Top predictions for financial services in 2023
OpenText Information Management
JANUARY 5, 2023
With inflation, rising interest rates and general economic uncertainty, last year presented several challenges for financial services institutions (FSIs).
Financial Services Government IT 
6 benefits of data lineage for financial services
IBM Big Data Hub
FEBRUARY 26, 2024
The financial services industry has been in the process of modernizing its data governance for more than a decade. But as we inch closer to global economic downturn, the need for top-notch governance has become increasingly urgent. Download the Gartner® Market Guide for Active Metadata Management 1. Stakeholders?
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Accelerate hybrid cloud transformation through IBM Cloud for Financial Service Validation Program
IBM Big Data Hub
APRIL 4, 2024
A third-party investment review, where the ISV provides a bill of material showing what and how services are being used to meet compliance requirements, along with price points. Ensuring that the success of a cloud transformation journey requires a combination of modern governance, standard control framework, and automation.
Driving business excellence: How a leading financial firm achieved seamless ERP integration for superior data governance
Collibra
AUGUST 29, 2024
As financial services organizations continue to advance their data governance programs, they begin to reap substantial rewards in compliance, risk management and business insights. For financial services firms, this data is essential not only for daily operations but also for strategic decision-making.
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NYDFS releases major update to Part 500 cybersecurity requirements for financial services companies
Data Protection Report
NOVEMBER 8, 2023
On November 1, 2023, the New York Department of Financial Services (“NYDFS”) released the finalized amendments of Part 500 of its cybersecurity regulations. This notice requirement explicitly applies to cybersecurity incidents occurring to the covered entity itself, its affiliates, or a third-party service provider.
Financial services continue to lead in cybersecurity preparedness, but chinks appear in the armor
Thales Cloud Protection & Licensing
AUGUST 31, 2022
Financial services continue to lead in cybersecurity preparedness, but chinks appear in the armor. However, all this attention from cyber criminals, as well as regulators and governments, has produced an extremely resilient industry with some of the best cyber security practices of any sector. Thu, 09/01/2022 - 05:15.
New York Department of Financial Services Reaches $1 Million Dollar Settlement With First American Title Insurance in Data Breach Investigation
Hunton Privacy
DECEMBER 4, 2023
On November 28, 2023, the New York Department of Financial Services (“NYDFS”) announced that First American Title Insurance Company (“First American”), the second-largest title insurance company in the United States, would pay a $1 million penalty for violations of the NYDFS Cybersecurity Regulation in connection with a 2019 data breach.
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. Insurance and financial services are built on trust, so these changes will help organizations differentiate from competition.
Capital Markets, AI, and the need for governance
Collibra
OCTOBER 31, 2023
With every financial services organization focused on making better and faster decisions, data professional and business leaders are eager to better understand how AI can facilitate their strategic goals. Financial services orgs, especially those in capital markets, frequently has been on the forefront of generative AI investment.
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Embracing new ways of working in financial services
CGI
APRIL 17, 2020
Embracing new ways of working in financial services. Although the approaches to dealing with the COVID-19 pandemic vary by country, as governments and businesses come to grips with it, one thing is imperative: we will get through this. . Customer service. Financial crime and cybersecurity.
Embracing new ways of working in financial services
CGI
APRIL 17, 2020
Embracing new ways of working in financial services. Although the approaches to dealing with the COVID-19 pandemic vary by country, as governments and businesses come to grips with it, one thing is imperative: we will get through this. The question is how, when disruptions in day-to-day life and business abound. lynsey.lawson@….
NYDFS Amends Cybersecurity Rules for Financial Services Companies
Hunton Privacy
NOVEMBER 23, 2022
On November 9, 2022, the New York Department of Financial Services (NYDFS) released its second, proposed amendments to the Part 500 Cybersecurity Rule. Cybersecurity Governance. The proposed amendments revise several aspects of the draft Cybersecurity Rule amendments released on July 29, 2022.
GUEST ESSAY: Massive NPD breach tells us its high time to replace SSNs as an authenticator
The Last Watchdog
SEPTEMBER 24, 2024
What’s more, some credit bureaus have started offering more comprehensive packages that include dark web monitoring, fraud detection, and restoration services, which are enticing consumers to subscribe to these services at a higher rate. Governments can create a digital identity at birth to replace SSN in its current use.
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The Number of Ransomware Attacks Around the World Increased by 73% in 2023
KnowBe4
SEPTEMBER 30, 2024
These attacks opportunistically target organizations across all industries, but the hardest-hit sectors over the past two years have been construction, hospitals and health care, government, IT services and consulting, and financial services.
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Summary – “Industry in One: Financial Services”
ARMA International
NOVEMBER 7, 2019
The scope of a records and information management (RIM) program in financial services can seem overwhelming. Compared to other industries, the complexities of managing records and information in financial services are arguably some of the toughest to solve, primarily because of the intense regulatory scrutiny.
Why Facebook's Diem is 'a Shadow of Libra'
Data Breach Today
DECEMBER 31, 2020
Financial services commentator Chris Skinner explains why state governments and AML concerns are to blame. Facebook's relaunch and rebrand of its Libra digital payment initiative as Diem is seen by some as a shadow of its former self.
What can AI and generative AI do for governments?
IBM Big Data Hub
SEPTEMBER 20, 2023
When implemented in a responsible way—where the technology is fully governed, privacy is protected and decision making is transparent and explainable—AI has the power to usher in a new era of government services. AI and its many use cases have become a topic of public discussion no longer relegated to tech experts.
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Discover a unified approach to adaptive data and analytics governance
Collibra
JULY 6, 2022
We haven’t even mentioned compliance challenges, which are especially significant in highly regulated industries like healthcare and financial services. > > See how adaptive data and analytics governance can help. At Collibra, we believe it’s the next big step forward in data governance. Get the ebook.
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TechLaw Australia podcast: The shifting landscape of privacy and data governance in the Asia Pacific region
DLA Piper Privacy Matters
NOVEMBER 18, 2021
At DLA Piper we advise clients that develop or create technology, are enabled by technology, or whose business model is fundamentally based on technology. From start-ups, to fast growing and mid-market businesses, to mature global enterprises, DLA Piper supports innovative businesses and new ventures. It is at the heart of what we do.
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AI Governance: Break open the black box
IBM Big Data Hub
OCTOBER 4, 2022
Customers, employees and shareholders expect organizations to use AI responsibly, and government entities are demanding it. Failure to meet regulations can lead to government intervention in the form of regulatory audits or fines, damage to the organization’s reputation with shareholders and customers, and revenue loss.
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Automated governance and trustworthy AI
IBM Big Data Hub
JUNE 7, 2022
Governments and regulatory bodies around the world are working to establish safety standards. The proposed rules aim to govern automated valuation models to protect borrowers. As governments recognize and regulate the growing use of AI for crucial decisions, enterprises should prepare proactively. In the U.S., In the U.S.,
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NYDFS Proposes Updated Second Amendment to Its Cybersecurity Regulation
Hunton Privacy
JULY 5, 2023
On June 28, 2023, the New York Department of Financial Services (“NYDFS”) published an updated proposed Second Amendment (“Amendment”) to its Cybersecurity Regulation, 23 NYCRR Part 500. As described below, senior governing bodies would have new oversight responsibilities under the amendments.
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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 Department of Financial Services Issues Reminder for Cybersecurity Filing Deadline
Hunton Privacy
JANUARY 24, 2018
On January 22, 2018, the New York Department of Financial Services (“NYDFS”) issued a press release reminding entities covered by its cybersecurity regulation that the first certification of compliance with the regulation is due on or prior to February 15, 2018.
New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance
Data Matters
FEBRUARY 10, 2021
On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. Lacewell stated that cybersecurity is the biggest risk for government and private organizations and described how the Framework is based on “extensive dialogue with industry and experts.”. The Framework. Evaluate Systemic Risk.
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Ransomware at IT Services Provider Synoptek
Krebs on Security
DECEMBER 27, 2019
Synoptek , a California business that provides cloud hosting and IT management services to more than a thousand customer nationwide, suffered a ransomware attack this week that has disrupted operations for many of its clients, according to sources. ” Synoptek has not yet responded to multiple requests for comment.
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Proposed Amendments to NY Financial Services Cybersecurity Regulations Impose New Obligations on Large Entities, Boards of Directors and CISOs
Hunton Privacy
AUGUST 15, 2022
On July 29, 2022, the New York Department of Financial Services (“NYDFS”) posted proposed amendments (“Proposed Amendments”) to its Cybersecurity Requirements for Financial Services Companies (“Cybersecurity Regulations”). The risk assessments required by Section 500.9
OCR Labs exposes its systems, jeopardizing major banking clients
Security Affairs
APRIL 6, 2023
A digital identification tool provided by OCR Labs to major banks and government agencies leaked sensitive credentials, putting clients at severe risk. Its services are used by companies and financial institutions including BMW, Vodafone, the Australian government, Westpac, ANZ, HSBC, and Virgin Money.
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The US government sanctioned four entities and one individual for supporting cyber operations conducted by North Korea
Security Affairs
MAY 24, 2023
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against four entities and one individual for their role in malicious cyber operations conducted to support the government of North Korea. ” reads the announcement.
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UK Government and the Dubai International Financial Centre Issue Joint Statement on Data Bridge
Hunton Privacy
DECEMBER 19, 2022
On December 15, 2022, the UK government and the Dubai International Financial Centre Authority (“DIFC”) issued a joint statement on the shared commitment to deepening the UK-DIFC data partnership. In the statement, the UK government and the DIFC also announced the progress on a new Memorandum of Understanding on data.
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FCA sets out plans to make Big Tech a priority and provides update on its approach to AI
Data Protection Report
APRIL 23, 2024
On 22 April 2024, the Financial Conduct Authority ( FCA ) published a speech by its chief executive, Nikhil Rathi, entitled ‘Navigating the UK’s Digital Regulation Landscape: Where are we headed?’. The FCA also sets out its next steps.
AI Governance: Why our tested framework is essential in an AI world
Collibra
AUGUST 14, 2023
As we speed into a new AI era, there’s a critical element that’s often missing when organizations rush forward in hyper-competitive markets to build scalable, trusted AI programs — and that’s AI governance. An AI governance framework offers a blueprint for how to create successful AI products.
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Russia-linked GRU Unit 29155 targeted critical infrastructure globally
Security Affairs
SEPTEMBER 6, 2024
The government expert pointed out that Unit 29155 operates independently from other GRU-affiliated groups like Unit 26165 and Unit 74455. The threat actors targeted critical infrastructure sectors such as government, finance, transportation, energy, and healthcare. These operations include espionage, sabotage, and reputational damage.
New Cybersecurity Rules for Financial Institutions in New York State Take Effect November 1, 2024
Thales Cloud Protection & Licensing
OCTOBER 24, 2024
New Cybersecurity Rules for Financial Institutions in New York State Take Effect November 1, 2024 madhav Fri, 10/25/2024 - 06:09 The next major deadline for compliance with the updated cybersecurity rules from the New York State Department of Financial Services (NYDFS) is November 1, 2024.
Transforming data management and decision-making
OpenText Information Management
NOVEMBER 19, 2024
Consider a financial services provider handling a high volume of sensitive client information. OpenText™ Information Intelligence - Thrust API : This new innovation to CE 24.4 That’s where the Thrust API steps in. The post Transforming data management and decision-making appeared first on OpenText Blogs.
LockBit on a Roll – ICBC Ransomware Attack Strikes at the Heart of the Global Financial Order
Security Affairs
DECEMBER 4, 2023
According to the report released by Resecurity, a Los Angeles-based company protecting Fortune 500 and governments worldwide, the attack against ICBC may be a precursor for significant malicious cyber activity against global financial system. LockBit specifically targeted ICBC Financial Services (ICBC FS), a wholly owned U.S.
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From principles to actions: building a holistic approach to AI governance
IBM Big Data Hub
SEPTEMBER 27, 2022
Whether it be financial services, employee hiring, customer service management or healthcare administration, AI is increasingly powering critical workflows across all industries. AI governance: From principles to actions. Today AI permeates every aspect of business function. Data and insights belong to their creator.
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MY TAKE: Identity ‘access’ and ‘governance’ tech converge to meet data protection challenges
The Last Watchdog
FEBRUARY 25, 2019
-based supplier of identity access management (IAM) systems, which recently announced a partnership with Omada, a Copenhagen-based provider of identity governance administration (IGA) solutions. Governance and attestation quickly became a very big deal. Compliance became a huge driver for governance and attestation,” Curcio said. “It
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6 best practices for a data governance strategy
Collibra
APRIL 11, 2022
Data governance is a very intricate field, so implementing and sustaining data governance comes with a suite of challenges. Luckily, thousands, if not millions, of organizations use data governance to improve their operations, so you can learn from others’ mistakes and successes. What are data governance best practices?
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Top 6 Best Practices for Data Governance
Collibra
MARCH 11, 2021
Data governance is a very intricate field, so implementing and sustaining data governance comes with a suite of challenges. Luckily, thousands, if not millions, of organizations use data governance to improve their operations, so you can learn from others’ mistakes and successes. Focus on the operating model.
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Top 7 Data Governance Blog Posts of 2018
erwin
DECEMBER 20, 2018
The driving factors behind data governance adoption vary. Whether implemented as preventative measures (risk management and regulation) or proactive endeavors (value creation and ROI), the benefits of a data governance initiative is becoming more apparent. Defining Data Governance. www.erwin.com/blog/defining-data-governance/.
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Putting data storage at the forefront of cloud security
IBM Big Data Hub
NOVEMBER 7, 2023
Securing sensitive data in an evolving landscape Advancements like those in AI and quantum computing can pose new challenges to customers, especially those in highly regulated industries such as financial services, healthcare, telecommunications and more.
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Resecurity Released a 2024 Cyber Threat Landscape Forecast
Security Affairs
DECEMBER 26, 2023
Resecurity, a Los Angeles-based cybersecurity company protecting Fortune 100 and government agencies worldwide, has compiled a comprehensive forecast outlining the imminent threats and novel security challenges anticipated in the upcoming year. Cybersecurity company Resecurity has published the 2024 Cyber Threat Landscape Forecast.
UK regulators’ strategic approaches to AI: a guide to key regulatory priorities for AI governance professionals
Data Protection Report
MAY 24, 2024
Background – white paper response on the UK’s approach to AI regulation In February 2024, the UK Department for Science, Innovation, and Technology (DSIT) set out the government’s proposed approach to AI regulation. Accountability and governance. These principles (the Principles) are: Safety, security and robustness.
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