Information Technology for Directors Q1 2020

January 6, 2020

2020 will be like 2019 – More Threats and Greater Risk than Before

The risks banks face today from cyber threats are greater than at any time in the past, and these risks are growing. The first 6 months of 2019 reflected a 54% increase in data breaches over the same period in 2018.* 

Nation states, terrorist organizations and organized crime have all moved online and have a varying degree of cyber warfare capabilities at their disposal. Nation states and their proxies seeking to use cyberattacks is a real threat as we start 2020. 

Was Your BSA Officer Targeted?

May 7, 2019

Recently, a number of fraudulent emails were sent to BSA officers at banks and credit unions across the country. The fraudulent email looked like it was sent by a BSA officer at a credit union, asking the recipient for help with a money laundering issue involving a mutual customer; however, the email was actually sent by an attacker.

The 6th C of Credit

April 5, 2019

Your business customers are a prime target for cyber criminals. If their operations are crippled due to ransomware or some other type of cyber attack, this will significantly impact their ability to repay your loan.

The 'C' in CIO Stands for 'C'Ya Later'

January 7, 2019

An article from The Wall Street Journal illustrates a major disadvantage that employers face: The demand for IT professionals is greater than the supply of qualified people. Today, more Chief Information Officers are not sticking around.

Too Much or Too Little? How Much Information Should a Bank Board Receive and Review?

January 3, 2019

A board’s primary responsibility is to manage risk of all types in the bank, including information security risk. Carrying out good risk management also helps the director to avoid personal liability.

To perform top-level oversight and monitoring of information security as regulators require, the board needs accurate and high-quality information. There are several ways to think about what kinds of IT information the board should receive, and how much:

Regulatory Guidance: Is it Law or a Very Good Idea?

October 14, 2018

Recently, several U.S. senators asked the banking agencies to state whether supervisory guidance has the force of law or not. In other words, are banks required to follow supervisory guidance in the same way they are required to follow laws and regulations?

BankOnIT Signs Six Banks in 30 Days

September 12, 2018

In the past 30 days, six banks from Iowa, Colorado, Wisconsin and Illinois chose BankOnIT’s Bankers Private Cloud® to help them gain greater reliability, security and efficiency with their information
technology networks.

Following are some of the reasons these and more banks are choosing BankOnIT:

Cybersecurity Threats - What is the Regulatory Impact?

September 5, 2018

As cybersecurity threats continue to increase, your bank’s regulatory risk grows as well. By moving IT from the back room to the boardroom, regulators are recognizing the impact that technology has on the overall safety and soundness of a financial institution. If a cyber breach or event occurs, it will prompt additional regulatory attention. Furthermore, regulators continue to consider ways to factor a bank’s IT rating into the CAMELS management rating given the detrimental impact cyber events have on an organization.

I Know Your Secret ...

August 27, 2018

… and I know what you did.

Criminals’ latest tactic involves sending emails (or even letters via USPS) to people in an attempt to scare, intimidate and extort money from the victim. Many contain messages along the lines of “I know about the secret you’re keeping from your wife. You can ignore this letter and suffer the consequences of your family discovering what you did last week or pay me a $10,000 confidentiality fee.” Many times the request is made to be paid in Bitcoin (untraceable) along with an explanation on how to use Bitcoin to make the payment.

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