Financial Services Archives

2020 News in Review

January 4, 2021
Tim Crino
Africa, Artificial Intelligence, Banks, Biometric, Brazil, Breach prevention, Breach response, Business Continuity, C-Suite, Canada, CCPA, CISO, CMMC, CNIL, Compliance, Consumer Privacy, COVID-19, Cyber Fraud, Cybercrime, Cybersecurity, Data Mapping and Inventory, Data Privacy, Data Protection, Data Rights Management (DRM), data trusts, differential privacy, DPO, Dubai, European Union, Federal Reserve, Federated Learning, Financial Services, GDPR, GLBA, Governance, Government Contracting, Hiring, Hybrid, International Agreements, Investigations, Japan, Machine Learning, New York State, NIST, Penalties and Enforcement, Phishing, Privacy, Privacy Shield, Project Management, Resilience, State Laws, Third Party Compliance, United Kingdom, US Regulatory, Work from Home

Week Ending December 28 ICO Warns SolarWinds Victims to Report Breaches The United Kingdom’s Information Commissioner’s Office (ICO) has issued a warning to organizations compromised by the SolarWinds breach. The breach, which was carried out by Russian hackers, affected more than 18000 organizations worldwide. ICO requires UK data controllers subject to NIS regulations to report…

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Why Data Trusts Are a Win-Win for Companies and Consumers

November 17, 2020
Max Totsky
Artificial Intelligence, Compliance, Data Mapping and Inventory, Data Privacy, Data Protection, Data Rights Management (DRM), data trusts, differential privacy, Federated Learning, Financial Services, GDPR, Machine Learning, Uncategorized, US Regulatory

Data is imperative to many crucial business processes, like marketing, product development, fraud protection, and AI. But complying with proliferating and conflicting data privacy regulations is far from easy. And asking consumers to be responsible for making decisions about their own data privacy isn’t a solid solution. One AI expert has proposed a solution: data…

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OCC Fines Capital One: Key Takeaways

August 11, 2020
Max Totsky
Banks, Breach prevention, Breach response, Cybercrime, Cybersecurity, Data Privacy, Data Protection, Financial Services, Uncategorized

Last year, Capital One experienced one of the largest-ever data breaches of a bank, when a hacker–Paige Thompson–got her hands on the personal information of over 106 million customers and applicants via a misconfigured AWS server. Now, the Office of the Comptroller of the Currency (OCC) has hit the bank with a whopping $80 million…

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COVID-19 Extensions In NY Financial Department

COVID-19 Brings Deadline Extensions from NY Department of Financial Services

March 25, 2020
Joy Meason Intriago
Breach prevention, Cybersecurity, Financial Services, New York State
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The New York State Department of Financial Services (NYDFS) has taken several steps in response to the COVID-19 pandemic. On March 12, NYDFS released a compliance order and a series of guidance letters extending certain deadlines and requesting that organizations…

As Federal Regulations Slip, States are Filling the Gap

March 10, 2020
Max Totsky
Breach prevention, Financial Services, State Laws
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In the years since its 2011 inception, the Consumer Financial Protection Bureau (CFPB) has been a valuable shield between consumers and predatory financial practices. The federal regulatory body held Wells Fargo accountable when the bank was caught opening fake accounts…

What All Financial Institutions Can Learn From the Capital One Breach

Learning lessons from another financial institution's mistake, such as the Capital One Breach in 2019, is one of the best ways to help make important improvements. Paige Thompson, 33, of Seattle, Washington was arrested on July 29, 2019 for stealing…