With regulators commenting over the past 24 months that information security is the biggest threat banks face today, more and more emphasis is being placed on the bank’s board of directors. Regulators expect the directors to effectively manage your bank’s technology risk, similarly to how the board manages credit, interest rate, liquidity and other risks your bank faces.
Did you know that you car’s infotainment system may be automatically downloading your mobile device’s data? The Federal Trade Commission (FTC) is warning consumers to be aware that personal information stored in a vehicle’s infotainment system can tell the next person all sorts of things about you.*
More and more banks are joining BankOnIT’s Bankers Private Cloud® service.
Here is the reason why.
Banks are unique compared to the other businesses in their communities. Banks have requirements they must meet including having 100% uptime, maintaining a proven business continuity plan, upholding robust security and meeting the ever increasing regulatory requirements. All of these components must be met while also undergoing reoccurring audits and exams that test internal controls and a bank’s compliance with those regulations.
If your primary Federal regulator is the FDIC, your bank’s IT examinations will now be conducted using a new 60-page examination form that the FDIC has just released in its FIL-43-2016.* The FDIC’s new Information Technology Risk Examination (InTREx) Program is designed for examiners to fill out electronically and is effective July 1, 2016.
Friends of Traditional Banking (FOTB) and BankOnIT are excited to announce that BankOnIT, a bank network technology firm that focuses on helping traditional banks, has signed on as the founding Corporate Friend of Friends of Traditional Banking.
Do you see your bank’s technology as a “negative”— something that creates a drag on earnings and eats up management’s time in dealing with constantly occurring issues? Instead, what if your bank’s technology could be a source of strength, helping your bank to achieve its strategic objectives while at the same time reducing risk, reducing regulatory burden, adding capabilities and allowing management to spend more time on other, more important goals?
The FBI announced that it’s seen a dramatic rise in ransomware. These attacks entice users to open an email attachment or click on a link that downloads malware that “locks-up” or encrypts data on a computer, shared files or files on a server that’s accessible from the computer. The attacker then demands payment to unlock the data or provide the decryption key. These infections can be devastating and recovery can be a difficult and timely process.
Another southern Kansas bank recently joined BankOnIT’s Bankers Private Cloud® service.
BankOnIT created and provides the Bankers Private Cloud®, an exclusive solution for community banks that improves efficiency, reliability and information security while minimizing a bank’s risk – including regulatory and strategic risks.
More government regulation. More risk. More cost. Every day, bankers are faced with these challenges, and information technology issues are increasingly a big part of the reason why. The rapid pace of technological change has driven rapid growth in technology risks, which in turn have driven increased regulatory focus, all of which drive increased costs.
Another Illinois bank recently joined BankOnIT’s Bankers Private Cloud® service.
BankOnIT created and provides the Bankers Private Cloud®, an exclusive solution for banks that improves efficiency, reliability and information security while minimizing a bank’s risk – including regulatory and strategic risks.
The President and CEO at this newest client bank, looks to the increases in cyber risk as an important reason for keeping up with IT.