Browser security looms as big issue
March 31, 2010 — 4:15pm ET | By Jim Kim
We've noted that cybercriminals have increasingly found ways to compromise the bank accounts of small enterprises, many of whom lack the online savvy to thwart the bad guys. What role does the bank play in this? Well, it might surprise you to learn that U.S. banks aren't exactly on the forefront of security when it comes to online banking by its customers.
Bank Technology News says this: "U.S. banks fret that desktop security features could inconvenience the customer and hurt the online experience. But they also fear liability-that by recommending a security feature for clients, the bank will be held legally responsible if any security-related losses occur."
At least one expert says that U.S. banks are lagging their counterparts in Europe by about 18 months when it comes to security offerings. But you would have to think that U.S. banks will change their tune on browser security as liability from breaches (data breach news) slowly starts to grow. Fifth Third has decided to be a pioneer. It will launch a pilot security solution for corporate clients that aims to "lock down" the online banking session between the customer's computer and the bank. The specifics are unclear but it may require some extra software and few more steps. Still, the inconvenience would be worth it for added safety--but if a breach still occurs, then what?
For more: - here's the article
Read more: http://www.fiercefinanceit.com/story/browser-security-looms-big-issue/2010-03-31#ixzz0jshVgE2I
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