In a letter to the Federal Financial Institutions Examination Council earlier this month, ABA and the Bank Policy Institute offered feedback on the FFIEC Cybersecurity Assessment Tool, a voluntary tool developed in 2015 to help financial institutions assess their cyber risk and preparedness.
The FDIC and the Financial Crimes Enforcement Network today published key takeaways and solution summaries from a recent “tech sprint” to develop solutions for banks and regulators to help measure the effectiveness of digital identity proofing—the process used to collect, validate and verify information about a person.
The latest incarnation of ABA’s award-winning #BanksNeverAskThat anti-phishing campaign returns in October. The season premiere of the ABA Banking Journal Podcast features a banker’s perspective on participating in the campaign and a sneak preview of new creative.
The OCC today issued a bulletin for community banks on the legal requirements for protecting non-public OCC information in video teleconferencing services.
Security and fraud protection are replacing “low or no fees” as the top reasons why consumers choose a new bank, according to a new survey of bank customers by the analytics firm Verint.
The Consumer Financial Protection Bureau published a circular today on how and when nonbank financial firms—such as fintech companies and credit reporting agencies—may be violating the Consumer Financial Protection Act with respect to data security.
The voluntary information collection resource was created to assist financial institutions in assessing their inherent cyber risks.
The financial services sector has done “a good job” so far of building cyber defenses and working with law enforcement and the regulatory community to guard against attacks, but there’s more work to be done, said Acting Comptroller of the Currency Michael J. Hsu today during remarks to financial services groups.
As the Senate considers the 2023 National Defense Authorization Act, ABA and the Bank Policy Institute urged lawmakers to omit language that would create a designation for “systemically important entities,” including large banks, for the purposes of assessing risks to critical infrastructure entities.
Data breaches cost financial intuitions an average of $5.97 million in 2021 and 2022, with health care being the only sector with a higher cost per breach, according to a report released yesterday by IBM Security.