The FFIEC has updated their expectations for access management with the Authentication and Access to Financial Institution Services and Systems Guidance. This guidance expands beyond traditional customer authentication and places a significant emphasis on...
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Be the first to know about new Finosec blogs to grow your knowledge of the cybersecurity governance industry today!The Critical Foundation of Managing Access to Banking Systems
Managing access to banking systems has become increasingly complex as financial institutions navigate legacy reporting systems, API access, and cloud solutions. These challenges, along with the risks posed by unmanaged systems, emphasize the need for maintaining a...
Shadow AI: Why Financial Institutions Need Comprehensive Governance
Several months ago, I wrote a blog on Shadow IT, emphasizing the risks of unapproved software and systems used by employees without the knowledge of the IT department. Shadow IT can lead to significant security vulnerabilities, as it is impossible to protect...
How to Get Your Information Security Budget Approved in Cost-Sensitive Times for Community Banks
In the current economic environment, community banks face unique challenges such as rate compression, shrinking margins, liquidity and commercial real estate concerns. These factors make the upcoming budgeting season particularly daunting for IT and information...
Preparing for Your Next Exam: Ensuring Identity Access Management Meets Expectations
Preparing for your next examination can feel overwhelming as the regulatory expectations continue to expand. As you gear up for your next regulatory examination (or audit), it is crucial to align with the expectations outlined in the Federal Financial Institutions...
Challenges of Manual User Access Reviews in Community Financial Institutions
When I first entered the banking world, user access reviews were much more straightforward. Spreadsheets were used to capture the basics of who had network and core application access. There was a page in each employee’s file listing the keys and codes they had, and...
Why You Need to Know Every System for Every Employee
Are you confident that your bank has clear and thorough visibility to every employee’s physical and digital access to systems? If you’re like most banks we work with, the answer to this question is “no”. There are many challenges that make tracking employee access...
The Hidden Risks of Shadow IT: Why Community Banks Need a Detailed System Inventory
In the world of community banking, the landscape of information security and cyber risk management has dramatically evolved. Gone are the days when all servers were in-house, and every application installation involved the IT department. Today, it’s easier than ever for a Compliance Officer to sign off on a new software tool to manage Reg DD challenges or for a Loan Officer to adopt a cloud solution to improve customer acceptance rates.
My Epiphany of AI During a Session With My Therapist
For over a year now, every Tuesday, the Finosec team has been holding a meeting to discuss how we are leveraging AI personally, at work, and in our platform. These weekly meetings have consistently focused on sharing the impact of AI for each of us personally and the...
AI in Financial Services: Balancing Innovation, Third-Party Risk Management, and Regulatory Scrutiny
The integration of artificial intelligence (AI) in the financial services sector presents both transformative opportunities and significant challenges. As financial institutions increasingly evaluate AI technologies, it is crucial to ensure these innovations comply...
Embracing AI: A Quick Start Guide for Community Financial Institutions
Recently, I had the privilege of speaking to a group of bankers at the ICBA Live conference. When I asked who was using AI, only a few hands went up. Then I asked how many had policies forbidding AI usage, and several more hands were raised. This brought us to an interesting realization: those banks were inadvertently in violation of their own policies. AI isn’t new—it’s been enhancing our industry for years, especially in cybersecurity and fraud detection.