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When It Comes to Resiliency, Can You Handle The Truth?

Posted by Eric Flick

Wed, Sep 04, 2019 @ 11:00 AM

I love movies. One of my favorites is A Few Good Men starring Jack Nicholson and Tom Cruise. In the movie’s climactic scene, Cruise, a military lawyer, demands the truth from Nicholson’s Col. Jessup character. In what has become one of Nicholson’s most famous movie lines, he intensely blurts out, “you can’t handle the truth!” In my 30+ years of working with technology, most of it around the financial services industry, I often find this statement bouncing around in the back of my mind as I’m talking with IT professionals.

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Topics: Financial Institution, Information Security, Future Ready, Risk/Fraud

Why Openness Is Critical to the Future of Banking

Posted by Stacey Zengel

Wed, Aug 21, 2019 @ 11:00 AM

As someone who reads this blog and follows the industry, you’ve likely heard a lot of talk about open banking recently. Headlines with references to “Open APIs” and “Shared Data” continue to appear in inboxes and popular topics with industry reports.

We know that in today’s market, consumers don’t compare financial institutions (FIs) so much as they compare experiences. As we speak, tech behemoths like Google and Amazon continue to take an innovative approach to customer engagement and expansion. A Celent report even notes that Amazon has been recently negotiating with big banks to launch a checking account, and the company has also formed a mortgage lending unit.*

Consumers clearly want freedom, flexibility, and choice. And it naturally follows that the FIs that will thrive in the future will be those that demand an open platform that is focused on optimizing the end-user experience for today’s consumers.

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Topics: Information Security, Community Banks, FI Operations, Future Ready

Crushing the Compliance Burden with Artificial Intelligence

Posted by Hannah Day

Wed, Nov 28, 2018 @ 11:00 AM

 

Fraudster tactics that target financial institutions (FIs) continue to evolve at a dizzying pace. Compliance departments are being brought to a breaking point as they work to sort through the mountain of transactions, data, and false positives each day. Compliance staff employees at FIs large and small are looking for a solution to bring efficiencies to the FI in an effort to save time, money, and ensure they protect their end users against fraud. Artificial intelligence (AI) may just be the solution they are searching for.

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Topics: Compliance, Information Security, Future Ready, Risk/Fraud

Holiday Shopping Safety

Posted by Strategically Speaking

Wed, Nov 14, 2018 @ 11:00 AM

Naughty or nice! A perfect holiday line to summarize what cardholders, financial institutions, and merchants wonder about each credit and debit card transaction this time of year.

We know once fall arrives that the holiday season is close behind. Physical stores and online sites begin promotions and holiday décor early, well before Thanksgiving arrives. Consumers start shopping early. We move fast. Fraudsters count on that.

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Topics: Financial Institution, Payments, Information Security, Cybersecurity

Are You Ignoring Your Core?

Posted by Pete Major

Wed, Jun 20, 2018 @ 11:00 AM

 

All systems require some type of regular investment (time, money, sweat, and maybe even some tears) and this is particularly true for your core system. Whether you use a service bureau or you have an in-house system, it’s easy to think that once you convert to a new system your job is done. But with any system, it’s important that you stay up to date. Things are changing at a dizzying pace in this industry and your financial institution (FI) needs to stay at the forefront. Here are some tips and tricks to help you stay current with your core.

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Topics: Financial Institution, Fintech, Information Security, Cybersecurity, Community Banks, Risk/Fraud

The Future of Security Biometrics: You Knew Me at “Hello”

Posted by Hayley Turpen

Wed, Aug 30, 2017 @ 12:01 PM

In today’s world, it is not just the younger generation (or Gen Z in my case) that are becoming more comfortable talking to their smartphones, Google® Home, and Alexa for everyday functions. These types of major technology companies are defining consumers’ expectations and behavior, and it won’t be long until this trickles down to the financial services sector and for consumers to expect banks to provide voice recognition technology.

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Topics: Information Security, Future Ready

Question: When Does “It” End? Answer: “It” Doesn’t.

Posted by Craig Laures

Wed, Mar 01, 2017 @ 11:30 AM

Generalities aside, the “it” referenced is representative of the constant and difficult movements financial institutions (FIs) must accomplish. Movements that protect the FI and its customers from a wide array of current cyber-criminal threats, evolving threats, and the constant evolution of regulatory compliance for direction in how to manage these potentially devastating attacks.

The menace of cyber-crimes against FIs and their customers continues to evolve in frequency, on-the-surface simplicity, and behind-the-scenes complexity. Ransomware, malware, and phishing tactics are now new lines of business for criminals. In fact, criminals like to call their victims “customers,” and they work hard to provide great service to their customers in order to receive payment/ransom for returning stolen data.

Now that FIs are required to address the role of Information Security Officer (ISO), the hero-of-the-day role is filled.

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Topics: Information Security, Cybersecurity

Security in the Financial Services Industry

Posted by Stephen Gilmour

Wed, Oct 12, 2016 @ 10:15 AM

Have you heard of Sutton’s Law?

It’s the principle of focusing on the obvious answer to a problem. You might recognize it better from its source, the convicted bank robber Willie Sutton, who is alleged to have answered, “Because that’s where the money is,” when asked why he robbed banks. In his autobiography, Sutton says that while he probably would have said it if asked, he actually robbed banks because he enjoyed it, loved it even. Well, that’s where the money still is – in financial institutions – and it stands to reason that the attackers targeting them enjoy what they do and find it profitable. The methods used by the attackers may have moved on, with cybercrimes rising at an alarming rate, but the end result is the same: financial loss. So what is security in the financial services industry? More to the point, how do you know if you’re being effective with your approach to security?

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Topics: Information Security, Cybersecurity

Identifying Gaps in your Cyber Resilience Strategy

Posted by Jackie Marshall

Wed, Oct 05, 2016 @ 10:30 AM

According to the 11th Annual Global information Security Survey conducted by PWC and CSO, 84% of CEOs, 82% of CIOs and 78% of CISOs are confident in their organization’s formal cybersecurity program. However, the number of organizations reporting losses of more than $10 million per incident is up 75% since 2012. Why do these C-level members believe their cybersecurity programs are doing more than an adequate job? Perhaps it’s because their organizations are most likely spending more of their annual budget on cybersecurity defenses and applying more internal resources to manage cybersecurity controls.

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Topics: Information Security, Cybersecurity

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