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Background for Part 504 Regulation Financial Institutions use various methods, tools, systems and processes for transaction monitoring and sanction filtering. While some institutions have demonstrated effective controls and periodic independent reviews, analysis and audits of these processes and systems, various shortcomings have also been noticed by regulators or by independent third parties. In a few …Read More
For even the most casual of observers, 2017 has been a watershed year in our government declaring battle against the growing, pervasive Cybersecurity threat. The new Administration issued an Executive Order on May 11th that aims to 1) drive the government to follow its own IT security standards 2) improve the cybersecurity of critical infrastructure, and 3) increase the overall cybersecurity preparedness of the nation.Read More
In more than 30 years of working for community banks as IT Director or as service provider, I have learned the technology risk with the greatest potential negative impact is the belief “that it could never happen to us.” The “it” may have changed over the years, but the danger has not.Read More
Based on reports thus far, the attack is believed to start when someone falls victim to a phishing email or malicious website. Once the ransomware, known as WannaCry or WannaCrypt, begins running on the victim's system, it starts encrypting the victims files and it looks for systems on the network that have an unpatched Windows SMB vulnerability.Read More