Jasper Zabala, CISA

In July 2020, the New York State Department of Financial Services (“NYSDFS”) announced that First American Title Insurance Company (a subsidiary of insurance company, First American Financial Corp) was their first ever cybersecurity enforcement action after the financial institution exposed hundreds of millions of documents containing confidential information, such as social security numbers, wire transaction receipts, drivers’ license images, bank account numbers, etc. stemming back from 2003.

Jasper Zabala, CISA

Cybersecurity has been a hot topic within the past few years. It is especially important now due to the huge shift in people working remotely as a result of the current pandemic, which makes having strong cybersecurity measures invaluable. With the growing number of security breaches, companies are finding the best ways to secure their network through various types of administrative and technical controls. Yet, some organizations tend to overlook the importance of proper security awareness training being provided to their employees, especially specific training provided to the Board of Directors (“Board”).

In today’s technology environment, financial institutions are consistently searching for ways to secure their network. However, many institutions do not take full advantage of monitoring tools that may enhance their security and safeguard their network. For these institutions, a Security Information and Event Management (“SIEM”) system may provide the additional protection needed.

The risk landscape for financial institutions is constantly changing with a myriad of new regulations and growing cybersecurity threats. In this environment, surveys continue to show that Boards of Directors and Senior Management lack confidence in their institution's cybersecurity capabilities and that cybersecurity governance is often inadequate.