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FTC Redefines a Financial Institution. Could your customers and members be impacted?
Way back in 2002, the FTC proposed new standards that would require all “financial institutions” to develop, implement, and maintain “…reasonable administrative, technical, and physical safeguards to protect the security, confidentiality, and integrity of customer information.” Officially known as Standards for Safeguarding Customer Information, this should sound very familiar to all “traditional” financial institutions, as […]
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A Look Back at 2020 and a Look Ahead to 2021: A Regulatory Compliance Update
From SafeSystems.com/Safe-Systems-Blog Safe Systems recently published a two-part regulatory compliance blog series that looked back at 2020 and ahead to 2021. In Part 1, we explored how regulations related to the Pandemic dominated the compliance landscape early in 2020 forcing financial institutions to make adjustments to their procedures and practices on the fly. In Part […]
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Asset Lifecycle Management
Since both Windows 7 and Server 2008 R2 will reach end-of-life support in January of 2020, many organizations have already made the jump to Windows 10 and Windows Server 2012, 2016, 2019, or Azure. If you have full control over the asset lifecycle management process for your financial institution you may have already completed this […]
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Guru Briefs – OCC on Cybersecurity & MRA’s, FFIEC on Cybersecurity Assessments
(NOTE: Guru Briefs are short takes on recently released regulatory activity. They are not a detailed analysis, but designed to draw attention to the Guru’s initial impressions.) In this edition: The OCC has been particularly active on the regulatory front lately, and even non-OCC institutions may want to pay attention, as the head of the OCC […]
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Say What You Do…But Do What You Say
Feedback from recent regulatory examinations indicates a potentially troublesome trend; regulators are actually reading your policies. Traditionally, regulatory findings are concentrated in policy weaknesses. Either polices don’t exist (social media and mobile banking for example), or they do exist but need “expansion”. (“Expansion” is a vague and often used-term in examination findings to indicate a […]
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Windows XP and Electronic Banking
The FFIEC has previously issued a statement on Windows XP and the regulatory expectations for both financial institutions and TSP’s beyond April 8th, but so far the regulators have not weighed in on the implications to e-banking and RDC customers. According to some estimates, as many as 30-40% of your business customers may still be […]
