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The Hidden Risks of Shadow IT: Why Community Banks Need a Detailed System Inventory

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

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...

Embracing AI: A Quick Start Guide for Community Financial Institutions

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.

AI -The New Gutenberg Printing Press

AI -The New Gutenberg Printing Press

For those of you who don’t know me or my family well, we are a Disney family. For those of you who just rolled your eyes, bear with me, this article isn’t just about Disney. It’s about a lightbulb moment I had while riding Epcot’s Spaceship Earth, which illustrates the journey of human progress from the dawn of time. 

The area shows before the printing press how communication was handled; handwritten copies and one-to-one conversations. Then you see society’s leap from the written word to the digital age and computers.  Just as the ride highlighted the milestone and impact of Gutenberg’s printing press, I found myself contemplating AI’s place in our future and the striking realization that the two journeys are more similar than they are different.

Navigating Cyber Insurance: Are You Really Covered? Critical Lessons Learned

Navigating Cyber Insurance: Are You Really Covered? Critical Lessons Learned

In the evolving state of cybersecurity, financial institutions grapple with the challenge of safeguarding their digital and financial assets against cyber threats. Cyber insurance has emerged as a critical component of risk management strategies. However, the complexities surrounding these policies, particularly regarding coverage in the event of a breach, can leave many organizations vulnerable.

Integrating FFIEC Authentication Guidance: A Blueprint for Your Next Exam With Insights from Recent Regulatory Actions

Integrating FFIEC Authentication Guidance: A Blueprint for Your Next Exam With Insights from Recent Regulatory Actions

The Federal Financial Institutions Examination Council (FFIEC) Authentication Guidance update in August 2021 has marked a significant step towards enhancing authentication and security access measures within financial institutions. This update expanded upon previous handbooks from 2005 and 2011, emphasizing a broader scope that now includes employees, third-party vendors, and system-to-system communications via APIs.

The Best Defense Against Ransomware

The Best Defense Against Ransomware

Beth Sumner, our VP of Customer Success, recently had the opportunity to discuss ransomware attacks and the importance of community bankers staying vigilant against these crimes in Independent Banker.  While the number of ransomware attacks continues to increase, so do the sums demanded by the attackers.

Succession Planning: Essential for Sustaining Information Security

Succession Planning: Essential for Sustaining Information Security

In today’s world where cyber threats evolve rapidly, the challenge of replacing an Information Security Officer (ISO) underscores a critical issue: the cybersecurity job market is scorching, yet talent is scarce. This gap has turned recruitment into a high-stakes game for financial institutions, where the departure of an ISO exposes vulnerabilities and regulatory risks. With remote work expanding the competition for skilled professionals, the importance of strategic succession planning has never been more acute, ensuring that institutions remain fortified even in the face of staffing changes.

Partnering for Peace of Mind and Effective Oversight

Partnering for Peace of Mind and Effective Oversight

Pendleton Community Bank, a $700 Million Dollar Bank with 133 Employees in Franklin, WV, led by CEO Bill Loving, faced a critical challenge when their Information Security Officer departed, leaving a significant void in their oversight capabilities. Their goal was clear: establish an effective process for information security governance and cybersecurity oversight to ensure compliance and peace of mind.

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