It’s Friday! Get up to date with cyber security news with our picks for this week’s top articles from the IT and security presses:

1. “Hospital Sues Bank of America Over Million-Dollar Cyberheist” by Brian Krebs
   Bank of America is under fire as a public hospital in the state of Washington blames them for a cyberheist amounting to $1.03 million. The heist took place in April of 2013, when cybercriminals hacked into the payroll accounts of the Chelan County Hospital No. 1. Although Bank of America was able to recover approximately $400,000 of fraudulent payroll payments, an employee of the hospital claims that they had notified the bank that suspicious activity was occurring back in April 2013. For more, check out this article.
2. “There’s Now a Free iPhone App That Encrypts Calls and Texts” by Andy Greenberg
   A new way to enhance mobile phone privacy has been developed for iPhone and Android users. Open-source software group, Open Whisper Systems has created a free mobile app that keeps both voice and text communications fully encrypted. Moxie Marlinspike, founder of Open Whisper Systems, states “The objective is to be a complete, transparent replacement for secure communications.” Give this article a read to learn more about this app.
3. “Venmo mobile payment service under fire for security carelessness” by John Zorabedian
   Owned by Paypal, Venmo is a fairly new application that allows people to electronically send payments to each other through accounts that are linked to their bank accounts or debit cards. This app is becoming increasingly popular, especially amongst younger crowd. Despite its success, Venmo is receiving criticism regarding their lack security policies. Read this article to find out the security holes that one Venmo user joked you could "drive a truck through."
4. “Uber Takes Over 5 Months To Issue Breach Notification” by Dark Reading Staff
   The popular cab company, Uber, has found its way into the security headlines once again. They have recently revealed that they  experienced a data breach that exposed the names and license numbers of about 50,000 current and former drivers. Uber’s Managing Counsel of Data privacy stated that the company was aware of this activity since September of 2014. To find out what is being done about this breach, give this article a look.
5. “Why companies have little incentive to invest in cybersecurity” by Benjamin Dean
   With no end in sight for data breaches, why aren’t companies taking the necessary steps to improve their cyber security? According to Benjamin Dean, the answer is simple. While data breaches may affect their customers and reputations, only a small dent is put in  companies’ own bank accounts. The recent high-profile breaches that have occurred in large companies including Sony, Home Depot, and Target have cost the companies a mere 1% of their annual revenues on average. After reimbursement from insurance and tax deductions this percentage is even less. In this article, Dean delves in to this issue and expresses how government intervention might be required.