The Federal Financial Institutions Examination Council (FFIEC) this week issued long-awaited new guidance on business continuity planning. The update - the first in five years - includes increased focus on business impact analysis and testing, as well as new emphasis on pandemic planning.
Howard Sprow, vice president of Business Continuity Planning for the Securities Industry and Financial Markets Association (SIFMA) is a long-time leader in emergency management issues in the financial services industry. Recently we interviewed him on SIFMA's work in business continuity and pandemic planning.
When it comes to pandemic preparation at U.S. financial institutions, it's a case of good news/bad news.
Bad news first: Many midsized and smaller financial institutions are not fully compliant with the recent FFIEC pandemic guidance and don't have formalized pandemic preparedness plans yet in place.
But the good...
Roberta J. Witty, CISSP and research vice president at Gartner, has more than 30 years of experience in information technology, including positions at major financial institutions. Witty recently chaired Gartner's Business Continuity Management summit held in early March. We caught up with her, and she shared her...
The hurricanes that devastated the Gulf Coast regions in the summer and fall of 2005 are nothing new to most people. The personal tragedies, loss of life and property were well documented by the national media.
But what about the story of one financial institution that weathered the storms and emerged intact - its...
The good news is: The financial services industry is "head and shoulders" above other industries when it comes to being prepared for a pandemic disaster.
The bad news is: There's still a ton of work to be done before banking institutions can say they're truly ready to face such a crisis.
Ultimately, when an institution's plan is complete, there should be four "pillars" in its strategy, says Regina Phelps, an internationally known expert in business continuity planning and emergency management.
From payment card fraud to skimming attacks and corporate account takeover, we've seen a wide variety of threats to banking institutions and their customers.
And with the advent of the ID Theft Red Flags Rule, and in the aftermath of the economic upheaval, we know banking regulators are paying closer attention to...
Charles Perrow, Ph.D., Professor Emeritus of Sociology at Yale University is famous worldwide for his ideas about "normal accidents" -- the idea that multiple and unexpected failures are built into our society's complex system.
In his most recent book, "The Next Catastrophe," published by Princeton University Press...
Pandemic preparation gets the lion's share of the headlines when it comes to Business Continuity/Disaster Recovery these days. And that's fine. The topic deserves the attention. Needs it.
But that's not to say that pandemic preparation is the only topic of BC/DR conversation.
He was the world's first Chief Information Security Officer, and for over 25 years now he has been a true banking/security leader.
Stephen Katz, former CISO at Citigroup, now founder and President of Security Risk Solutions, an information security company providing consulting and advisory services, sat down with...
Banking/Security Expert Shares Insights on Red Flags, Vendor Management, Other Key Challenges Facing Institutions
He was the world's first Chief Information Security Officer at Citigroup in 1995, and for over 25 years he has been a true banking/security leader.
Stephen Katz, founder and President of Security...
Early in the evening on Tuesday, Feb. 5, a powerful storm system hit the Jackson, TN., area. A total of 79 confirmed tornadoes touched down in 10 states over the course of two days, killing 57 people. Among the local businesses hit hardest was Jackson's Union University branch of BancorpSouth, ($13 billion assets,...
It's a project that really represents about a year's worth of work and organization on our part, and on yours too. We started months ago. Information Security Media Group just started to visualize this project, the issues that we wanted to talk about - knowing the regulatory issues that were coming down, things that...
Vendor management and pandemic preparation are huge topics for financial institutions and regulators alike. On January 29, the National Credit Union Administration (NCUA) spotlighted these issues in a webinar, "Key Examination Issues for 2008." Following the session, we spoke to NCUA Board Member Gigi Hyland about the...
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