Cybersecurity

The Critical Link Between Third-Party Risk Management (TPRM) and Access Management

by Zach Duke | Nov 7, 2024

As highlighted in a recent article from the Federal Reserve, managing third-party relationships and the access associated with those relationships is a critical component of Third-Party Risk Management (TPRM). The associated access third party vendors have to banking systems is known as Access Management and is foundational for mitigating risks associated with third-party relationships. Access Management may be easy to overlook because it does not always reside with the same person or team as TPRM; making it difficult to provide critical oversight.

With increased regulatory focus, how should institutions be thinking of Access Management? Here are five steps your institution can take today to strengthen your third-party governance.

FFIEC Authentication Guidance: Are You Meeting the Expectation?

by Zach Duke | Oct 10, 2024

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...

How to Get Your Information Security Budget Approved in Cost-Sensitive Times for Community Banks

by Zach Duke | Aug 29, 2024

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...

Why You Need to Know Every System for Every Employee

by Zach Duke | Jul 23, 2024

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...

My Epiphany of AI During a Session With My Therapist

by Zach Duke | Jun 20, 2024

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

by Beth Sumner | May 23, 2024

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.

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

by Zach Duke | Apr 25, 2024

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

by Zach Duke | Apr 11, 2024

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

by Andy Mills | Mar 28, 2024

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

by Beth Sumner | Mar 12, 2024

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.

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