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Cybersecurity

FFIEC Issues Statement on Cybersecurity

by William Hord

June 08, 2016 08:06 am

FFIEC Issues Statement on Safeguarding the Cybersecurity of Interbank Messaging and Payment Networks

The Federal Financial Institutions Examination Council advised financial institutions yesterday afternoon to monitor the risks associated with interbank messaging and wholesale payment networks. Coming just two weeks after a malware attack on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) breached 12 banks. The FFIEC stated “financial institutions should review risk-management practices and controls related to information technology systems and wholesale payment networks, including risk assessment; authentication, authorization and access controls; monitoring and mitigation; fraud detection; and incident response.”

If you haven’t already been assessing this process risk via your ERM program and/or your IT/GRC program, you should. Ensuring you have all the necessary controls in place to mitigate your risk and provide assurances to examiners and stakeholders is critical for such a highly utilized and trusted financial service.

https://www.ffiec.gov/press/pr060716.htm

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Regulatory Reform and a Sunday Drive

by William Hord

March 14, 2016 12:03 pm

It’s over, regulatory reform is finished and we can get on with the business of running our business, right? Not so fast Speed Racer. Wait a minute you ask? Aren’t we just about complete with implementing Dodd-Frank? Although that is true, unfortunately the stable landscape we thought would come from it is still just as rife with change as it has ever been. It appears Congress is very unlikely to repeal Dodd-Frank and the banking industry will begin to feel pressure from additional reforms related to money laundering, terrorism financing and cyber threats. Combine this with a new vigor to hold executives accountable for their governance failures both personally and sometimes criminally, and the road looks even more concerning. (more…)

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