All banks in Panama must have integrated circuit technology by December 20, 2014, with an option existing to take an additional three months, until March 2015.
Debit and credit cards must have a microcircuit or chip system which provides more security and more storage of user information with the aim of "... Checking by means of cryptographic procedures, that the card and point of sale where it is used are valid, before carrying out electronic banking services. "
This decade will see governments, organized crime and individuals declare cyber war on companies' information.
Computer fraud is now a full time business for many, whether it be for profit or in an attempt to achieve a competitive advantage. Governments regularly acuse each other of cyber foul play and institutions are having to take ever more drastic measures to protect themselves.
Protecting what matters: the sixth annual Deloitte Touche Tohmatsu (DTT) Global Financial Services Industry (GFSI) Practice information security survey.
The goal of the 6th Annual Global Security Survey for financial institutions is to help respondents assess and understand the state of information security within their organization relative to comparable financial institutions around the world.