Ransomware is on the rise across all sectors, including financial services, and in late June the New York State Department of Financial Services (NYSDFS) provided some statistics that are disturbing. “From January 2020 through May 2021, DFS-regulated companies have reported 74 ransomware attacks. These attacks ranged in impact, from crippling days-long shutdowns to minor disruption… Read More >>
OCC Settles Charges of Compliance Failures for $20M
The U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) report jointly that the Chicago-based Options Clearing Corp. (OCC) will make “pay $20 million in penalties to settle charges that it failed to implement policies to manage certain risks as required by U.S. laws and SEC and CFTC rules.” It… Read More >>
Green Clouds on the Horizon?
Financial services firms are prepared to spend money on cloud computing for disaster recovery/business continuity (DR/BC), email and mobile computing as many of them foresee clouds in their futures. But they are reluctant to move key middle and back office functions to the cloud as concerns over security have spiked in the year since FTF… Read More >>
