A spate of high-profile, high-impact cyber breaches at several of the largest financial institutions in the United States has brought attention to a point that cybersecurity professionals have long taken as an article of faith: boards of directors need to take an active role in the management of cyber risk.
Yet,...
As stated in a recent issue of the FDIC's Supervisory Insights, the risks presented by cyber attacks have become "one of the most critical challenges [in the last decade] facing the financial services sector due to the frequency and increasing sophistication of cyber attacks." In just a year's time, 2014 to 2015,...
Regardless of how many security controls are placed on a network and the components that are involved in making a network operate, there will always be vulnerabilities in a connected world. So, what do you do in an environment that allows for such risk of compromise?
One of the best methods of protecting...
The FDIC says cybersecurity is a business continuity issue. So it's offering banks a series of videos and exercises to help them address key threats, including account take-over, malware infections and other risks related to third parties.
Although they apparently weren't caused by cyber-attacks, the impacts of computer failures at the New York Stock Exchange, United Airlines and the Wall Street Journal have much in common with the aftermath of breaches.
Kevin Greenfield, director of bank IT for the Office of the Comptroller of the Currency, says FFIEC agencies are working to help financial institutions shore up cybersecurity, and a big focus for regulators is third-party risks.
New business continuity guidelines from the Federal Financial Institutions Examination Council paint a more detailed picture of the cybersecurity initiatives banks and credit unions will be asked about during upcoming IT examinations.
Facebook dismisses reports that a brief Jan. 26 outage was triggered by either U.S. blizzard conditions or the hacking group Lizard Squad. The social network blames the hour-long outage on an internal, technical problem.
As the East Coast braces for a blizzard, information security experts say organizations in the path of the storm should be preparing to launch their business continuity plans - including making arrangements for those forced to work at home.
New comments from the CEO of Sony Pictures about the film studio's response in the aftermath of a massive cyber-attack highlight the need for all organizations to ensure their business continuity plans specifically address cyber-attack risks.
Wayne Dunn, CTO of HarborOne Bank in New England, says improving vendor management is a top security priority for institutions in 2014. As more core banking functions are outsourced, due diligence becomes increasingly critical.
Organizations should make sure their business continuity plans address all key business processes and customer-facing applications, says Dan Shannon of core processor Fidelity Information Services.
Communication is key in the wake of a cyber-attack, says Dennis Simmons of SWACHA, who explains how simulated attack drills will help banks overcome their information sharing challenges.
Banks need to ensure they continuously monitor their cloud vendors, says Troy Wunderlich of Washington Trust, a community bank in Spokane, who outlines his institution's strategy for vendor management.
When building a business continuity plan, banking institutions too often overlook certain key processes that must be maintained after a cyber-attack or a disaster, says Dan Shannon of core banking processor FIS.
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