Digital banking provides faster processing of financial transactions, more convenience, and a model that allows for the continuation of a financial industry even in the face of a pandemic. However, digital banking makes banks vulnerable to cyberattacks. Banks are now facing fresh security challenges that were brought on or affected by COVID-19. Here is what you need to know about them and how to protect yourself.
The SEC’s Office of Compliance Inspections and Examinations (“OCIE”) recently issued a Risk Alert (the “Alert”) discussing cybersecurity observations from its examinations over time. The Alert did not state the time period of examinations included; however, OCIE has conducted several cybersecurity targeted exams over recent years.
The 2020 Cybersecurity Perception Study finds most people still don’t view cybersecurity as a career field for themselves, even as nearly one-third (29%) of respondents say they are considering a career change.
To meet modern day challenges and address the evolving retail bank landscape, Origin Bank embraces innovative technology and solutions that boost efficiencies, reduce fraud and enhance service. The organization considers the protection of its clients’ assets to be paramount and strives to deliver a safe banking experience.
The need for cybersecurity in the financial services industry has never been greater. Financial Institutions (FIs) have been and will continue to be the subject of cyberattacks by adversaries of all varieties. The old adage “why do you rob banks....because that’s where the money is” holds in this domain as well. In 2019, 86 percent of breaches were financially motivated, and the records exposed in all breaches increased by 284 percent. And if that’s not enough for FIs to worry about, consider that the average cost of a breach as disclosed by public firms in 2019 was $116 million. Given the magnitude of this issue, these are the top trends seen in cybersecurity this year.
New research from DataGrail this morning that uncovers how people are using the California Consumer Privacy Act since it went into effect in January 2020 and the data shows people want control of their data and are taking action to restrict the sale of their personal information.
In Oregon, the Portland City Council passed legislation, which bans both city government agencies and private businesses from using facial recognition technology on the city’s grounds.
The Human Trafficking Institute rolled out the 2019 State Summaries, which provide an overview of federal human trafficking cases in all 50 states, the five U.S. territories, and the District of Columbia. While the number of forced labor cases has remained steady for a few years, the number of criminal sex trafficking cases as a nation has trended down since 2017.
Public and private sector partner to start reducing the cybersecurity talent gap and provide participants with up to $75,000 in student loan assistance.
Banks, like other businesses, are taking precautions to make customers feel safe during the COVID-19 pandemic. Placing physical distancing markers on the floor, sanitizing ATMs, installing plexiglass partitions at teller booths and requiring scheduled appointments are just some of the ways financial institutions are mitigating risks for customers. Video surveillance can play a vitally important role right now, as banks look to ensure compliance with these new COVID-related safety measures. IP cameras with intelligent security analytics can help rapidly and accurately detect compliance issues, as well as other suspicious or atypical behavior. After all, banks must continue to monitor physical security even throughout the pandemic and today’s IP cameras with intelligent system-on-chip (SoC) technology can help lessen this burden with highly accurate notifications.
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