The United States Department of Homeland Security (DHS)—in collaboration with Canadian Cyber Incident Response Centre (CCIRC)—recently released an alert regarding ransomware variants. The alert, which served to bring awareness to this threat, provided tips for prevention and mitigation following numerous attacks on individuals and businesses in early 2016.
How does a community bank stay competitive in a marketplace dominated by rapidly changing technology advances and big-box banks with unlimited resources? They use technology to their advantage. And they not only compete by offering the latest and most robust digital products, but also by overhauling antiquated systems to save costs and leverage internal resources.
Since the FDIC released updates to the FFIEC Management Booklet portion of the IT Examination Handbook in late 2015, there have been many changes to requirements and expectations from regulators.
No one likes being told what to do; that’s just human nature. It’s no wonder banks are still bristling at recently beefed up vendor management regulatory guidance. But don’t forget: knowing your vendors and understanding the risks they pose to your institution is far more than just a compliance requirement; it is necessary for running a successful operation.
Many community-based financial institutions struggle with the perception of not being as tech-savvy as larger competitors. But some are finding creative ways to overturn that perception and sail past the competition. Case and point: Citizens National Bank of Cheboygan (Michigan).
What’s the scariest thing going on right now in the financial industry? Given ever-persistent technology advances, for many bankers, cybersecurity is their biggest and most unpredictable threat.
If you’re reading this blog right now, it’s probably not the first time you’ve heard about “digital” banking and creating mobile banking apps for your customers. But, all the buzz isn’t for nothing—the shift toward mobile and Internet banking is here to stay. And it’s not just the millennials who are to blame.
Let’s own it, as bankers we like to be in control, so uncertainty stresses us out. And when that uncertainty threatens our capital position and spans multiple years, our anxiety reaches a fever pitch.
In the highly competitive banking industry, differentiating your bank from the “big dogs” (large-size banks) and other players in the field takes more than just good luck and a flashy logo. The industry’s highest performing banks are those focused on profitable growth, are highly efficient and have diversified revenue streams.
Recently, historic actions were taken by the U.S. to lift nuclear-related sanctions on Iran under the Joint Comprehensive Plan of Action (JCPOA). The agreement provides for the lifting of certain nuclear-related sanctions that were imposed on Iran in exchange for Iran's agreement to limit the development of its nuclear program.