Components of a Data Governance Strategy in Financial Services

Perficient Data & Analytics

Previously, I analyzed the types of data in a governance program for financial services companies. Rules for data usage should be created, monitored, and enforced, so that applications and reporting only access data from approved sources (either the golden source, its proxy, or an approved and reconciled data warehouse). Access to information should be on a need-to-know basis with access controls implemented on sets of data along with a number of dimensions.

GDPR: Data Privacy Laws in Financial Services

Perficient Data & Analytics

My previous blog post addresses the reasons for the regulation and the requirements associated with the New York State Department of Financial Services (NYDFS) 23 NYCRR 500. Data protection must be designed into the development of business processes for products and services. Right of Access. EU citizens have the right to access their personal data and information about how this personal data is being processed.


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NYDFS 500 and GDPR in Financial Services – Actions to Take Now

Perficient Data & Analytics

The first step any financial institution must take in its response to the laws is to evaluate its exposure and current capabilities in protecting sensitive business and customer data. Implement: Technical services are required to create/ update cybersecurity policies and procedures. For more information on NYDFS 500 and GDPR laws and regulations on the financial services industry, please download our guide here , or click below.

The Pulse of ITAD: New Financial Services Webinar


Recent IDG research reveals that Financial Services organizations are working to bring their IT asset disposition (ITAD) programs in line with corporate sustainability and security goals. You can access the webinar here : Stay safe!

Do AI Applications Have a Limit in Financial Services?

Perficient Data & Analytics

Dominant financial services institutions, currently, focus on; a scale of assets, mass productions, relationship exclusivity, switching costs, and dependence on the integrity of humans. The same mindset goes for artificial intelligence (AI) pairing with financial services. How AI Helps with Financial Services. “A Ultimately, AI in the financial services industry will be directed towards optimizing the customer experience.

Social Media and the Financial Services Industry


Over the last seven years, the financial services industry has increasingly adopted social media platforms. However, the Financial Industry Regulatory Authority (FINRA), the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) all have rules and retention requirements about communicating with the public, including via social media. Financial Services FINRA social media social media platforms

Embracing new ways of working in financial services


Embracing new ways of working in financial services. In times of crisis, the preservation of key functions and services is critical, regardless of industry. Financial services is no exception, as payments, lending, and trade are the lifeblood of the global economy, even in challenging times. As a result, banks face the challenge of addressing impacted functions such as customer service calls, loan servicing, and even account opening.

Historic Charges: First Enforcement Action Filed by New York Department of Financial Services Under Cybersecurity Regulation

Data Matters

On July 21, 2020, the New York State Department of Financial Services (NYDFS or the Department) issued a statement of charges and notice of hearing (the Statement) against First American Title Insurance Company (First American) for violations of the Department’s Cybersecurity Requirements for Financial Services Companies, 23 N.Y.C.R.R. limit user access privileges to information systems that provide access to NPI (23 NYCRR § 500.07).

How Financial Services Companies Are Using Intelligent Information Management to Drive Digital Transformation


Financial services organizations are facing a range of challenges and, in order to overcome these challenges, the financial sector must adopt business strategies and technologies that enable greater agility, speed, access and organization. News financial services

NY Department of Financial Services Issues Guidance to Regulated Entities Regarding Cybersecurity During the COVID-19 Pandemic

Hunton Privacy

On April 13, 2020, the New York Department of Financial Services (“NYDFS”) issued guidance (“April guidance”) to all New York State entities covered under NYDFS’s cybersecurity regulation regarding assessing and addressing heightened cybersecurity risks due to the COVID-19 pandemic.

NY Charges First American Financial for Massive Data Leak

Krebs on Security

In May 2019, KrebsOnSecurity broke the news that the website of mortgage title insurance giant First American Financial Corp. First American Financial Corp. Data Breaches The Coming Storm First American Financial Corp. New York State Department of Financial Services Reuters

NY Investigates Exposure of 885 Million Mortgage Documents

Krebs on Security

New York regulators are investigating a weakness that exposed 885 million mortgage records at First American Financial Corp. That measure, which went into effect in March 2019 and is considered among the toughest in the nation, requires financial companies to regularly audit and report on how they protect sensitive data, and provides for fines in cases where violations were reckless or willful. No authentication was needed to access the digitized records.

NYDFS 500: Why the Regulation?

Perficient Data & Analytics

Previously, I discussed data privacy laws, specifically involving New York State Department of Financial Services (NYDFS) 23 NYCRR 500. Nonpublic information means all electronic information that is not publicly available information and is: Business-related information of a covered entity the tampering with which, or unauthorized disclosure, access or use of which, would cause a material adverse impact to the business, operations or security of the covered entity.

U.S. Office of the Comptroller of the Currency Finalizes Fair Access Requirements

Data Matters

Office of the Comptroller of the Currency (OCC) issued its controversial final rule (Rule) 1 to establish a new requirement for covered banks to provide “fair access” to financial services to both natural persons and legal entities. The Rule instead requires, among other things, that access to all financial services at covered banks be provided on the basis of a person’s individual characteristics evaluated under quantitative, impartial risk-based criteria.

How Multi-factor Authentication Can Benefit Your Industry

Rocket Software

Financial services organizations typically experience the most data breaches and hacks, which makes security a priority. Benefits for Financial Services. This makes it harder for IT to verify the identities of employees and confirm their access levels.

Sensitive Voicemail Transcripts Exposed

Data Breach Today

Researcher Finds Unsecure Elasticsearch Database Cluster Accessible via the Internet A security researcher recently discovered an unsecure Elasticsearch database cluster exposed on the internet that contained transcripts of sensitive voicemail messages, including some for medical clinics and financial service companies.

What’s Good IAM? The Answer may depend on your Industry

The Security Ledger

Mature identity and access management (IAM) is a pillar of enterprise security. authentication Business Companies Finance identity management LastPass multi-factor authentication Opinion Reports Technologies two-factor authentication financial services opinion passwordsBut what makes IAM "good" for your business may depend on the kind of business you are in, and the demands of your industry, writes Rachael Stockton of LogMeIn and LastPass. The post What’s Good IAM?

MY TAKE: Identity ‘access’ and ‘governance’ tech converge to meet data protection challenges

The Last Watchdog

Related: Applying ‘zero trust’ to managed security services. So why hasn’t the corporate sector been more effective at locking down access for users? based supplier of identity access management (IAM) systems, which recently announced a partnership with Omada, a Copenhagen-based provider of identity governance administration (IGA) solutions. Here are takeaways from our fascinating discussion: Access pain points.

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Financial Industry Trends Focused on Information Management Challenges in 2019


Financial services firms saw mounting information management challenges in 2019. According to a Fintech News article, financial institutions like JPMorgan Chase produce terabytes of data every single day. While smaller financial services firms will produce far less, they also have far fewer resources, so they still face the same challenge of properly collecting, storing and retrieving the data. Financial Services data information management

Iran-linked APT group Pioneer Kitten sells access to hacked networks

Security Affairs

Iran-linked APT group Pioneer Kitten is now trying to monetize its efforts by selling access to some of the networks it has hacked to other hackers. According to a report published by Crowdstrike, the group is now trying to sell access to some to compromised companies on a cybercrime forum.

What You Need to Know About Storing Financial Data in the Cloud


In light of recent malware attacks that affected financial services customers’ data stored in the cloud, organizations should take a hard look at how they’re securing their financial information. Hackers continue to develop new malware and rely on old attack methods, such as social engineering, to uncover and gain access to critical authentication information. Financial Services cloud financial information malware storage

Pandemic Highlights Mortgage Servicing Rights Ownership Issues


During the Great Recession, the ownership of mortgages and mortgage servicing rights became a problematic issue, due to the common practice of loan originators repackaging and selling loans to servicing firms who, in turn, often sold them again. The ownership of mortgage servicing rights is even more important today, with 4.76 The shift from pipeline growth to pipeline management presents its own set of challenges for servicers and investors.

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Keeping Up with New Data Protection Regulations


Some industries, such as healthcare and financial services, have been subject to stringent data regulations for years: GDPR now joins the Health Insurance Portability and Accountability Act (HIPAA), the Payment Card Industry Data Security Standard (PCI DSS) and the Basel Committee on Banking Supervision (BCBS). A better understanding of what data you have, where it’s stored and the history of its use and access isn’t only beneficial in fending off non-compliance repercussions.

New York State Expected to Increase Enforcement of Cybersecurity Practices

HL Chronicle of Data Protection

Companies should take note of two imminent developments in New York in the area of cybersecurity regulation: enforcement of the New York Department of Financial Services (NYDFS) Cybersecurity Regulation (Regulation) and the effective date of the Stop Hacks and Improve Electronic Data Security Act (SHIELD Act or Act). Accordingly, companies outside of the financial and healthcare industries should pay particular attention to the new data security obligations in the Act.

Four Use Cases Proving the Benefits of Metadata-Driven Automation


The banking, financial services and insurance industry typically deals with higher data velocity and tighter regulations than most. As a result, both internal data mapping and cross functional teams now have easy and fast web-based access to data mappings and valuable information like impact analysis and lineage. Organization’s cannot hope to make the most out of a data-driven strategy, without at least some degree of metadata-driven automation.

President Trump Signs Financial Services Regulatory Reform Legislation

Data Matters

The Act makes many significant modifications to the postcrisis financial regulatory framework, although it leaves the core of that framework intact. One major consequence of the Act may be an increased potential for mergers, acquisitions and organic growth among regional and midsize banks, as well as community banks, because of provisions that increase the thresholds that must be met before various financial regulatory requirements apply. Initiating Online Banking Services.

COVID-19 Interest Rates Present Mortgage Industry Challenges


Under normal conditions, offices are staffed with loan officers and support staff using technology to easily access and share documents within the organization. In addition to the challenge of enabling remote user access at a volume never before attempted, remaining compliant in a workplace that has undergone significant fundamental changes means getting your house in order — and fast. Financial Services COVID-19 interest rates low interest rates remote work

Epson Provides Support for Financial Institutions with Reliable Document Scanners to Streamline Workflow

Document Imaging Report

June 18, 2020 – In the current climate, financial institutions must quickly adapt to distance banking practices to ensure employee and customer health and safety. To many small businesses and individuals, drive-through and drop-off services have become the new standard of daily interaction at retail banks and credit unions. The shift in operation has escalated the demand for financial institutions to process documentation and provide electronic record of transactions efficiently.

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Epson Provides Support for Financial Institutions with Reliable Document Scanners to Streamline Workflow

Document Imaging Report

June 18, 2020 – In the current climate, financial institutions must quickly adapt to distance banking practices to ensure employee and customer health and safety. To many small businesses and individuals, drive-through and drop-off services have become the new standard of daily interaction at retail banks and credit unions. The shift in operation has escalated the demand for financial institutions to process documentation and provide electronic record of transactions efficiently.

Paper 40

Sizing Up the Roles of Behavioral Analytics, 'Zero Trust'

Data Breach Today

Security Experts Discuss Authentication Challenges in the Financial Services Sector Improvements in behavioral biometrics and analytics are changing the way many financial services firms approach authentication. And more companies also are taking a "zero trust" approach to improve identity and access management, according to two security experts interviewed at RSA 2020

Meet Perficient’s Chief Strategists: Arvind Murali

Perficient Data & Analytics

This support includes moving clients towards Data-as-a-Service (DaaS) models that directly creates bottom line opportunities. When working with clients on data governance, we design and build a centralized, modern data platform to house and self-service their data. If we’re working with industry-specific data assets like healthcare or financial services , we can also integrate our thought leadership in those areas to influence the process.

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Business Process Modeling Use Cases and Definition


This also extends to industry-specific other compliance mandates such as those in healthcare, pharmaceutical and the financial services industries. In this case, a key best practice to consider is the introduction of role/user-based access. This way an organization can ensure only the necessary parties can access such information and ensure they are in keeping with compliance standards. What is business process modeling (BPM)?

Grove Pension Solutions fined £40,000 for PECR violation

IT Governance

The ICO’s d irector of i nvestigations and i ntelligence , Andy White , said : “Spam email uses people ’ s personal data unlawfully, filling up their inboxes and promoting products and services which they don’t necessarily want. . “We That is to say, it used email addresses provided by people who, in the process of consenting to another organisation’s service, agreed to be contacted by third parties. . EU GDPR Financial Services Data management PECR

Kali Project Encryption and Isolation Using Vagrant and BitLocker

Perficient Data & Analytics

After the Kali VM boots and becomes accessible, the initial “vagrant up” operation continues with the provisioning of the box. “Provisioning” is a series of post-boot steps that include associating our mounted virtual drive to the VM to serve as a “synced folder” The provisioning process also runs a shell script on the VM to install additional software packages that we may have specified in the Vagrantfile file.

Data Lakes, Not Just For Analytics Anymore

Perficient Data & Analytics

These advances include: SQL-based transformation included in Spark has made Big Data ETL accessible to many firms not wishing to invest in expensive ETL tools, Cloud-based Data Warehouses that can offer similar scale and ease of use as traditional EDW systems at a fraction of the cost, and. Amazon Web Services Data & Analytics Financial Services Google Healthcare

Digital Banking Trends Survey Identifies Robotic Process Automation Software as a Promising New Technology

Document Imaging Report

Irvine, CA, June 6, 2018 – Kofax ® , a leading supplier of software to automate and digitally transform information intensive processes, today announced the results of a global survey of 100 leading financial institutions conducted in conjunction with Digital Banking Trends, the banking industry’s innovative resource providing news, analysis and opinion on the business of digital banking, fintech and financial services. Press Releases RPA financial services

Expanding Through M&A in the Insurance Industry

Perficient Data & Analytics

M&A is always on the table, as it can provide quicker access to more customers through geographic expansion, as well as new business lines and capabilities. It’s also a way to reinforce a company’s innovation strategy. Zurich’s acquisition of Bright Box, a company which provides telematics solutions “that link drivers to their vehicles, and the vehicles to networks of car dealers and original equipment manufacturers (OEMs),” is an excellent example of this.

Is Your Customer Experience Future-Ready?


It is an ongoing activity, constantly responding to the changes in market and customer expectations, new products and services, and technology evolution. Can you discover, validate, and scale innovative use of existing and new data-sets to deploy products and services faster? Can your data platform ensure access to the full customer data at all your customer touch-points to fulfill operational responsibilities and provide a delightful customer experience? Ankur Gupta, Sr.

#ModernDataMasters: Mike Evans, Chief Technology Officer


This ensures that we offer relevant and value-added services to the businesses we work with. You must access the right data and build the right data models for your enterprise before you start leaping down the path of building solutions.”. The definition of success, from my perspective as a manager of a consulting organisation, is our clients achieving the business benefit they want and being delighted with our services. Kate Tickner, Reltio.

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Investment Company Reporting Modernization Goals & Expectations

Perficient Data & Analytics

In a new guide, we discuss the background of the SEC’s Investment Company Reporting Modernization Rules and the potential effects on individual financial institutions. Ease of access, aggregation, and analysis of the reported data by the Commission and the public. Other amendments and rules with which you must comply: Enhanced disclosure about derivatives in financial statements. Reports to shareholders made accessible on a website.