As I wrote in my column last year, third-party risks continue to be one of a bank’s greatest risks. Properly addressing these risks as a part of your overall business strategy is challenging.
On May 12, 2021, President Biden issued an Executive Order to implement new policies aimed at strengthening the nation’s cybersecurity.
Regulations are nothing new to financial organizations. In fact, the consensus is whether it’s a traditional bank or a modern fintech startup, they are among the most heavily regulated businesses already — and have been for some time.
The global insurance company, AXA, will no longer write policies in France that reimburse customers for extortion payments made to ransomware criminals. How much longer before the same applies in the U.S.?
Recently, the Board of Governors of the Federal Reserve System, CFPB, FDIC, NCUA and OCC released a request for information and comment on financial institutions’ use of artificial intelligence and machine learning.
I’m writing this column just days after the Microsoft Exchange vulnerability release, and I’m sure that by the time this is published, it will be much, much worse.
As cyber threats have increased, more organizations need access to the latest threat intelligence.
The first rounds of PPP helped more than five million small businesses in the United States in the amount of $525 billion in funding, but not without a dark side to the program.
Cyber threats are daunting. Not only are they complex and constantly evolving, but they also have the potential to impart significant financial and reputational damage to our financial institutions.
Changes in technology have been revolutionizing business for a long time but recently this trend has been expedited due to the rapid increase in work-from-home as well as the adoption of technologies such as the cloud.
Social media has changed the ways we live our lives — from the way we get our news to the way we interact with our family, friends and peers. It’s everywhere, it’s unavoidable, it’s powerful and it’s here to stay.
Here we are almost to 2021. Do you feel any more cybersecure? Just this year, we’ve seen a 20% increase in cyber fraud and abuse and a startling 200% increase in business email compromises.
For the 17th year in a row, the National Cyber Security Alliance and CISA have announced October as Cybersecurity Awareness Month. This year’s theme is “Do Your Part. #BeCyberSmart.”
Business email compromise is a sophisticated scam that targets both businesses and individuals that transact legitimate transfer of funds requests.
Verafin, the industry’s leading financial crime management platform, helps more than 170 banks in Texas stay a step ahead with several solutions.
Vendor risk management has become a crucial area of cybersecurity as banks move operations to the cloud and asset managers hire third parties to manage their technology.
Criminals will continue to attack until bankers become proactive and monitor events in Europe.
The theft of ATMs is yet another crime that continues to plague our industry. This includes the rise of cyber threats to ATMs, such as skimming, shimming, cash-out and jackpotting, as well as the age-old technique of crash and grab the whole ATM.
According to the NCSA, ???The line between our online and offline lives is indistinguishable. In these tech-fueled times, our homes, societal well-being, economic prosperity and nation???s security are impacted by the internet.???
Like the thousands of data breaches before, security leaders will be answering the same question from their executive teams, ???Can this happen to us???? And I???m sure most of the responses will be, ???It???s not a matter of if, but when we get hack
The phone call has mostly been replaced with the targeted email since that is how we mainly communicate, but I???ve certainly seen an uptick in the SMS/text messaging attacks.
One would think that as technology improves so would the safeguarding features around monetary transactions. Mobile depositing of checks, for example, has actually made check fraud easier.
Over the years, I???ve watched the sophistication, impact and scale of cyber-attacks grow exponentially, from the nuisance attacks with computer worms and viruses in the early 90s to the large-scale data breaches that we almost daily.