Cybersecurity insurance, also known as cyber risk insurance, cyber liability insurance or data-breach liability insurance, helps an institution recover from the financial losses related to a security breach or other cyber event. Cybersecurity insurance isn’t required. Regulators don’t require cyber insurance. That doesn’t mean you don’t need it, though. The global average cost of a […]
When properly constructed, a vendor management software solution is a tool that guides an institution through managing third and fourth-party vendor risk. It organizes existing processes and documentation while offering insights into improving vendor relationships and policies. It’s more than a storage center for contracts. It’s an expert system that uncovers insights into vendor agreements […]
When was the last time your incident response team practiced its response to a cyberattack? If it’s been awhile, you may want to look into the Cyber-Attack Against Payment Systems (CAPS) exercises hosted by Financial Services Information Sharing and Analysis Center (FS-ISAC) this fall. This two-day, confidential tabletop exercise simulates an attack on payment systems […]
If you’re assuming your third-party service provider is following cybersecurity best practices because it’s smart business, think again. Vendors are required to honor the terms of a contract and follow applicable regulatory guidance, but unless a contract clearly defines items like internal controls and incident response plans, you have no way of knowing how a […]
Banks and credit unions across the country are rejoicing at the passage of the Economic Growth, Regulatory Relief and Consumer Protection Act. This much-awaited law rolls back many provisions of the Dodd-Frank Act, reducing regulatory burden at some financial institutions. Now that some banks and credit unions can roll back compliance efforts in a few […]
From pastry chefs to tightrope walkers, every job requires a specific set of skills. For vendor risk managers, it’s all about an analytical mind and keen organizational skills. Unfortunately, there’s often so much organizing that needs to be done that there isn’t nearly enough time to dedicate to analysis, which leaves open the door for […]
School is out for summer, and college students across the country have returned home eager for internships. If your institution has brought on an intern, it’s worth a few minutes of your time to brainstorm some tasks for this bright young mind. Chances are you’ve got more than a few items on the back burner […]
Many financial institutions view vendors as a necessary evil, but extending a little trust to vendors goes a long way towards building a bridge to success.