Firms not investing enough on protecting customers, analysts say
(NEWSER) - The massive data breach at Citigroup has alarmed customers, angered lawmakers, and sparked debate on whether big banks are spending enough money on protecting their customers' information, the New York Times finds. Credit card companies have devoted their resources to preventing fraud from occurring when data is stolen and not invested enough in preventing data breaches from occurring in the first place, analysts say. While banks have gotten better at curtailing fraud—today, it costs banks 5 cents of every $100 changed, down from 15 cents in 1992—some say banks have little reason to try to shrink that even more. More»
