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Treasury report examines gaps in banks' AI risk management

American Banker

The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.

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Why cyber risk challenges are best addressed through cyber integration

Accenture

In my first post on integrated cyber risk management, we looked at financial firms bringing together leadership and capabilities across fraud, IT, cyber security and operational risk, both to improve enterprise risk management and to build cyber resilience. Read more.

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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. The attack began in 2007 and crossed 17 different countries.

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

Perficient

fraud detection and financial crime monitoring). email, text, audio data), with the aim of identifying fraud or anomalous transactions. Risk Management. AI may be used to augment risk management and control practices. It involves using software to analyze both structured and unstructured data (i.e.,

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4 considerations for banking leaders concerned about cyber security

NCR

Evaluation of Risk. The overall risk management framework of any institution, including banks, should include cybersecurity considerations. While the ISO reports to the board on all cybersecurity, the degree to which this person is engaged across all banking functions can make a significant difference preventing digital fraud.

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Four Steps for Managing Third-Party Cyber Security Risk

FICO

As TPRM or third-party risk management grows in importance, so does cybersecurity risk assessment as part of it. 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.

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Modern Bank Robbery: Addressing Cyber Fraud in Retail Financial Services

Cisco

After decades of battling credit card fraud, retail banks face a new challenge: fraudulent account takeover. The rise in high-impact fraud. The Javelin 2019 Identity Fraud Report notes that, “While existing card fraud losses dropped from $8.1 New account fraud is on the rise, with cost estimates up to $3.4

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