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Major Financial Groups Share Data To Fight Online Theft
Posted: January 12th, 2012, 3:29pm CET by Soulskill
Tags: security
smitty777 writes "The Wall Street Journal is reporting on some unprecedented steps being taken by major financial institutions to combat online theft. The initiatives include a new type of data center that would be used to analyze bank data for potential security threats. Additionally, a quarterly round-table between the rivals to attack security issues was proposed. The article notes that 'security threats are pushing the big banks to do something that doesn't come naturally for these secrecy-steeped institutions: share information with one another.' A video at MarketWatch digs into it a little bit more, and points out that the banks will spend an estimated $1 billion on protection this year, which represents a 12% increase. Technologically, there has been much discussion of two-factor authentication to improve security. In fact, security officials in Singapore are even hinting at biometric solutions."