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 […]
Chances are you were ready when FinCEN’s new customer due diligence rules (CDD) requiring the establishment of beneficial ownership for business relationships took effect May 11. But do you know if your policies and procedures are working as intended? If you haven’t addressed risk and put effective controls in place, then you don’t. Implementing CDD […]
There’s something tantalizing about comparisons. It’s nice to know where you stack up when it comes to both your peers and the institutions you aspire to be. Fortunately, when it comes to risk management, there is no shortage of surveys and studies telling you what everybody is up to. So what do the most recent […]
Sports gambling is the latest high-risk business opportunity to open up to banks, thanks to a Supreme Court ruling that overturned a federal law that severely limited the practice. Add that to state-level legalization of recreational and medical marijuana use, and financial institutions find themselves in unchartered territory. What’s a bank to do? On one […]
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 […]
Wells Fargo, why does this keep happening? This latest instance comes courtesy of one of Well Fargo’s now-former tellers who stole over $185,000 from a homeless customer, according to the Justice Department. The customer was a street vendor who came into the bank’s Georgetown branch in Washington, D.C., and attempted to deposit thousands in cash […]
Working in Hollywood sounds glamorous, but it turns out filmmakers and television producers out in La La Land face some of the same problems as banks and credit unions—especially when it comes to third-party vendors and IT security. In what’s being called the largest hack of Hollywood since the Sony leak in 2014 (the one […]
Ben Franklin once wrote that “Glass, china and reputation are easily cracked, and never well mended.” Reputational risk is present any time a vendor enters the picture, so it makes sense to spend the necessary time and resources to choose only those vendors who have proven to be trusted and valuable partners.