Information Technology
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Including Digital in Your Budget Process- Part 2 of 2
In Part 1 of this blog series, we focused on the importance of considering digital in your budget process by leveraging data to help identify organizational priorities. As we wrap up this series, we’ve provided foundational best practices to get you on the right path during the upcoming budget season. As a supplement to this […]
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Don’t Overlook the R&D Tax Credit for Your Next Fintech Investment
This blog was authored by my colleague Michael De Prima, a principal in our federal tax strategies group. Financial service companies may not seem like typical candidates for research and development (R&D) incentives, but the technology investments these organizations make can present excellent opportunities to capture the R&D tax credit. The federal R&D credit has […]
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Microsoft 365 – Getting More for Your Investment
This blog was authored by my colleague Grant Rolfes – Assurance Manager, Financial Institutions Community banks and credit unions have continued to grow accustomed to the ever-changing landscape of the financial institution industry. From additional regulations, staffing challenges, and a volatile interest rate environment, many financial institutions are looking for solutions to increase the efficiency […]
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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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Computer-Security Incident Notification Requirements
In fall 2021, the banking agencies issued a final ruled regarding computer-security incident notifications. See how this new rule impacts your bank.