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regions, cloud)? Tools such as the ABC National Risk Score in the US, which provides a general rating of cyber risk for benchmarking, and the FICO® Cyber Risk Score, which provides company- specific metrics, may be leveraged in combination to provide a directionally correct view of relative risk. if necessary?
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. The major difficulty for FIs and businesses is that some compliance standards are harsher than others, which can lead to security weaknesses.
Aside from the cybersecurity of it, let''s think of the implications from a corporate accounting system that wants to interact directly with the bank''s core. How long before those corporate accounting system providers strike a deal with some regional or national bank to provide seamless views to corporate customers?
Comments by JPMorgan Chase's Jamie Dimon have added fuel to the long-discussed idea of a national database that would make it easier for banks to vet customers for anti-money-laundering and other risks.
Comments by JPMorgan Chase's Jamie Dimon have added fuel to the long-discussed idea of a national database that would make it easier for banks to vet customers for anti-money-laundering and other risks.
The risks that come with not having an application strategy could also spell trouble as cybersecurity concerns rise. Approximately 35 percent of the data thefts were from website breaches, and 22 percent were from cyber espionage. According to the Ponemon Institute , the cost of cyber attacks rose to $20.8
The regional bank has consolidated all of its digital operations under a single leader. Find out what he thinks about customer expectations, bots, fintechs and the coming convergence of digital banking.
Artificial intelligence is moving from science fiction to practical reality fast, and it's in banks' best interest to gear up now for the changes ahead. Here are some strategies to consider.
Big banks were seen as winners in the Trans-Pacific Partnership, but their support for the pact is in question as a result of their treatment in a data-related provision.
Huntington Bancshares is the latest institution to add a cybersecurity expert to its board, highlighting the growing importance of guarding against hackers and other online dangers.
Scandal, business models gone awry, missing money and executive shake-ups — 2016 had it all. Here are the financial services executives or groups of them who took the heat and will be looking for better times in 2017.
The payments messaging network Swift has told its client banks that the threat of cyberattacks "is very persistent, adaptive and sophisticated — and it is here to stay.".
JPMorgan Chase seeks to reshape its business through technology, but there is a natural gap between the megabank and Silicon Valley startups. Larry Feinsmith's job is to bring the two together.
Distinct business plans in promising areas such as smart use of consumer data, cybersecurity and content creation, according to Bank of America Merrill Lynch commercial banking executive Scott Olmsted. And that is just the beginning of his list.
Samsung sees banking as a long game, and Samsung Pay is its first move. As mobile banking grows, the Korean electronics company believes financial services is ripe with opportunity.
Bank is using geolocation to make sure customers' card transactions are approved when they are traveling. It is just one example of how more companies are asking customers to let them track their phones.
Banks have gotten better at detecting digital banking fraud, but the process of closing and reopening accounts is still a mess — and that is what could send more customers packing.
Offering a new product or considering a merger may boost returns, but the Office of the Comptroller of the Currency says changes in strategy can be risky.
Regulators need to start paying attention to "denial-of-system" attacks as one of the triggers that could bring down a systemically important institution.
Throw Cathy Bessant of Bank of America a question about a hot tech topic, and she's got answers. Blockchain? She loves it but is still waiting for its use case. The law is making us be aggressive. A call to action. And that's just the start.
Some days the ride-sharing app receives more than a million phishing emails — a stat to which large banks can relate. But after deploying common protocols and open-source software, Uber now rejects most bad emails.
The drumbeat of news about hackers stealing millions of dollars by gaming the Swift interbank messaging system should have been a wake-up call for banking executives, but it's unclear how many of them answered it. Is it too late for them to shore up their defenses?
Many bank security people will undoubtedly shrug off Anonymous' claim that it's trying to bring down banks all over the world. There are a few reasons to take it seriously.
Maria Vullo, still stuck in limbo as acting superintendent of the New York State Department of Financial Services, is hindered from putting her mark on the agency until she gets confirmed. So a quiet guessing game is going on about how her supervisory philosophy will compare with her predecessor Benjamin Lawsky.
Requirements that banks share anti-money-laundering information should extend to fraud and cyber risks, to connect the dots between bad actors and their transfer of money.
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