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 […]
One of several changes implemented in the 2019 FFIEC BCM Examination Handbook is a subtle but important differentiation between a BCMP “test” and an “exercise”. I discussed some of the more material changes here, but we’re starting to see examiner scrutiny into not just if, but exactly what and how you’re testing. According to the […]
Hey Guru! Are the Gramm–Leach–Bliley Act (GLBA) and the General Data Protection Regulation (GDPR) similar enough to apply the same or equivalent set of layered controls? My understanding is that GDPR has placed a higher premium on the protection of a narrower definition of data. So, my question is more about whether FFIEC requirements for […]
Earlier this year the SANS Institute issued a document titled “Critical Controls for Effective Cyber Defense“. Although not specific to financial institutions, it provides a useful prescriptive framework for any institution looking to defend their networks and systems from internal and external threats. The document lists the top 20 controls institutions should use to prevent […]
Update 2 (8/2012) – Cloud-based storage vendor DropBox confirmed recently that a stolen employee password led to the theft of a “project document” that contained user e-mail addresses. Those addresses were then used to SPAM DropBox users. The password itself was not stolen directly from the DropBox site, but from another site the employee used. […]
We recently saw an examination finding that recommended that “Critical Patches be deployed within 24 hours of notice (of patch release)”. This would seem to contradict the FFIEC guidance in the Information Security Handbook that states that the institution: “Apply the patch to an isolated test system and verify that the patch… (1) is compatible […]
Thanks in part to social media, users today often don’t differentiate between work and non-work activities, and they certainly don’t want to have to carry multiple work/non-work devices to keep them connected. As a result, new multi-function, multi-purpose mobile devices are constantly being added to your secure financial institution network…and often in violation of your […]
Based on recent examination findings, it would appear that the FDIC is changing what they expect to see in the annual information security report to the Board of Directors. The requirement for the report is established in the FFIEC Information Security Handbook where it states that a written report to the board should describe the […]
Last week Wells Fargo said that some of their customers in South Carolina and Florida received portions of other customers’ bank statements in the mail as the result of a printer error. Essentially a printer malfunction caused some printed statements to contain a portion of another customer’s statement to be appended to the bottom. A […]
One of the big “must do” take-aways from the updated FFIEC Authentication Guidance was the requirement for all institutions to conduct risk assessments. Not just prior to implementing electronic banking services, but periodically throughout the relationship if certain factors change, such as: changes in the internal and external threat environment, including those discussed in the […]
As I speak with those in financial institutions responsible for responding to audit and examination requests, I find that there is considerable confusion over the differences between the two. And some of this confusion is understandable…there is certainly some overlap between them, but there are also considerable differences in the nature and scope of each […]
