Selecting an Intelligent Document Processing Solution
AIIM
NOVEMBER 14, 2024
Intelligent document processing (IDP) solutions are emerging that combine AI with IDP to revolutionize client and document onboarding and processing.
Document Financial Services Insurance 
Toyota Financial Services discloses a data breach
Security Affairs
DECEMBER 11, 2023
Toyota Financial Services (TFS) disclosed a data breach, threat actors had access to sensitive personal and financial data. Toyota Financial Services (TFS) is warning customers it has suffered a data breach that exposed sensitive personal and financial data.
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Trending Sources
The Financial Service and Insurance Industries Need Intelligent Document Processing; Here’s Why
Rocket Software
MARCH 14, 2022
Analyst firm IDC recently published a Vendor Spotlight report featuring ASG Mobius Content Services (Mobius) and its applications in the financial service and insurance industries. IDP Trends in the Financial and Insurance Industries. Challenges to Effective IDP.
Medusa ransomware gang claims the hack of Toyota Financial Services
Security Affairs
NOVEMBER 17, 2023
Toyota Financial Services discloses unauthorized activity on systems after the Medusa ransomware gang claimed to have hacked the company. Toyota Financial Services confirmed the discovery of unauthorized activity on systems in a limited number of its locations. The company has yet to disclose a data breach.
First American Title Insurance Co. Faces Charges in NY
Data Breach Today
JULY 23, 2020
Company Could Be Fined $1,000 for Each Violation of State Cybersecurity Law The New York State Department of Financial Services has filed civil charges against First American Title Insurance Co., which has been accused of exposing hundreds of millions of documents that contained customers' mortgage and personal data.
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NY Investigates Exposure of 885 Million Mortgage Documents
Krebs on Security
MAY 31, 2019
On May 24, KrebsOnSecurity broke the news that First American had just fixed a weakness in its Web site that exposed approximately 885 million documents — many of them with Social Security and bank account numbers — going back at least 16 years. No authentication was needed to access the digitized records. ”
Three use cases for cloud fax in financial services
OpenText Information Management
JANUARY 12, 2021
Fax is so secure that faxed documents and signatures are recognized in the courts as being legally binding. It stands to reason, then, that fax would be the bedrock of financial communications, but are there ways to make it even better? The paper problem Financial services workflows have always been heavily paper-based.
NYDFS issues significant guidance on insurers using AI or external data
Data Protection Report
FEBRUARY 2, 2024
On January 17, 2024 the New York Department of Financial Services (“NYDFS”) published a Proposed Insurance Circular Letter (“Proposed Circular”) regarding the use of artificial intelligence systems (“AIS”) and external consumer data and information sources (“ECDIS”) in insurance underwriting and pricing.
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Vermont Enacts Insurance Data Security Law
Hunton Privacy
JUNE 9, 2022
515 , making Vermont the twenty-first state to enact legislation based on the National Association of Insurance Commissioners Insurance Data Security Model Law (“MDL-668”). On May 27, 2022, Vermont Governor Phil Scott signed H.515 Information Security Program Requirements. Enforcement and Penalties Under the Law.
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How generative AI delivers value to insurance companies and their customers
IBM Big Data Hub
DECEMBER 1, 2023
Insurers struggle to manage profitability while trying to grow their businesses and retain clients. Large, well-established insurance companies have a reputation of being very conservative in their decision making, and they have been slow to adopt new technologies.
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Historic Charges: First Enforcement Action Filed by New York Department of Financial Services Under Cybersecurity Regulation
Data Matters
AUGUST 19, 2020
On July 21, 2020, the New York State Department of Financial Services (NYDFS or the Department) issued a statement of charges and notice of hearing (the Statement) against First American Title Insurance Company (First American) for violations of the Department’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R.
NY Charges First American Financial for Massive Data Leak
Krebs on Security
JULY 23, 2020
In May 2019, KrebsOnSecurity broke the news that the website of mortgage title insurance giant First American Financial Corp. based First American [ NYSE:FAF ] is a leading provider of title insurance and settlement services to the real estate and mortgage industries. It employs some 18,000 people and brought in $6.2
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First American Financial Pays Farcical $500K Fine
Krebs on Security
JUNE 18, 2021
In May 2019, KrebsOnSecurity broke the news that the website of mortgage settlement giant First American Financial Corp. NYSE:FAF ] was leaking more than 800 million documents — many containing sensitive financial data — related to real estate transactions dating back 16 years. This week, the U.S. billion last year.
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State of the Global Intelligent Document Processing Market 2023/2024
Info Source
SEPTEMBER 26, 2024
CAPTURE & IDP MARKET FRAMEWORK Infosource defines the IDP market as software and services that are used to ingest and process business inputs which involve unstructured documents and other input types. Inputs can include not only documents and other text-based sources, but also voice, photos, videos, and IoT channels.
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Toyota disclosed a data breach after ZeroSevenGroup leaked stolen data on a cybercrime forum
Security Affairs
AUGUST 20, 2024
In December 2023, Toyota Financial Services (TFS) warned customers it had suffered a data breach that exposed sensitive personal and financial data. Toyota Financial Services (TFS) is the finance arm of the Toyota Motor Corporation.
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American Insurance firm State Farm victim of credential stuffing attacks
Security Affairs
AUGUST 7, 2019
The American group of insurance and financial services companies State Farm disclosed a credential stuffing attack it has suffered in July. The American group of insurance and financial services companies State Farm revealed that it was the victim of a credential stuffing attack it has suffered in July.
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Ripcord announces standalone IDP software
Info Source
MAY 30, 2024
Ralph Gammon, Senior Analyst at Infosource May 2024 Ripcord first came onto our radar in 2017, most notably for innovative high-volume scanners, but it also had some early artificial intelligence (AI) powered technology for providing cloud-based Capture, Intelligent Document Processing (IDP) and Content Services to its outsourcing customers.
NEW TECH: Votiro takes ‘white-listing’ approach to defusing weaponized documents
The Last Watchdog
MARCH 13, 2019
Melissa was hidden in a weaponized Word document that arrived as an email attachment. This gives you an idea of the steady flow of weaponized email attacks against companies of all sizes and in all sectors, with certain verticals, namely financial services, healthcare companies and tech firms bearing the brunt.
No more chasing paper trails – capture all your financial fax with digital precision
OpenText Information Management
JULY 9, 2024
The financial services sector, long rooted in traditional methods and complex operations, is experiencing a dramatic transformation. Forget the outdated image of clunky fax machines—today’s digital fax and capture offer a sleek, efficient, and secure way to manage information in the modern financial world.
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An Interview With the Target & Home Depot Hacker
Krebs on Security
NOVEMBER 14, 2024
for stealing data on nearly 10 million customers of the Australian health insurance giant Medibank. Hydra trafficked in illegal drugs and financial services, including cryptocurrency tumbling for money laundering, exchange services between cryptocurrency and Russian rubles, and the sale of falsified documents and hacking services.
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Cybersecurity Standards for the Insurance Sector – A New Patchwork Quilt in the US?
HL Chronicle of Data Protection
MAY 13, 2019
In the past two years, multiple state bills that have been introduced in the US to provide for cybersecurity requirements and standards to the insurance sector, with recent legislative activity taking place in particular within the States of Ohio, South Carolina, and Michigan. NYDFS: Setting a new bar for state cybersecurity regulation.
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NYDFS settles cybersecurity regulation matter for $1.8 million
Data Protection Report
JUNE 2, 2021
On May 13, 2021, the New York Department of Financial Services (NYDFS) announced a $1.8 million settlement with two related insurance companies, relating to violations of two different requirements of the NYDFS cybersecurity regulation during the period 2018 to 2019. NYDFS Cybersecurity Regulation.
Regulatory Update: NAIC Fall 2020 National Meeting
Data Matters
DECEMBER 28, 2020
The National Association of Insurance Commissioners (NAIC) held its Fall 2020 National Meeting (Fall Meeting) December 3-9, 2020. NAIC Adopts the Group Capital Calculation Template and Instructions and Related Revisions to the Insurance Holding Company Act. Insurance groups will be exempt from filing a GCC if. groups to non-U.S.
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NY Payroll Company Vanishes With $35 Million
Krebs on Security
SEPTEMBER 11, 2019
The company that handled that process for MyPayrollHR is a California firm called Cachet Financial Services. On Monday, New York Governor Andrew Cuomo called on the state’s Department of Financial Services to investigate the company’s “sudden and disturbing shutdown.”
Impact of IDP on Business Growth – Customer Onboarding Use Case
Info Source
JULY 6, 2023
By Petra Beck, Senior Analyst Capture Software We are often faced with questions like: How do we justify an investment in a Capture or Intelligent Document Processing (IDP) solution? These inputs arrive through different channels in different formats, a significant portion often as paper documents. as quickly as possible.
BEST PRACTICES: Rising complexities of provisioning identities has pushed ‘IGA’ to the fore
The Last Watchdog
APRIL 3, 2019
Its customer base is comprised of eight of the top 15 banks, four of the top six healthcare insurance and managed care providers, nine of the top 15 property and casualty insurance providers, five of the top 13 pharmaceutical companies, and 11 of the largest 15 federal agencies. Compliance matters. Public trust must be maintained.
NYDFS settles cybersecurity regulation matter for $3 million
Data Protection Report
APRIL 22, 2021
On April 14, 2021, the New York Department of Financial Services (NYDFS) announced a $3 million settlement with insurance company National Securities Corp. A threat actor gained access to an employee’s document management system account. NYDFS Cybersecurity Regulation. The second incident occurred in March of 2019.
Multinational ICICI Bank leaks passports and credit card numbers
Security Affairs
APRIL 20, 2023
ICICI Bank leaked millions of records with sensitive data, including financial information and personal documents of the bank’s clients. If malicious actors accessed the exposed data, the company could have faced devastating consequences and put their clients at risk, as financial services are the main target for cybercriminals.
Kofax Named a Strong Performer in Digital Process Automation by Independent Research Firm
Info Source
JUNE 25, 2019
In this evaluation, Kofax was cited as a “Strong Performer” excelling in document automation. With a focus on customer onboarding in complex and regulatory environments like financial services, mortgage generation and insurance, Kofax offers a comprehensive solution”. .
NYDFS Files First Cybersecurity Enforcement Action
Hunton Privacy
JULY 24, 2020
On Wednesday, July 22, the New York Department of Financial Services (the “NYDFS”) announced that it had filed administrative charges against First American Title Insurance Co. under the NYDFS Cybersecurity Regulation , marking the agency’s first enforcement action since the rules went into effect in March 2017.
Maze ransomware gang discloses data from drug testing firm HMR
Security Affairs
APRIL 8, 2020
“Many of the ID documents we have on file have expired, but if you believe you provided to HMR IDs that are still valid, report these documents as being compromised to the organisation that issued them.” “Consider contacting CIFAS (the UK’s Fraud Prevention Service) to apply for protective registration. .
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NEW TECH: This free tool can help gauge, manage third-party cyber risk; it’s called ‘VRMMM’
The Last Watchdog
JANUARY 30, 2019
Turn the corner into 2019 and we find Citigroup, CapitalOne, Wells Fargo and HSBC Life Insurance among a host of firms hitting the crisis button after their customers’ records turned up on a database of some 24 million financial and banking documents found parked on an Internet-accessible server — without so much as password protection.
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SEC Announces Settled Charges Against First American for Cybersecurity Disclosure Controls Failures – Lessons Learned
Data Matters
JUNE 24, 2021
On June 15, 2021, the SEC announced settled charges against First American Title Insurance Company (First American) for disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information. See CF Disclosure Guidance: Topic No. 2, Cybersecurity (Oct. 14, 2011). 15, 2020).
What is Cybersecurity Risk Management?
eSecurity Planet
FEBRUARY 11, 2022
The simplest example may be insurance. Life, health, auto, and other insurance are all designed to help a person protect against losses. Documenting and Implementing Procedures. Citrix recommends that organizations have fully documented and implemented procedures for all activities that may create cybersecurity risks.
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DOL Puts Plan Sponsors and Other Fiduciaries on Notice: ERISA Requires Appropriate Precautions to Mitigate Cybersecurity Threats
Data Matters
APRIL 20, 2021
DOL guidance provides a series of questions that should serve as a starting point for this review and includes topics such as the service provider’s information security standards, track record, cybersecurity insurance coverage, and cybersecurity validation techniques.
Ephesoft Recognized as Alfresco Software’s Global Technology Partner of the Year
Info Source
MAY 21, 2020
Alfresco noted that with the release of new technical and business integrations, Ephesoft extends the Alfresco Digital Business Platform with powerful artificial intelligence and machine learning-driven document capture arena in ways never been done before, supporting an enterprise’s digital transformation.
Regulatory Update: NAIC Summer 2019 National Meeting
Data Matters
SEPTEMBER 4, 2019
The National Association of Insurance Commissioners (NAIC) held its Summer 2019 National Meeting (Summer Meeting) in New York City from August 3 to 6, 2019. The amended regulation took effect on August 1, 2019, for annuity products and will become effective on February 1, 2020, for life insurance products.
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66 Infosource Global Capture & IDP Vertical Market Analysis 2022-2023 Update
Info Source
DECEMBER 8, 2023
VERTICAL MARKET FRAMEWORK Infosource defines the Capture and Intelligent Document Processing (IDP) Software market as solutions and services used to ingest and process business inputs which involve semi-structured and unstructured documents and other input types.
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Security Compliance & Data Privacy Regulations
eSecurity Planet
AUGUST 9, 2022
are subject to laws such as the Health Insurance Portability and Accountability Act (HIPAA) and the Health Information Technology for Economic and Clinical Health Act (the HITECH Act), as well as regulations such as the Clinical Laboratory Improvements Amendments (CLIA). Healthcare Data Privacy Laws. Health data and patient data in the U.S.
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145 ABBYY Introduces New Mobile Capture SDK to Transform Customer Experience
Info Source
APRIL 25, 2019
It creates a completely new frictionless user experience for all onboarding and data entry scenarios like sign-up, registration, and document input, supports organizations’ digital transformation and robotic process automation (RPA) strategies.
FFIEC Guidance on Authentication and Access to Financial Institution Services and Systems
Data Matters
AUGUST 17, 2021
The Guidance replaces prior FFIEC-issued guidance on risk management practices for financial institutions offering internet-based products: “Authentication in an Internet Banking Environment” (2005) and the “Supplement to Authentication in an Internet Banking Environment” (2011). The 2005 guidance replaced a 2001 version of the same document.
Regulatory Update: NAIC Summer 2018 National Meeting
Data Matters
AUGUST 24, 2018
The National Association of Insurance Commissioners (NAIC) held its Summer 2018 National Meeting in Boston, Massachusetts, from August 4 to 7, 2018. NAIC Continues its Evaluation of Insurers’ Use of Big Data . The NAIC is also considering insurers’ use of big data in underwriting life insurance products.
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Marriott Breach: More than 500 Million Guest Affected
Adam Levin
NOVEMBER 30, 2018
If you prefer a more laid back approach, sign up for free transaction alerts from financial services institutions and credit card companies, or subscribe to a credit and identity monitoring program, 3. Monitor your accounts. Check your credit report every day, keep track of your credit score, review major accounts daily if possible.
UK FCA Consults on Changes to Strong Consumer Authentication, Dedicated Interfaces, and Guidance on Payment Services
Data Matters
FEBRUARY 25, 2021
The FCA is proposing amendments to: the UK onshored versions of EU technical standards on strong customer authentication (SCA) and common and secure methods of communication (UK SCA-RTS); its Approach Document on Payment Services and Electronic Money (Approach Document); and. its Perimeter Guidance Manual (PERG). Safeguarding.
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