for both the public and private sector. The report identified several key authentication requirements, including that all

TypingDNA enables easy identity verification for web apps with typing biometrics

TypingDNA has developed technology that expands the limited biometric authentication options not requiring specialized sensors or advanced hardware. Its approach works with existing keyboards, and can be used to protect any app by matching a short typing sample. TypingDNA’s cybersecurity SaaS uses artificial intelligence to match two or more typing patterns, which consist of “press and flight times” keyboard input. Typing patterns are virtually impossible to steal, and are also simpler to use for web applications than other biometrics, CMO

Visa says E.U.’s strategy to password protect electronic payments may backfire

Visa said that the European Union’s planned strategy for combating fraud by implementing mandatory use of passwords or pin codes to authenticate all electronic transactions over 10 euros ($10.60) could potentially disrupt online shopping and may not boost security, according to a report by Fortune. The European Banking Authority, the EU’s banking regulator, proposed in August draft technical standards to combat the growing occurrence of cybercrime and online fraud. “These new proposals threaten to seriously disrupt the way we all