Category Archives: banking

SEC Warns Cyber Defenses Do Not Pass Muster. 3 Bits informed:intel

The Securities Exchange Commission has issued a warning investment advisers that they need to be more proactive in data security by:

  • conduct continuous cyber-risk assessments
  • performing penetration or venerability tests
  • 26% of advisers and funds examined failed to conduct periodic risk assessments of critical systems to identify cyber security threats, vulnerabilities, and the potential business consequences.

Reuters | SEC identifies adviser cyber security flaws

Reuters | Exclusive: New SEC…

Regulatory Trend. Fining Mortgage Companies for Data Breaches.

4 ways mortgage companies can up their game and push back regulatory fines:

  • Proper security frameworks and policies that secure data both inside and outside;
  • Assess vendors and third parties for data breach risk;
  • Work with experts to assess and manage the “risk across the supply chain and build better defense-in-depth to prevent a breach;” and
  • “Use tools and analytics that are specially designed to monitor and assess the security posture of vendors in real-time, as well as improve…

+1 State. Data Security Requirements for Finance.

First came New York. Now comes Colorado promulgating cybersecurity rules on their financial sector. 

The Colorado proposal will apply to:

  • financial advisers
  • broker-dealers
  •  entities with state securities licenses

The Colorado rules will require securities licensees to:

  •  conduct an annual assessment of their cybersecurity risks
  • require written policies and procedures explaining how they are protecting clients’ personal and financial information

Bloomberg Law | Colorado Moving to Set…

TREND. Fintech. Data Security. New Study. 3 Keys to Government Oversight.

Federal Agency Regulatory Oversight option(s):

  •  FTC
  •  Consumer Financial Protection Bureau
  •  Office of the Comptroller of the Currency

4 identified data security areas in fintech:

  • marketplace lenders
  •  mobile payments
  •  digital wealth platforms
  • distributed ledger technology

Balance data security protections with the 3 benefits of fintech:

  • lower costs
  •  faster service
  • expanded access to credit

The Recorder | GAO’s Fintech Report Highlights Data Security, Lack of Clarity on Regulatory…

Smart Card Alliance is now the Secure Technology Alliance. 5 Goals

  • Influencing standards and best practices that are relevant to the understanding, adoption and widespread application of secure solutions, including smart cards, embedded chip technology, and related hardware and software
  • Serving as an educational resource to its members and industry stakeholders implementing secure solutions
  • Providing a forum for cutting-edge discussions and projects on issues surrounding the implementation of secure solutions
  • Maintaining a voice in public policy that…

State Financial Data Security Rule Proposal Revision. 6 Key Pieces of Intel.

The state upping the ante on data security rules for the finance industry: New York

The new New York rules announced December 28th will:

  • Effective Date will be March 1, 2017 instead of January 1st
  • Require annual reporting to the state about data security compliance
  • Requires financial institutions to maintain comprehensive audit trails
  • Mandatory reporting of any cybersecurity event within 72 hours
  • Financial institutions must appoint a Chief Information Security Officer…

The State leading the Way in CyberSecurity Regulations for Financial Institutions:

New York.

The pinnacle of these regulation is New York Department of Financial Services rule, known as Cybersecurity Requirements for Financial Services Companies. 

The New York rules target financial services companies and their advisors. Lawyers call the NY rules “… a more comprehensive framework for cybersecurity than has been seen in any other U.S. jurisdiction.”

insurance news net | New York Jumps Ahead In Data Security Regs

TREND. State Data Security Regulation. 3 Pieces Informed Intel. The Businesses That are Paying Attention.

What sparked the push for more and new state regulation on data security? New York’s Cybersecurity regulations

Which industries are taking note? Finance & Insurance

Do legal experts think New York’s regulations will be a model for other states?  Yes, yes and yes. 

Law.com | NY Cybersecurity Regs Could Spur Legal Work Nationwide

New York’s Cybersecurity regulations

Shortcut to the 3 Criticisms of State Financial Cyber Security Regulation

Critics lambast New York’s proposed financial cyber security regulations as:

  • unlikely to improve security at financial institutions
  • financial institutions need a consolidation of cyber security regulations at all governmental levels
  • this is nothing more than more paperwork and overregulation

CNBC | Critics are skeptical of New York’s proposed financial cybersecurity rules

 

Your Informed Intel on the 14th of September 2016:

Reg. Trends. Gov. & Banking Regulator. State Banking Cyber…