Remove Compliance Remove Cyber Security Remove Operations
article thumbnail

Proposed new cyber security regulations will be a huge undertaking for financial institutions

Celent Banking

New York State Department of Financial Services (NYDSF) is one step closer to releasing cyber security regulations aided by the largest security hacking breach in history, against JP Morgan Chase. Mandated training of security will be required. Systems operations and availability concerns.

article thumbnail

Reduce your accounting firm’s cyber risks with these 8 actions

Abrigo

Demand for effective cyber risk management is so strong that the AICPA is developing common criteria for CPAs to use as they help clients evaluate their programs and efforts. A central method for creating a strong cyber security culture is generating awareness. Test employee awareness and compliance.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

NYDFS Announces Draft Amendments to Cybersecurity Regulation

CFPB Monitor

On July 29, 2022, the New York Department of Financial Services (“NYDFS”) released Draft Amendments to its Cyber Security Regulations. The Amendments, if adopted, would further regulatory trends and impose important new requirements on covered entities. The Amendments contain three significant changes relating to ransomware.

article thumbnail

Four Steps for Managing Third-Party Cyber Security Risk

FICO

The latest Assessment of Business Cyber Risk (ABC) report from the US Chamber of Commerce and FICO discusses four steps for improving third-party cybersecurity risk management. Where does the vendor operate (e.g., Would there be compliance exposure in the event of a breach at the supplier? Let’s take a look at these four steps.

article thumbnail

Bank Regulators Seeking Comments on the Use of AI and ML in the Industry

Perficient

Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. AI technologies, such as voice recognition and natural language processing (NLP), are being used to improve customer experience and to gain operational efficiencies. Personalization of Customer Services.

article thumbnail

Betting the Bank on Your IT Experts

Jack Henry

The stakes of this game are rising, however, because of increased sophistication of cyber-attacks, regulatory scrutiny around how banks are managing IT environments, and the growing number of governing entities with their fingers in the compliance pie.

article thumbnail

Inside China’s Cyber, Financial Regulatory Changes And Challenges

PYMNTS

Financial institutions (FIs) and merchants from other regions have been dipping their toes into the Chinese market, but open banking has compounded the difficulty involved in setting up operations. He described how government regulators recently chastised Alibaba for compliance troubles with its credit scoring feature, Sesame Credit. “In