The long anticipated BitLicense regulations have arrived from the New York State Department of Financial Services (NYDFS). This is the first robust regulatory framework for companies wishing to operate in the virtual currency space. Some believe this marks a legitimization…
Once a disaster recovery and business continuity plan (BCP) is validated, approved and implemented, it must be regularly tested. Vigorous testing will identify gaps in the plan or business process changes and assure the plan is accurate and complete. As…
After hearing of the cyberattacks and data breaches in the financial services industry in recent years, you may have purchased insurance to cover losses your company may experience. If it’s been some time since the purchase, take a moment to…
As various criminal organizations seek to exploit electronic systems, check fraud and identity theft have become increasingly prevalent. While banks have been emphasizing the use of technology to speed up transactions, the protections around those transactions have languished. According to…
Businesses face numerous pressures that can threaten the organization’s viability and sustainability if a disaster occurs. Potential threats include: Natural (tornado, earthquake, hurricane, flood, etc.) Environmental (fire, network failure, power outage, etc.) Business market (legal/regulatory issues, competitive pressures, reputational risks,…
Many financial institutions are faced with managing and maintaining information security risk assessments, including the need to integrate cybersecurity threats. In general, financial institutions should review their existing risk assessment program with cybersecurity threats. However, if it’s easier to have…
Information technology general controls (ITGC) must operate effectively to support your financial statement audit. Therefore, a team member skilled and experienced in ITGC should be integrated into the team responsible for the financial statement audit. First, you need to understand…
My first experience with EMV—EuroPay, MasterCard and Visa—happened at a little sub shop in a tiny Colorado town. I bought the “famous” smoked turkey sub and paid for it with my new credit card, which happened to have an EMV…
New guidance from the Federal Deposit Insurance Corporation (FDIC) addresses specific risks relating to malware and cyber-attacks that banks should consider in their risk assessments. The FDIC notes the threats aren’t new, but the pace and frequency of cyber-attacks designed to…