Managing the Operational Risk of Our Bank

Size: px
Start display at page:

Download "Managing the Operational Risk of Our Bank"

Transcription

1 Managing the Operational Risk of Our Bank 1

2 Managing Operational Risk Has your organizational leadership ever made any of the following comments? The Board wants us to focus on risk management since we ve received unfavorable ratings. I don t see why we need to address cybersecurity in our business contingency plan. We can put together a risk assessment after we select the new vendor/product. We have a Strategic Plan, what do you mean we need a technology plan? If you re silently saying Yes to these questions, your organization likely needs to address the management of your bank s operational risk. 2

3 Managing Operational Risk The first step to better risk management is acknowledging the reality and existence of operational risks. Eliminate uncertainty that it can t or won t happen, because it can and it might! No institution is immune to the effects of industry risks and regulatory pressure. 3

4 Managing Operational Risk 4

5 Managing Operational Risk Operational Risk - Is the risk of loss resulting from inadequate or failed internal processes, people and systems, or from external events. Operational Risk Certainties: Fundamentally different from all other risks, it s embedded in every activity and product of an institution, and is harder to measure, model, and eliminate than conventional risks. Becoming a larger portion of the overall risk pie According to a recent OCC review of examined banks, operational risk has overtaken credit risk as the most important risk type. A prerequisite for strong performance 5

6 Managing Operational Risk Operational Risk Categories: Internal Fraud External Fraud Employment Practices and Workplace Safety Clients, Products, and Business Factors Damage to Physical Assets Business Disruption and System Failures Execution, Delivery, and Process Management 6

7 Managing Operational Risk Importance has grown as Banks operational environments face increased challenges: The combination of evolving cyber threats and newly identified information technology vulnerabilities More sophisticated and proficient attacks compromising employee, third party, and system credentials to gain access, install malicious software, steal sensitive information, and operate inside systems for extended periods without detection Breaches at nonfinancial firms directly and indirectly impacting costs to banks Shifts in the business models and renewed global market volatility Changes in consumer behavior coupled with a significant focus on consumer protection 7

8 Managing Operational Risk Some emerging risks to consider Shifts in Business Models Third Party Relationships Bring Your Own Device (BYOD) Cybersecurity and Data Protection Expansion into Growth Markets New Product Innovation 8

9 Shifts in Business Models Business models are under increasing pressure as bankers seek to launch new products, use IT automation, reduce staffing, and reengineer business processes Changing business strategy can involve the bundling of products and services, or new bank roles as agent between consumers and merchants Competition from nonbank entities that are expanding into traditional banking areas 9

10 Third Party Relationships The bank should focus on all phases of risk management, including planning, due diligence, internal controls, reporting, contract negotiations, and ongoing monitoring before partnering with a vendor 10

11 Cybersecurity and Data Protection In Nov. 2014, the FFIEC released the results from their cybersecurity examinations which included 500 community financial institutions: Examined Bank: reviewed inherent risk associated with multiple points of entry including: VPNs, wireless networks, & bring your own device. Finding: insufficient focus on the interconnectedness of cyber risk Recommendation: strengthen the first line of defense, increase third party reviews, and board communications Result: Increased regulatory scrutiny and expectations extending beyond the IT dept. 11

12 Cybersecurity and Data Proection Maintain heightened awareness and appropriate resources to identify and mitigate cyber threats and vulnerabilities, and incorporate cyberresilience planning and controls into their business continuity planning and testing 12

13 Themes Hackers have monetized their activity More hacking More handson effort More sophistication Hackers targeting business customers Smaller organizations targeted Social engineering on the rise SaaS, webbased malware, DDoS protection 13

14 Three Largest Cyber Fraud Trends Organized Crime Wholesale theft of personal financial information CATO Corporate Account Takeover Use of online credentials for ACH, CC and wire fraud Ransomware Your data held for ransom 14 14

15 Thefts of PFI Target Sally Beauty Community Health Systems Dairy Queen Home Depot Neiman Marcus Harbor Freight University of Maryland Goodwill Jimmy Johns Olmsted Medical Center University of Indiana 15 15

16 Stolen Card Data Carder or Carding websites Dumps vs CVV s A peek inside a carding operation: inside a professional carding shop/ 16 16

17 Credit Card Data For Sale 17 17

18 What is Corporate Account Takeover Fraud? Corporate Account Takeover (CATO) fraud is: A form of corporate identity theft whereby cyber thieves gain control of a business s bank account by stealing employee passwords and other valid credentials. (Iowa Division of Banking CATO guidance) Transactional electronic banking services moving money in or out of the bank Bill pay Online ACH origination Online wire transfer initiation Remote Deposit Capture/Mobile Deposit Capture A2A/B2B/B2P 18

19 Cyber Crime Risks and Prevention Strategies Cyber Crime Corporate Account Takeover Fraud 60 percent of small businesses will close within six months of a cyber security attack. National Cyber Security Alliance 19

20 Mitigation Themes Employees who are aware and savvy soc test Networks resistant to malware DiD strategy Relationships with vendors validated & risk assessed Business customers use of online tools maximized 20

21 Risk Mitigation for Online Banking Limit administrative control on banking acct Do NOT use master account to perform standard banking activities Create segregation of duties and delegate responsibilities Initiation/request Authorization Review (might be part of authorization might be independent review later) 21

22 Risk Mitigation for Online Banking Meet with insurance agent to understand what, if any, cyber liability coverage is in place or can be acquired Understand limitations and exclusions Perform risk analysis of (electronic) banking function at least annually review the following: AV and anti malware software function Patch/update management How do other roles/responsibilities/activities of staff interact/intersect with banking responsibilities 22

23 Corporate Account Takeover Catholic church parish Hospice Collection agency Main street newspaper stand Electrical contractor Public school district Health care trade association Rural hospital Mining company On and on and on and on 23

24 How do CATO fraudsters break in? Phishing Entry for Trojans and other malware Weak passwords password Poor computer upkeep Do not understand risk Patching, antivirus It won t happen to us/we re small No ISP Lack of training 24

25 Case Study County Hospital System October 2012 January 2013 Bank customer (hospital) gets hacked/phished Two ACH payroll files totaling > $150,000 Lessons learned 25

26 CATO Lawsuits - UCC a payment order received by the [bank] is effective as the order of the customer, whether or not authorized, if the security procedure is a commercially reasonable method of providing security against unauthorized payment orders, and the bank proves that it accepted the payment order in good faith and in compliance with the security procedure and any written agreement or instruction of the customer restricting acceptance of payment orders issued in the name of the customer

27 CATO Lawsuits - UCC Parties Tennessee Electric vs. TriSummit Bank How much? $327,804 stolen via ACH through CATO Method Internet banking site was down DOS? Basis Tennessee Electric asserting TriSummit processed bogus ACH file without any call back 27 27

28 CATO Lawsuits - UCC Parties Choice Escrow vs BancorpSouth How much? $440,000 stolen via single wire through CATO Defense CE passed on dual control offered by the bank Decision Court ruled in favor of bank CE attorneys failed to demonstrate bank s procedures were not commercially reasonable 28 28

29 Ransomware Malware encrypts everything it can interact with i.e. anything the infected user has access to CryptoLocker Kovter Also displays and adds child pornography images May 20, 2014 Ransomware attacks doubled in last month (7,000 to 15,000) goes spear phishinginfections soar warns knowbe4 a html 29 29

30 Ransomware Working (tested) backups are key 30 30

31 Bring Your Own Device Increase in allowance of employees and third parties to access systems (at bank and at vendor) from personal devices, such as mobile phones and tablets. Creates opportunities for credentials to be stolen and for bank systems to be infected with malware. In many instances, banks and third parties do not promptly resolve high risk vulnerabilities that are identified by detective controls. 31

32 Managing Operational Risk Expansion into Growth Markets and/or Products. Bank Secrecy Act and anti money laundering risk prevail and in some cases are increasing in risk Management succession planning and retention of key employees Lack of strategic plan execution 32

33 Managing Operational Risk New Product Innovation contemplated changes to business models and responses to strategic opportunities, such as the introduction of new or revised business products, processes, or delivery channels. 33

34 Managing Operational Risk 34

35 Managing Operational Risk How can we better manage these risks? Enhanced Governance Promote Strategic Planning Improve Vendor Management Practice Change Management Invest in Risk Mitigation Meet New Capital and Liquidity Requirements 35

36 Managing Operational Risk Enhanced Governance Develop a risk awareness culture throughout the organization Set the tone at the top Review compensation schemes and recruiting programs Improvements to Board Oversight Seek out individuals with knowledge in emerging operational risks, cyber risk, technology, and compliance Spend time on risk education and improving the overall knowledge of the operational/technical environment Cybersecurity incorporation into: overall governance risk management strategic planning processes 36

37 Managing Operational Risk Promote Strategic Planning Whether it s simplifying operations, changing business processes, or implementing new products, these decisions should be part of an overall strategic plan Determine how new business models will evolve within individual business lines and enterprise wide Consider emerging risks and the bank s position in this transforming landscape 37

38 Managing Operational Risk Improve Vendor Management Increase focus on third party audits, paring down the number of contracted vendors and improving contract management. Consider consolidation in the number of vendors contracted by financial institutions to assist in cost reduction strategies. The number, nature, and complexity of foreign and domestic third party relationships continue to expand. Ensure oversight and monitoring is commensurate with the breadth, complexity, and criticality of the arrangements. Identify and monitor risks of third party relationships and ensure resilience against business disruption. 38

39 Managing Operational Risk Practice Change Management Enhance the implementation of change management programs and processes and ensure their effective monitoring It s all about People, Rules and Tools 39

40 Managing Operational Risk Invest in Risk Mitigation Perform risk assessments more frequently and prior to selection of new product/service lines. Invest in tools to help mitigate high to med high risk. Consider utilizing risk and control self assessments, key risk indicators, business process mapping, comparative analysis, and the monitoring of action plans. 40

41 Managing Operational Risk Meet new capital guidelines March 31, 2015 Implementation What will change for us? Will we be ok? More capital? Change in products? 41

42 Managing Operational Risk As you continue to respond to the changing regulatory landscape, a fragile economy, and changing customer demands, don't take your eye off the ball when it comes to Operational Risk unless you want to be hit in the face. 42

Cybersecurity Governance Update: New FFIEC Requirements cliftonlarsonallen.com

Cybersecurity Governance Update: New FFIEC Requirements cliftonlarsonallen.com Cybersecurity Governance Update: New FFIEC Requirements cliftonlarsonallen.com Overview Up To Date Cybersecurity and Fraud Risks Current threat environment Industry examples and case studies FFIEC Cybersecurity

More information

Cybersecurity Governance Update on New FFIEC Requirements

Cybersecurity Governance Update on New FFIEC Requirements Cybersecurity Governance Update on New FFIEC Requirements cliftonlarsonallen.com Our perspective CliftonLarsonAllen Started in 1953 with a goal of total client service Today, Professional Services Firm

More information

Current Trends in Cyber Crime & Payments Fraud cliftonlarsonallen.com

Current Trends in Cyber Crime & Payments Fraud cliftonlarsonallen.com Current Trends in Cyber Crime & Payments Fraud cliftonlarsonallen.com Our perspective CliftonLarsonAllen Started in 1953 with a goal of total client service Today, industry specialized CPA and Advisory

More information

By: Gerald Gagne. Community Bank Auditors Group Cybersecurity What you need to do now. June 9, 2015

By: Gerald Gagne. Community Bank Auditors Group Cybersecurity What you need to do now. June 9, 2015 Community Bank Auditors Group Cybersecurity What you need to do now June 9, 2015 By: Gerald Gagne MEMBER OF PKF NORTH AMERICA, AN ASSOCIATION OF LEGALLY INDEPENDENT FIRMS 2015 Wolf & Company, P.C. Cybersecurity

More information

Payment Fraud Trends

Payment Fraud Trends 2013 CliftonLarsonAllen LLP Payment Fraud Trends How to Protect my Business Customers from Payment and Corporate Account Take Over CLAconnect.com CliftonLarsonAllen Started in 1953 with a goal of total

More information

IT Security Risks & Trends

IT Security Risks & Trends IT Security Risks & Trends Key Threats to All Businesses 1 1 What do the following have in common? Catholic church parish Hospice Collection agency Main Street newspaper stand Electrical contractor Health

More information

THE CHANGING FACE OF CYBERCRIME AND WHAT IT MEANS FOR BANKS

THE CHANGING FACE OF CYBERCRIME AND WHAT IT MEANS FOR BANKS THE CHANGING FACE OF CYBERCRIME AND WHAT IT MEANS FOR BANKS David Glockner, Managing Director strozfriedberg.com Overview The big picture: what does cybercrime look like today and how is it evolving? What

More information

Presented By: Corporate Security Information Security Treasury Management

Presented By: Corporate Security Information Security Treasury Management Presented By: Corporate Security Information Security Treasury Management Is Your Business Prepared for a Cyber Incident? It s not a matter of if, it s a matter of when Cyber Attacks are on the Rise; Physical

More information

Cybersecurity Workshop

Cybersecurity Workshop Cybersecurity Workshop February 10, 2015 E. Andrew Keeney, Esq. Kaufman & Canoles, P.C. E. Andrew Keeney, Esq. Kaufman & Canoles, P.C. 150 West Main Street, Suite 2100 Norfolk, VA 23510 (757) 624-3153

More information

Cybersecurity: What CFO s Need to Know

Cybersecurity: What CFO s Need to Know Cybersecurity: What CFO s Need to Know William J. Nowik, CISA, CISSP, QSA PCIP MEMBER OF PKF NORTH AMERICA, AN ASSOCIATION OF LEGALLY INDEPENDENT FIRMS 2014 Wolf & Company, P.C. Today s Agenda Introduction

More information

Cyber Security, Fraud and Corporate Account Takeovers LBA Bank Counsel Conference December 2014

Cyber Security, Fraud and Corporate Account Takeovers LBA Bank Counsel Conference December 2014 Cyber Security, Fraud and Corporate Account Takeovers LBA Bank Counsel Conference December 2014 Lisa D. Traina, CPA, CITP, CGMA Lisa Traina utilizes her 30+ years of experience as a CPA, CITP and CGMA

More information

Questions You Should be Asking NOW to Protect Your Business!

Questions You Should be Asking NOW to Protect Your Business! Questions You Should be Asking NOW to Protect Your Business! Angi Farren, AAP Senior Director Jen Wasmund, AAP Compliance Services Specialist 31 st Annual Conference SHAPE YOUR FUTURE April 23, 2013 Regional

More information

Data Breach Response Planning: Laying the Right Foundation

Data Breach Response Planning: Laying the Right Foundation Data Breach Response Planning: Laying the Right Foundation September 16, 2015 Presented by Paige M. Boshell and Amy S. Leopard babc.com ALABAMA I DISTRICT OF COLUMBIA I FLORIDA I MISSISSIPPI I NORTH CAROLINA

More information

What is Management Responsible For?

What is Management Responsible For? What is Management Responsible For? Matthew J. Putvinski, CPA, CISA, CISSP MEMBER OF PKF NORTH AMERICA, AN ASSOCIATION OF LEGALLY INDEPENDENT FIRMS 2011 Wolf & Company, P.C. About Wolf & Company, P.C Regional

More information

Cybersecurity Awareness. Part 1

Cybersecurity Awareness. Part 1 Part 1 Objectives Discuss the Evolution of Data Security Define and Discuss Cybersecurity Review Threat Environment Part 1 Discuss Information Security Programs s Enhancements for Cybersecurity Risks Threat

More information

CYBERSECURITY: PROTECTING YOUR ORGANIZATION AGAINST CYBER ATTACKS. Viviana Campanaro CISSP Director, Security and Compliance July 14, 2015

CYBERSECURITY: PROTECTING YOUR ORGANIZATION AGAINST CYBER ATTACKS. Viviana Campanaro CISSP Director, Security and Compliance July 14, 2015 CYBERSECURITY: PROTECTING YOUR ORGANIZATION AGAINST CYBER ATTACKS Viviana Campanaro CISSP Director, Security and Compliance July 14, 2015 TODAY S PRESENTER Viviana Campanaro, CISSP Director, Security and

More information

Cybersecurity Best Practices in Mortgage Banking. Article by Jim Deitch October 2015

Cybersecurity Best Practices in Mortgage Banking. Article by Jim Deitch October 2015 Cybersecurity Best Practices in Mortgage Banking Article by Jim Deitch Cybersecurity Best Practices in Mortgage Banking BY JIM DEITCH Jim Deitch Recent high-profile cyberattacks have clearly demonstrated

More information

ICBA Summary of FFIEC Cybersecurity Assessment Tool

ICBA Summary of FFIEC Cybersecurity Assessment Tool ICBA Summary of FFIEC Cybersecurity Assessment Tool July 2015 Contact: Jeremy Dalpiaz Assistant Vice President Cyber Security and Data Security Policy Jeremy.Dalpiaz@icba.org www.icba.org ICBA Summary

More information

CYBERSECURITY HOT TOPICS

CYBERSECURITY HOT TOPICS 1 CYBERSECURITY HOT TOPICS Secure Banking Solutions 2 Presenter Chad Knutson VP SBS Institute Senior Information Security Consultant Masters in Information Assurance CISSP, CISA, CRISC www.protectmybank.com

More information

How-To Guide: Cyber Security. Content Provided by

How-To Guide: Cyber Security. Content Provided by How-To Guide: Cyber Security Content Provided by Who needs cyber security? Businesses that have, use, or support computers, smartphones, email, websites, social media, or cloudbased services. Businesses

More information

September 20, 2013 Senior IT Examiner Gene Lilienthal

September 20, 2013 Senior IT Examiner Gene Lilienthal Cyber Crime September 20, 2013 Senior IT Examiner Gene Lilienthal The following presentation are views and opinions of the speaker and does not necessarily reflect the views of the Federal Reserve Bank

More information

Cybersecurity: Emerging Legal Risks

Cybersecurity: Emerging Legal Risks Cybersecurity: Emerging Legal Risks Data Breach Cyber Liability Seminar April 17, 2015 By: Tsutomu L. Johnson tj@scmlaw.com Overview of 2014 Data Breaches: JP Morgan, Home Depot, P.F. Chang s, Healthcare.gov,

More information

PACB One-Day Cybersecurity Workshop

PACB One-Day Cybersecurity Workshop PACB One-Day Cybersecurity Workshop WHAT IS CYBERSECURITY? PRESENTED BY: JON WALDMAN, SBS CISA, CRISC 1 Contact Information Jon Waldman Partner, Senior IS Consultant CISA, CRISC Masters of Info Assurance

More information

FFIEC Cybersecurity Assessment Tool

FFIEC Cybersecurity Assessment Tool Overview In light of the increasing volume and sophistication of cyber threats, the Federal Financial Institutions Examination Council 1 (FFIEC) developed the Cybersecurity Tool (), on behalf of its members,

More information

Cybersecurity: Considerations for Internal Audit. IIA Atlanta Chapter Meeting January 9, 2015

Cybersecurity: Considerations for Internal Audit. IIA Atlanta Chapter Meeting January 9, 2015 Cybersecurity: Considerations for Internal Audit IIA Atlanta Chapter Meeting January 9, 2015 Agenda Key Risks Incorporating Internal Audit Resources for Internal Auditors Questions 2 Key Risks 3 4 Key

More information

What Directors need to know about Cybersecurity?

What Directors need to know about Cybersecurity? What Directors need to know about Cybersecurity? W HAT I S C YBERSECURITY? PRESENTED BY: UTAH BANKERS ASSOCIATION AND JON WALDMAN PARTNER, SENIOR IS CONSULTANT - SBS 1 Contact Information Jon Waldman Partner,

More information

RLI PROFESSIONAL SERVICES GROUP PROFESSIONAL LEARNING EVENT PSGLE 123. Cybersecurity: A Growing Concern for Small Businesses

RLI PROFESSIONAL SERVICES GROUP PROFESSIONAL LEARNING EVENT PSGLE 123. Cybersecurity: A Growing Concern for Small Businesses RLI PROFESSIONAL SERVICES GROUP PROFESSIONAL LEARNING EVENT PSGLE 123 Cybersecurity: A Growing Concern for Small Businesses Copyright Materials This presentation is protected by US and International Copyright

More information

Keynote Speech. Beth Dugan Deputy Comptroller for Operational Risk. The Clearing House s First Operational Risk Colloquium

Keynote Speech. Beth Dugan Deputy Comptroller for Operational Risk. The Clearing House s First Operational Risk Colloquium Keynote Speech by Beth Dugan Deputy Comptroller for Operational Risk at The Clearing House s First Operational Risk Colloquium February 11, 2015 Washington, D.C. Thank you. It s an honor to be invited

More information

Building The Human Firewall. Andy Sawyer, CISM, C CISO Director of Security Locke Lord

Building The Human Firewall. Andy Sawyer, CISM, C CISO Director of Security Locke Lord Building The Human Firewall Andy Sawyer, CISM, C CISO Director of Security Locke Lord Confidentiality, Integrity, Availability Benchmarks of Cybersecurity: Confidentiality Information is protected against

More information

Remarks by. Thomas J. Curry. Comptroller of the Currency. Before the. Chicago. November 7, 2014

Remarks by. Thomas J. Curry. Comptroller of the Currency. Before the. Chicago. November 7, 2014 Remarks by Thomas J. Curry Comptroller of the Currency Before the 10 th Annual Community Bankers Symposium Chicago November 7, 2014 Good morning, it s a pleasure to be here today and to have this opportunity

More information

Cybersecurity. Are you prepared?

Cybersecurity. Are you prepared? Cybersecurity Are you prepared? First Cash, then your customer, now YOU! What is Cybersecurity? The body of technologies, processes, practices designed to protect networks, computers, programs, and data

More information

Summary of the State of Security

Summary of the State of Security Summary of the State of Security Tram Jewett, CISA CliftonLarsonAllen LLP Virginia GFOA Annual Spring Conference, 2016 1 1 Summary of the State of Security Tram Jewett, MS., CISA, 11 years IT audit and

More information

Cybersecurity. Regional and Community Banks. Inherent Risks and Preparedness. www.bostonfed.org

Cybersecurity. Regional and Community Banks. Inherent Risks and Preparedness. www.bostonfed.org Cybersecurity Inherent Risks and Preparedness Regional and Community Banks www.bostonfed.org Disclaimer The opinions expressed in this presentation are intended for informational purposes, and are not

More information

Cyber- Attacks: The New Frontier for Fraudsters. Daniel Wanjohi, Technology Security Specialist

Cyber- Attacks: The New Frontier for Fraudsters. Daniel Wanjohi, Technology Security Specialist Cyber- Attacks: The New Frontier for Fraudsters Daniel Wanjohi, Technology Security Specialist What is it All about The Cyber Security Agenda ; Protecting computers, networks, programs and data from unintended

More information

How To Protect Your Online Banking From Fraud

How To Protect Your Online Banking From Fraud DETECT MONITORING SERVICES AND DETECT SAFE BROWSING: Empowering Tools to Prevent Account Takeovers SUMMARY The Federal Financial Institutions Examination Council (FFIEC) is planning to update online transaction

More information

2015 CEO & Board University Cybersecurity on the Rise. Matthew J. Putvinski, CPA, CISA, CISSP

2015 CEO & Board University Cybersecurity on the Rise. Matthew J. Putvinski, CPA, CISA, CISSP 2015 CEO & Board University Cybersecurity on the Rise Matthew J. Putvinski, CPA, CISA, CISSP MEMBER OF PKF NORTH AMERICA, AN ASSOCIATION OF LEGALLY INDEPENDENT FIRMS 2011 Wolf & Company, P.C. About Wolf

More information

Cybersecurity: Protecting Your Business. March 11, 2015

Cybersecurity: Protecting Your Business. March 11, 2015 Cybersecurity: Protecting Your Business March 11, 2015 Grant Thornton. All LLP. rights All reserved. rights reserved. Agenda Introductions Presenters Cybersecurity Cybersecurity Trends Cybersecurity Attacks

More information

Cyber Security 2014 SECURE BANKING SOLUTIONS, LLC

Cyber Security 2014 SECURE BANKING SOLUTIONS, LLC Cyber Security CHAD KNUTSON SECURE BANKING SOLUTIONS 2014 SECURE BANKING SOLUTIONS, LLC Presenter Chad Knutson Senior Information Security Consultant Masters in Information Assurance CISSP (Certified Information

More information

Five Trends to Track in E-Commerce Fraud

Five Trends to Track in E-Commerce Fraud Five Trends to Track in E-Commerce Fraud Fraud is nothing new if you re in the e-commerce business you probably have a baseline level of fraud losses due to stolen credit cards, return fraud and other

More information

Get on First Base with your Regulators and Cyber Security

Get on First Base with your Regulators and Cyber Security Get on First Base with your Regulators and Cyber Security Secure Banking Solutions Chad Knutson 2 Presenter Chad Knutson VP SBS Institute Senior Information Security Consultant Masters in Information Assurance

More information

TMCEC CYBER SECURITY TRAINING

TMCEC CYBER SECURITY TRAINING 1 TMCEC CYBER SECURITY TRAINING Agenda What is cyber-security? Why is cyber-security important? The essential role you play. Overview cyber security threats. Best practices in dealing with those threats.

More information

Top Fraud Trends Facing Financial Institutions

Top Fraud Trends Facing Financial Institutions Top Fraud Trends Facing Financial Institutions Presented on: October 7, 2015, 2-3 ET Presented by: Ann Davidson - VP of Risk Consulting at Allied Solutions Webinar Agenda 1. Fraud trends in 2015 and beyond

More information

Cyber Security. John Leek Chief Strategist

Cyber Security. John Leek Chief Strategist Cyber Security John Leek Chief Strategist AGENDA The Changing Business Landscape Acknowledge cybersecurity as an enterprise-wide risk management issue not just an IT issue How to develop a cybersecurity

More information

Don t Fall Victim to Cybercrime:

Don t Fall Victim to Cybercrime: Don t Fall Victim to Cybercrime: Best Practices to Safeguard Your Business Agenda Cybercrime Overview Corporate Account Takeover Computer Hacking, Phishing, Malware Breach Statistics Internet Security

More information

Click to edit Master title style

Click to edit Master title style EVOLUTION OF CYBERSECURITY Click to edit Master title style IDENTIFYING BEST PRACTICES PHILIP DIEKHOFF, IT RISK SERVICES TECHNOLOGY THE DARK SIDE AGENDA Defining cybersecurity Assessing your cybersecurity

More information

Information Technology

Information Technology Information Technology Information Technology Session Structure Board of director actions Significant and emerging IT risks Practical questions Resources Compensating Controls at the Directorate Level

More information

Cybersecurity: A Growing Concern for All Businesses. RLI Design Professionals Design Professionals Learning Event DPLE 160 October 7, 2015

Cybersecurity: A Growing Concern for All Businesses. RLI Design Professionals Design Professionals Learning Event DPLE 160 October 7, 2015 Cybersecurity: A Growing Concern for All Businesses RLI Design Professionals Design Professionals Learning Event DPLE 160 October 7, 2015 RLI Design Professionals is a Registered Provider with The American

More information

Emerging Network Security Threats and what they mean for internal auditors. December 11, 2013 John Gagne, CISSP, CISA

Emerging Network Security Threats and what they mean for internal auditors. December 11, 2013 John Gagne, CISSP, CISA Emerging Network Security Threats and what they mean for internal auditors December 11, 2013 John Gagne, CISSP, CISA 0 Objectives Emerging Risks Distributed Denial of Service (DDoS) Attacks Social Engineering

More information

FFIEC CONSUMER GUIDANCE

FFIEC CONSUMER GUIDANCE FFIEC CONSUMER GUIDANCE Important Facts About Your Account Authentication Online Banking & Multi-factor authentication and layered security are helping assure safe Internet transactions for banks and their

More information

Cybersecurity A Clear and Present Danger

Cybersecurity A Clear and Present Danger Cybersecurity A Clear and Present Danger Thomas J. DeMayo, CISSP, CISA, CIPP, CEH, CHFI, MCSE Director IT Audit and Consulting Services TDeMayo@odpkf.com Objectives Gain an understanding of current cyber

More information

Cyber Security and your Financial Institution: Are you ready for the increased scrutiny related to cyber risks?

Cyber Security and your Financial Institution: Are you ready for the increased scrutiny related to cyber risks? Cyber Security and your Financial Institution: Are you ready for the increased scrutiny related to cyber risks? August 27, 2014 Presented by: Terry Ammons, Partner, Porter Keadle Moore Tim Davis, Senior,

More information

Cyber Security An Exercise in Predicting the Future

Cyber Security An Exercise in Predicting the Future Cyber Security An Exercise in Predicting the Future Paul Douglas, August 25, 2014 AUDIT & ACCOUNTING + CONSULTING + TAX SERVICES + TECHNOLOGY I www.pncpa.com I www.pntech.net What is Cyber Security? Measures

More information

10 Smart Ideas for. Keeping Data Safe. From Hackers

10 Smart Ideas for. Keeping Data Safe. From Hackers 0100101001001010010001010010101001010101001000000100101001010101010010101010010100 0100101001001010010001010010101001010101001000000100101001010101010010101010010100000 0100101001001010010001010010101001010101001000000100101001010101010010101010010100000

More information

The Evolution of Data Breaches

The Evolution of Data Breaches The Evolution of Data Breaches 2015 Data Privacy & Security Summit June 29, 2015 Mark Shelhart Incident Response & Forensics Retail Data Security recent victims The Largest Cyber Risks to your Organization

More information

CYBERSECURITY & EXPECTATIONS FOR INDEPENDENT GROCERS

CYBERSECURITY & EXPECTATIONS FOR INDEPENDENT GROCERS October 21, 2015 CYBERSECURITY & EXPECTATIONS FOR INDEPENDENT GROCERS Cerone F. Cy Sturdivant Managing Consultant csturdivant@bkd.com 1 TO RECEIVE CPE CREDIT Participate in entire webinar Answer polls

More information

I ve been breached! Now what?

I ve been breached! Now what? I ve been breached! Now what? THE AFTERMATH OF A BREACH & STEPS TO REDUCE RISK The number of data breaches in the United States in 2014 hit a record high. And 2015 is not looking any better. There have

More information

Ed McMurray, CISA, CISSP, CTGA CoNetrix

Ed McMurray, CISA, CISSP, CTGA CoNetrix Ed McMurray, CISA, CISSP, CTGA CoNetrix AGENDA Introduction Cybersecurity Recent News Regulatory Statements NIST Cybersecurity Framework FFIEC Cybersecurity Assessment Questions Information Security Stats

More information

Small Business Cybersecurity Dos and Don ts. Helping Businesses Grow and Succeed For Over 30 Years. September 25, 2015 Dover Downs

Small Business Cybersecurity Dos and Don ts. Helping Businesses Grow and Succeed For Over 30 Years. September 25, 2015 Dover Downs Small Business Cybersecurity Dos and Don ts September 25, 2015 Dover Downs Helping Businesses Grow and Succeed For Over 30 Years Statistics 2 Results from the Cybersecurity Readiness Survey 25% of Respondents

More information

Logging In: Auditing Cybersecurity in an Unsecure World

Logging In: Auditing Cybersecurity in an Unsecure World About This Course Logging In: Auditing Cybersecurity in an Unsecure World Course Description $5.4 million that s the average cost of a data breach to a U.S.-based company. It s no surprise, then, that

More information

Ten Questions Your Board Should be asking about Cyber Security. Eric M. Wright, Shareholder

Ten Questions Your Board Should be asking about Cyber Security. Eric M. Wright, Shareholder Ten Questions Your Board Should be asking about Cyber Security Eric M. Wright, Shareholder Eric Wright, CPA, CITP Started my career with Schneider Downs in 1983. Responsible for all IT audit and system

More information

Retail/Consumer Client. Internet Banking Awareness and Education Program

Retail/Consumer Client. Internet Banking Awareness and Education Program Retail/Consumer Client Internet Banking Awareness and Education Program Table of Contents Securing Your Environment... 3 Unsolicited Client Contact... 3 Protecting Your Identity... 3 E-mail Risk... 3 Internet

More information

NATIONAL CYBER SECURITY AWARENESS MONTH

NATIONAL CYBER SECURITY AWARENESS MONTH NATIONAL CYBER SECURITY AWARENESS MONTH Tip 1: Security is everyone s responsibility. Develop an awareness framework that challenges, educates and empowers your customers and employees to be part of the

More information

ACI Response to FFIEC Guidance

ACI Response to FFIEC Guidance ACI Response to FFIEC Guidance Version 1 July 2011 Table of contents Introduction 3 FFIEC Supervisory Expectations 4 ACI Online Banking Fraud Management 8 Online Banking Fraud Detection and Prevention

More information

Sound Business Practices for Businesses to Mitigate Corporate Account Takeover

Sound Business Practices for Businesses to Mitigate Corporate Account Takeover Sound Business Practices for Businesses to Mitigate Corporate Account Takeover This white paper provides sound business practices for companies to implement to safeguard against Corporate Account Takeover.

More information

Cyber Security Breakout Session. Ed Rosenberg, Vice President & Chief Security Officer, BMO Financial Group Legal, Corporate & Compliance Group

Cyber Security Breakout Session. Ed Rosenberg, Vice President & Chief Security Officer, BMO Financial Group Legal, Corporate & Compliance Group Cyber Security Breakout Session Ed Rosenberg, Vice President & Chief Security Officer, BMO Financial Group Legal, Corporate & Compliance Group December 2014 Disclaimer: The material in this presentation

More information

Cyber Liability Insurance: It May Surprise You

Cyber Liability Insurance: It May Surprise You Cyber Liability Insurance: It May Surprise You Moderator Eugene Montgomery, President & CEO Community Financial Insurance Center Panelists Antonio Trotta, Senior Claim Counsel, CNA Specialty William Heinbokel,

More information

Government Crime Prevention Regulations. Richard Fraher VP & Counsel to the Retail Payments Office Federal Reserve Bank of Atlanta

Government Crime Prevention Regulations. Richard Fraher VP & Counsel to the Retail Payments Office Federal Reserve Bank of Atlanta Government Crime Prevention Regulations Richard Fraher VP & Counsel to the Retail Payments Office Federal Reserve Bank of Atlanta The Big Disclaimers The views expressed in this presentation are those

More information

SECURITY CONSIDERATIONS FOR LAW FIRMS

SECURITY CONSIDERATIONS FOR LAW FIRMS SECURITY CONSIDERATIONS FOR LAW FIRMS Enterprise Risk Management Professional consulting firm that specializes in cyber security Founded in 1998 in Miami, Florida Serves more than 150 clients, locally,

More information

Get in the Groove with the Regulatory Jazz: Cyber Security and Vendor Management Examinations from the Regulators and Auditors Perspective

Get in the Groove with the Regulatory Jazz: Cyber Security and Vendor Management Examinations from the Regulators and Auditors Perspective Get in the Groove with the Regulatory Jazz: Cyber Security and Vendor Management Examinations from the Regulators and Auditors Perspective Rory Guenther, CISA Senior Examiner, Operational Risk Specialist,

More information

Combatting the Biggest Cyber Threats to the Financial Services Industry. A White Paper Presented by: Lockheed Martin Corporation

Combatting the Biggest Cyber Threats to the Financial Services Industry. A White Paper Presented by: Lockheed Martin Corporation Combatting the Biggest Cyber Threats to the Financial Services Industry A White Paper Presented by: Lockheed Martin Corporation Combatting the Biggest Cyber Threats to the Financial Services Industry Combatting

More information

DON T BE A VICTIM! IS YOUR ORGANIZATION PROTECTED FROM CYBERSECURITY THREATS?

DON T BE A VICTIM! IS YOUR ORGANIZATION PROTECTED FROM CYBERSECURITY THREATS? HEALTH WEALTH CAREER DON T BE A VICTIM! IS YOUR ORGANIZATION PROTECTED FROM CYBERSECURITY THREATS? FREEMAN WOOD HEAD OF MERCER SENTINEL NORTH AMERICA GREGG SOMMER HEAD OF OPERATIONAL RISK ASSESSMENTS MERCER

More information

Cybercrime and Regulatory Priorities for Cybersecurity

Cybercrime and Regulatory Priorities for Cybersecurity NRS Technology and Communication Compliance Forum Cybercrime and Regulatory Priorities for Cybersecurity Copyright 2014 by K&L Gates LLP. All rights reserved. Sean P. Mahoney sean.mahoney@klgates.com K&L

More information

Are All High-Risk Transactions Created Equal?

Are All High-Risk Transactions Created Equal? Are All High-Risk Transactions Created Equal? How to Minimize FFIEC Exam Pain 1 Lee Wetherington, AAP Director of Strategic Insight ProfitStars @leewetherington Agenda New Supplement to FFIEC Guidance

More information

Online Banking Risks efraud: Hands off my Account!

Online Banking Risks efraud: Hands off my Account! Online Banking Risks efraud: Hands off my Account! 1 Assault on Authentication Online Banking Fraud Significant increase in account compromises via online banking systems Business accounts are primary

More information

Malware, Phishing, and Cybercrime Dangerous Threats Facing the SMB State of Cybercrime

Malware, Phishing, and Cybercrime Dangerous Threats Facing the SMB State of Cybercrime How to Protect Your Business from Malware, Phishing, and Cybercrime The SMB Security Series Malware, Phishing, and Cybercrime Dangerous Threats Facing the SMB State of Cybercrime sponsored by Introduction

More information

Defending Against Data Beaches: Internal Controls for Cybersecurity

Defending Against Data Beaches: Internal Controls for Cybersecurity Defending Against Data Beaches: Internal Controls for Cybersecurity Presented by: Michael Walter, Managing Director and Chris Manning, Associate Director Protiviti Atlanta Office Agenda Defining Cybersecurity

More information

Are You A Sitting Duck?

Are You A Sitting Duck? The 7 Most Cricitcal I.T. Security Protections Every Business Must Have in Place Now to Protect Themselves from Cybercrime, Data Breaches, and Hacker Attacks Cybercrime is at an all-time high, and hackers

More information

Visa CREDIT Card General Guidelines

Visa CREDIT Card General Guidelines Visa CREDIT Card General Guidelines General Account Information Phone Numbers and Addresses It is very important to keep us up-to-date with your correct address and phone number. Card reissues/replacements

More information

Mobile Deposit Policy

Mobile Deposit Policy Mobile Deposit Policy Mobile Deposit, a deposit transaction delivery system, allows the Credit Union to receive digital information from deposit documents captured at remote locations (i.e., the Credit

More information

How To Improve Your Cyber Security

How To Improve Your Cyber Security Cybersecurity and Data Security Richard Cook Director IT Audit & Security May 2015 Elliott Davis Decosimo, PLLC Cybersecurity and Data Security This material was used by Elliott Davis Decosimo during an

More information

Applying the 80/20 approach for Operational Excellence. How to combat new age threats, optimize investments and increase security.

Applying the 80/20 approach for Operational Excellence. How to combat new age threats, optimize investments and increase security. Applying the 80/20 approach for Operational Excellence How to combat new age threats, optimize investments and increase security Vinod Vasudevan Agenda Current Threat Landscape The 80/20 Approach Achieving

More information

CYBER EXPOSURES OF SMALL AND MIDSIZE BUSINESSES A DIGITAL PANDEMIC. October 2014. Sponsored by:

CYBER EXPOSURES OF SMALL AND MIDSIZE BUSINESSES A DIGITAL PANDEMIC. October 2014. Sponsored by: CYBER EXPOSURES OF SMALL AND MIDSIZE BUSINESSES A DIGITAL PANDEMIC October 2014 Cyber Exposures of Small and Midsize Businesses A digital pandemic Executive Summary Gone are the days when data breaches,

More information

Data Breaches and Cyber Risks

Data Breaches and Cyber Risks Data Breaches and Cyber Risks Carolinas Credit Union League Leadership Conference Presented by: Ken Otsuka Business Protection Risk Management CUNA Mutual Group CUNA Mutual Group Proprietary Reproduction,

More information

National Cybersecurity Awareness Campaign

National Cybersecurity Awareness Campaign National Cybersecurity Awareness Campaign About Stop.Think.Connect. In 2009, President Obama issued the Cyberspace Policy Review, which tasked the Department of Homeland Security with creating an ongoing

More information

Cyber Self Assessment

Cyber Self Assessment Cyber Self Assessment According to Protecting Personal Information A Guide for Business 1 a sound data security plan is built on five key principles: 1. Take stock. Know what personal information you have

More information

Cybersecurity and Other IT Related Focus Areas. Francis Tam, Partner

Cybersecurity and Other IT Related Focus Areas. Francis Tam, Partner Cybersecurity and Other IT Related Focus Areas Francis Tam, Partner Agenda Cybersecurity Payment Card Industry (PCI) Outsourced Cloud Computing 2 Cybersecurity $45 million cyberheist and ATM cash out scheme

More information

CYBER SECURITY THREAT REPORT Q1

CYBER SECURITY THREAT REPORT Q1 CYBER SECURITY THREAT REPORT Q1 Moving Forward Published by UMC IT Security April 2015 0 U.S. computer networks and databases are under daily cyber-attack by nation states, international crime organizations,

More information

How To Protect Yourself From A Hacker Attack

How To Protect Yourself From A Hacker Attack Cybersecurity Demystified: Information Technology Security Trends Joe Oleksak, Plante Moran Agenda Data Security Trends Example Attacks Industry Examples An Answer 1 Who Are The Victims? Targets - victims

More information

SMALL BUSINESS PRESENTATION

SMALL BUSINESS PRESENTATION STOP.THINK.CONNECT NATIONAL CYBERSECURITY AWARENESS CAMPAIGN SMALL BUSINESS PRESENTATION ABOUT STOP.THINK.CONNECT. In 2009, President Obama issued the Cyberspace Policy Review, which tasked the Department

More information

White Paper on Financial Industry Regulatory Climate

White Paper on Financial Industry Regulatory Climate White Paper on Financial Industry Regulatory Climate According to a 2014 report on threats to the financial services sector, 45% of financial services organizations polled had suffered economic crime during

More information

Business Case. for an. Information Security Awareness Program

Business Case. for an. Information Security Awareness Program Business Case (BS.ISAP.01) 1 (9) Business Case for an Information Security Business Case (BS.ISAP.01) 2 Contents 1. Background 3 2. Purpose of This Paper 3 3. Business Impact 3 4. The Importance of Security

More information

Hong Kong Information Security Outlook 2015 香 港 資 訊 保 安 展 望

Hong Kong Information Security Outlook 2015 香 港 資 訊 保 安 展 望 Hong Kong Information Security Outlook 2015 香 港 資 訊 保 安 展 望 Agenda Information Security Trends Year 2014 in Review Outlook for 2015 Advice to the Public Hong Kong Computer Emergency Response Team Coordination

More information

Presented by: Mike Morris and Jim Rumph

Presented by: Mike Morris and Jim Rumph Presented by: Mike Morris and Jim Rumph Introduction MICHAEL MORRIS, CISA Systems Partner JIM RUMPH, CISA Systems Manager Objectives To understand how layered security assists in securing your network

More information

Franchise Data Compromise Trends and Cardholder. December, 2010

Franchise Data Compromise Trends and Cardholder. December, 2010 Franchise Data Compromise Trends and Cardholder Security Best Practices December, 2010 Franchise Data Security Agenda Cardholder Data Compromise Overview Breach Commonalities Hacking Techniques Franchisee

More information

DON T BE A VICTIM! IS YOUR INVESTMENT PROGRAM PROTECTED FROM CYBERSECURITY THREATS?

DON T BE A VICTIM! IS YOUR INVESTMENT PROGRAM PROTECTED FROM CYBERSECURITY THREATS? HEALTH WEALTH CAREER DON T BE A VICTIM! IS YOUR INVESTMENT PROGRAM PROTECTED FROM CYBERSECURITY THREATS? Gregg Sommer, CAIA Head of Operational Risk Assessments St. Louis MERCER 2015 0 CYBERSECURITY BREACHES

More information

IBM Security Strategy

IBM Security Strategy IBM Security Strategy Intelligence, Integration and Expertise Kate Scarcella CISSP Security Tiger Team Executive M.S. Information Security IBM Security Systems IBM Security: Delivering intelligence, integration

More information

Preparing for a Cyber Attack PROTECT YOUR PEOPLE AND INFORMATION WITH SYMANTEC SECURITY SOLUTIONS

Preparing for a Cyber Attack PROTECT YOUR PEOPLE AND INFORMATION WITH SYMANTEC SECURITY SOLUTIONS Preparing for a Cyber Attack PROTECT YOUR PEOPLE AND INFORMATION WITH SYMANTEC SECURITY SOLUTIONS CONTENTS PAGE RECONNAISSANCE STAGE 4 INCURSION STAGE 5 DISCOVERY STAGE 6 CAPTURE STAGE 7 EXFILTRATION STAGE

More information

東 京 電 機 大 学 国 際 化 サイバーセキュリティ 学 特 別 コース. Cyber Security in the Financial Sector

東 京 電 機 大 学 国 際 化 サイバーセキュリティ 学 特 別 コース. Cyber Security in the Financial Sector 東 京 電 機 大 学 国 際 化 サイバーセキュリティ 学 特 別 コース Cyber Security in the Financial Sector GREG J. THOMPSON CISSP CANADA 1 Agenda 1. Introductions About me About Scotiabank 2. Definition of Cyber Security 3. Risks

More information

Information Security Addressing Your Advanced Threats

Information Security Addressing Your Advanced Threats Information Security Addressing Your Advanced Threats Where We are Going Information Security Landscape The Threats You Face How To Protect Yourself This Will Not Be Boring What Is Information Security?

More information

Information Security for the Rest of Us

Information Security for the Rest of Us Secure Your Way Forward. AuditWest.com Information Security for the Rest of Us Practical Advice for Small Businesses Brian Morkert President and Chief Consultant 1 Introduction President Audit West IT

More information