The notion of technology disruption has been, and continues to be, a huge topic of discussion in the financial industry and beyond. As technology evolves and becomes more sophisticated, many experts believe that the industry needs to evolve with it to better serve customers who crave innovative ways to fulfill their banking needs.
With four updates to its IT Handbook in 20 months, the Federal Financial Institutions Examination Council (FFIEC) has its hands full keeping up with the accelerating speed of technological advancements and the increasing frequency and sophistication of cyberattacks.
For many community banks, holding on to IT staff equipped with the expertise and ability to manage various technology systems is a difficult and expensive task. Plus, finding qualified IT employees is increasingly challenging.
Though it stormed in the early morning hours of Wednesday in San Antonio, Texas, the agenda for day two of CSI Customer Conference 2016 was anything but watered down.
CSI Customer Conference 2016 kicked off in grand style on Tuesday, Nov. 1, at the beautiful JW Marriott San Antonio Hill Country Resort & Spa in San Antonio, Texas. More than 900 attendees from around the country registered for this year’s conference, where in similar fashion to CSI itself, the theme is all about the customer experience.
Massive distributed denial-of-service (DDOS) attacks last week, which shut down powerhouses like Twitter, Spotify, Netflix and many others, remind us that the Internet is a vulnerable place. And while you have several areas within your business that require attention, protecting your financial institution’s network from external cyberattacks is major priority.
Managing card fraud is a high-stakes game for any financial institution. Case in point: Martinsville, Indiana’s Home Bank. Like many institutions, the bank was spending significant time mitigating card fraud and managing fraud resolution. And despite using a card-mitigation service, the bank was struggling to identify fraud trends and researching transactions became very difficult.
For years, banks have been expected to test their business continuity plans. But now, with cybersecurity becoming a bigger and bigger priority in the financial industry, the lines between your cyber-incident response program and business continuity plan (BCP) are becoming blurred and combined. In recognition of National Cybersecurity Awareness Month, let’s take a hard look at testing cyber-incident response plans.
After five years in operation, and under the auspices of preventing unfair, deceptive or abusive acts or practices (UDAAP), the CFPB continues to exert its power and authority over the financial industry in troubling ways. This year alone, it successfully argued against a statute of limitations for UDAAP violations and proposed a UDAAP rule on small-dollar loans that many believe could decimate this sector of the financial services industry.
Last week on the CSI blog, we addressed four common IT questions banks ask vCIOs about IT strategy. In addition to the questions addressed in that post, many of the most common questions vCIOs hear relate specifically to the challenges of cybersecurity. So, this week, we’re digging deeper into protecting your financial institution from an attack as well as the importance of regular vulnerability scanning.