Cybersecurity
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Best practices for Business Continuity
Depending on the organization, business continuity is something that is often considered to be more of a checklist task rather than a part of a strategic initiative. Business Continuity Planning (BCP) requires a collaborative effort of the entire organization and as a result the attention of key executives from all divisions to develop.
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Information Technology – Strategic Planning
Whether you think Information technology (IT) is a strategic asset to an organization or just a cost center that needs to be minimized, IT strategic planning at some level is necessary if the organization wants to hit its objectives more efficiently and effectively.
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Unintended Consequences of Ransomware
In December of 2021, the Office of the Comptroller of Currency (OCC) stated that all Financial Institutions must have ‘robust’ systems to identify threats and vulnerabilities in their technology. The OCC went on further to state that Financial Institutions should back up key systems and records in isolation to guard against hackers looking to disrupt systems for payout.
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What You Should Know About the FTC Updates to the GLBA Standards for Safeguarding Customer Information Rule
Amendments to the Standards for Safeguarding Customer Information incorporate five key compliance changes for financial institutions. The new Rule provides additional detail to existing information security program criteria, increases accountability for program reporting, expands upon the definition of a financial institution, incorporates additional terminology definitions, and offers an exemption for smaller institutions.
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Will the Cyber Incident Reporting for Critical Infrastructure Act of 2022 help or confuse Financial Institutions?
Recent legislation drives 72-hour timeline for notification of data breach and 24-hour notification of ransomware payment.
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Digital / Online Payment Systems Risk
There are several payment systems available today to enhance the ease and convenience of making financial transactions. Payment systems continue to be developed and offered by both financial and non-financial institutions with just a few clicks to authenticate and transmit funds. The audience of these newly introduced applications are dependent upon the respective vendors to ensure that all required controls have been implemented to protect the data at rest as well as during transmission. Regulatory bodies have also addressed these risks through additional compliance requirements, and established frameworks continue to heighten industry standards to further guide organizations to reduce risk to an acceptable level.
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Payment Systems & Cybersecurity
In an effort to push more capabilities and flexibility to members and customers, financial institutions have embraced automated payment platforms such as FedLine and SWIFT. These services make it easy to exchange funds between individuals and businesses across the country and across borders. Naturally, with the expanded use of these technologies, the cybersecurity risks that correspond to these technologies increase as well. The risks not only threaten the institutions that use these services, but they threaten the organizations that provide them
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Looking Ahead in 2022
One of CLA’s strategic advantages is our deep industry specialization. As we look to get a leg up on 2022 and absorb the lessons learned from 2020 and 2021, we see numerous opportunities and areas of focus for our financial institution clients. If we’ve learned anything during this time, it’s that we need to look at risk differently in this ever-changing environment.
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Cybersecurity Advisory Prompts Financial Institutions to Analyze Security and Continuity Measures
The Cybersecurity and Infrastructure Security Agency (CISA) recently issued a warning cautioning United States organizations of the heightened cybersecurity threats in the wake of conflicts between Russia and Ukraine. The CISA prompted financial regulators to instruct their financial institutions to reevaluate security and continuity planning. Regulators warn that the current cybersecurity threat landscape may exceed previously acceptable recovery arrangements.
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Roadmap to an Effective Information Security Program
Learn how a well-documented roadmap and policy can help secure your financial institution’s information assets.