The coronavirus crisis is (hopefully) a once-in-a-lifetime event, but the way banks respond and adapt to its challenges has the potential to forever change the way they do business.
With many banks moving some or all employees to remote work arrangements and accessing more cloud-based technologies, the Federal Financial Institutions Examination Council released a statement on risk management principles for cloud computing security.
Live Oak Bank CTO Brian Lora talks about how the bank’s cloud-based infrastructure helps it stay resilient and rapidly go remote when hurricanes, or a global pandemic, strikes.
Shifting bank technology functions to the cloud has many benefits for banks—but managing the risks requires a different framework.
According to a recent survey of community bankers, cybersecurity was the highest-rated risk concern, with over 96% of community bank CEOs reporting that they considered it an important or very important risk factor for their bank.
Testifying before the House Financial Services Committee’s Task Force on Artificial Intelligence today, ABA SVP Paul Benda highlighted the ways banks are using cloud technology and urged greater collaboration to enhance cloud security and efficiency.
“There are so many ways we can bring banking to people,” says Ryan James, president and CEO of Surety Bank in Deland, Fla. “Community is not bound by geography. I look at community as shared interest.”
Ryan James reflects on how Surety Bank supported its customers through the financial crisis and how he’s positioning the 93-year-old institution for the next 90 years.
By Gregg Early
By Sumeet Sabharwal