There were two crashes heard within the banking industry on Monday.
One was the stock market, which suffered its biggest drop since the aftermath of the terrorist attacks of 2001 - the Dow Jones industrial average alone lost 504 points, or 4.4%. The Nasdaq composite lost 3.6%.
But the second crash may have been...
As regulators turn up the heat on banking institutions to improve vendor management, the industry's emerging standard assessment program has a new look and a new version set to debut this fall.
The Shared Assessments Program, formerly known as the Financial Institution Shared Assessment Program (FISAP), is promoted...
Anti-money laundering has been one of the dominant stories in financial services this year, and the trend isn't likely to abate anytime soon.
In this exclusive interview, attorney and AML expert Ross Delston discusses:
The latest AML trends, including Trade-Based Money Laundering;
How institutions are...
I can't say enough about the mud slinging and finger pointing being done during the continuing mortgage crisis. It is getting ugly out there. Even the government-sponsored enterprises Fannie Mae and Freddie Mac are now under the watchful conservatorship eye of the federal regulators, as the mortgage foreclosures top...
With all the focus on banks and credit unions' work to comply with the ID Theft Red Flags Rule, many in the financial services industry have forgotten that the largest share of entities impacted by this new regulation are non-banking institutions -- finance companies, automobile dealers, mortgage brokers, etc.
And...
To me, this is one of the sleeper stories of the year.
The ID Theft Red Flags Rule, Business Continuity and Anti-Money Laundering have dominated the headlines - and banking/security priorities. But recent attention paid to Application Security has the potential to fuel one major fire drill in 2009.
When I started this job a year ago and reached out to banking/security leaders, the overwhelming message I got was "Security awareness - we don't do it well."
For banking institution employees, maybe there was an information security training seminar when they first started. Or an occasional workshop on identity...
With an estimated damage toll that may reach $12 billion, the aftermath of hurricane Gustav's track through Mississippi, Louisiana and other states finds banks and credit unions cleaning up and reopening their institutions.
Now being the "prime time" for hurricanes, all eyes remain closely fixed to television...
Organizations often face the task of trying to recover data from water-soaked hard disks or servers that have been flooded by hurricanes, bad weather, or even the sprinklers going off in the branch or building.
Rule one -- don't assume that data isn't recoverable, no matter what it has been through, says Jim...
This is a transcript of a recent webinar, Insider Threats - Safeguarding Enterprise Information Assets, sponsored by Imprivata. This session discusses the need and importance for convergence of physical and logical access control. To highlight the significance, Imprivata showcases their revolutionary product,...
Governance is a term increasingly used in financial institutions, as banking/security leaders try to introduce new processes and disciplines to their organizations.
In this exclusive interview, Jennifer Bayuk, an information security specialist and former CISO at Bear Stearns & Co., discusses:
What governance...
Resource allocation - the people, places and things - is one of the most overlooked aspects of Business Continuity planning.
In this exclusive interview, crime and information security expert Dana Turner offers insights on:
What resource allocation truly means for financial institutions;
Unique challenges...
As financial institutions scramble to meet the Nov. 1 deadline for Identity Theft Red Flags Rule compliance, the operative word is "prevention" - as in Identity Theft Prevention Program.
And the key to making prevention work, observers say, is a sound customer awareness program that goes beyond statement stuffers...
Everyone was watching the Olympics this past month and saw lots of records being broken. But there is one record no one want to be included in -- the record number of 449 data breaches that have happened (and been made public) and recorded by the Identity Theft Resource Center.
Unfortunately for some unlucky...
The Bank of New York Mellon (BNY Mellon) has announced that the data breach that occurred back in May is much bigger than the 4.5 million records originally announced. The bank now says that another 8 million customers were affected by the breach, bringing the total figure to 12.5 million, which may make it the...
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