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Our Subject Matter Experts Discuss Emerging Banking Issues

NYSDFS Part 500: Doing Your Part to Remain Prepared

9/18/2020

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By Cyber Risk Management
Group


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.

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Is Your Board’s Cybersecurity Training up to Code?

8/13/2020

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By Cyber Risk Management
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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”).

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The Key Cybersecurity Risks Related to COVID-19

6/2/2020

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Photo Credit:Titima Ongkantong / shutterstock.com
Jasper Zabala, Manager

During the current pandemic of COVID-19, professionals around the world are working from home and connecting remotely onto their organization's networks to stay productive within their respective businesses and occupations. In the mind of a cybercriminal, now is the perfect opportunity to perform malicious attacks on organizations and their employees. Whether the goal is to steal valuable information, disrupt productivity, or simply interrupt a network, the potential for cybersecurity risks is expected to grow during this pandemic.

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SIEM System Protection for Your Financial Institution

5/17/2019

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Photo Credit: everythingpossible © 123RF.com

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.


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Improving Cybersecurity Governance

7/18/2018

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Photo Credit: iStock
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. 

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Enhancing Data Protection

4/4/2018

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With the advent of new regulations, such as NYDFS Part 500 Cybersecurity Requirements and General Data Protection Regulations ("GDPR"), more focus has been placed on securing data in transit and data at rest. Data in transit is data that is actively moving through an internal network or flowing over the Internet to an off-site location. Data at rest is inactive data that is stored locally on a hard drive in a data center, on a local machine or on a mobile device, such as a laptop. While it is often thought that data in transit is easier for an attacker to obtain, it is often the opposite.

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