Your Bank’s Board is Referenced 40 times in the FFIEC’s Newest Release

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.

Your Newest Security Threat: Your Car

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.*

Colorado, Kansas and Missouri Banks Join Bankers Private Cloud®

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.

FRB, OCC and FDIC Are Preparing New Mandatory Cybersecurity Standards; FDIC Announces New IT Risk Examination Program Effective July 1

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.

Using Technology to Outperform Your Peers: Higher earnings & improved efficiency

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?

FBI Warns Attacks are Increasing

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.

A Southern Kansas Bank joins Bankers Private Cloud®

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 Regulation. More Risk. More Cost.

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 joins BankOnIT Community

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.

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