The agencies of the Federal Financial Institutions Examination Council yesterday released a free cybersecurity self-assessment tool to help financial institutions of all sizes identify the cyber risks they face and assess their preparedness. The assessment is based on a 2014 pilot cybersecurity assessment of more than 500 financial institutions.
All participants in the payments system must work together to ensure that payment innovation advances safely, Federal Reserve Governor Jerome Powell said today at a payments conference in Kansas City.
When a cyber event or data breach happens, bank executives need to be ready to communicate—both internally and externally. Here’s how to prepare.
Retailers and other firms involved in the payments process should be subject to the same data security requirements as banks, ABA President and CEO Frank Keating and other trade group CEOs said in an op-ed today published in The Hill newspaper.
Regulated financial institutions bring security and stability to the payments system, Comptroller of the Currency Thomas Curry said at an industry event yesterday.
Federal Communications Commission Chairman Tom Wheeler yesterday circulated a summary of his proposal to clarify the Telephone Consumer Protection Act’s restrictions on autodialed calls and texts. One item to be addressed is ABA’s petition to the agency for an exemption from TCPA’s requirement for “prior express consent” for autodialed calls to alert bank customers to fraudulent transactions, data breaches and actions required to complete funds transfers.
According to Accenture’s recently released 2015 Global Risk Management Study, nearly 9 in 10 financial services firms plan to increase their investment in risk-management capabilities in the next two years in response to emerging risks of cyber security and fraud.
ABA and several other trade groups submitted a statement for the record of today’s House Financial Services Committee hearing on data security, emphasizing the shared responsibility that all participants in the payments system have for safeguarding customer data.
Cyber risks — in particular, the extent of contractual protections after a third-party breach — are bankers’ top risk concern, ABA VP Heather Wyson-Constantine said in a recent interview with BankInfoSecurity.