Top predictions for financial services in 2023
OpenText Information Management
JANUARY 5, 2023
With inflation, rising interest rates and general economic uncertainty, last year presented several challenges for financial services institutions (FSIs).
Blog Financial Services Government Insurance 
Data Protection in Financial Services Week 2022
Data Matters
FEBRUARY 25, 2022
Sidley and OneTrust DataGuidance are pleased to announce that registration is now open for their annual Data Protection in Financial Services (DPFS) Week. Join us from February 28 – March 3 for DPFS Week 2022 , a series of webinars looking at the impacts of data privacy across the financial sector.
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The Financial Service and Insurance Industries Need Intelligent Document Processing; Here’s Why
Rocket Software
MARCH 14, 2022
Analyst firm IDC recently published a Vendor Spotlight report featuring ASG Mobius Content Services (Mobius) and its applications in the financial service and insurance industries. IDP Trends in the Financial and Insurance Industries. Challenges to Effective IDP.
New York Department of Financial Services Issues First Guidance by a U.S. Regulator Concerning Cyber Insurance
Data Matters
FEBRUARY 10, 2021
On February 4, 2021, the New York Department of Financial Services (NYDFS) issued Circular Letter No. 2 announcing a Cyber Insurance Risk Framework (the Framework) that describes industry best practices for New York-regulated property/casualty insurers. Insurers should: Establish a Formal Cyber Insurance Risk Strategy.
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Historic Charges: First Enforcement Action Filed by New York Department of Financial Services Under Cybersecurity Regulation
Data Matters
AUGUST 19, 2020
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.
New York Regulators Call on Insurers to Strengthen the Cyber Underwriting Process
Hunton Privacy
FEBRUARY 25, 2021
As reported on the Hunton Insurance Recovery blog , on February 4, 2021, the New York Department of Financial Services (“NYDFS”), which regulates the business of insurance in New York, has issued guidelines, in the Insurance Circular Letter No. For example, Mondelez International Inc. complaint filed Oct.
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70 Building for operational resilience in the age of AI and hybrid cloud
IBM Big Data Hub
MARCH 20, 2024
Organizations in the financial services, healthcare and other regulated sectors must place an even greater focus on managing risk—not only to meet compliance requirements, but also to maintain customer confidence and trust. Read to learn more about cloud adoption within financial services?
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U.S. and Foreign Cybersecurity and Intelligence Agencies Recommend Measures to Counteract Threat of Russian Cyberattacks
Data Matters
JANUARY 28, 2022
The advisory was promptly endorsed by the National Cyber Security Centre, a division of Government Communications Headquarters (“GCHQ”), a UK intelligence agency. government, especially in light of ongoing tensions between the U.S. First , all of the reports specifically focus on the threat of Russian state-sponsored cyberattacks.
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Central Bank Digital Currency (CBDC) and blockchain enable the future of payments
IBM Big Data Hub
AUGUST 17, 2023
Some time ago, banks and governments started shifting their attention towards using digital assets in their operations and economies. Banks and governments are actively seeking CBDC because it is a more secure alternative to crypto. Unlike cryptocurrencies like Bitcoin or Ethereum, CBDC is backed by the government and is legal tender.
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Spigraph, Everteam & ImageFast Provide Critical Information Governance Solutions to European Market
Everteam
APRIL 2, 2019
To support organizations in their efforts to manage their information properly, Spigraph is making two Everteam governance products available: everteam.discover and everteam.policy: everteam.discover is a file and content analytics solution that connects to both structured and unstructured data repositories across the organization.
Multinational ICICI Bank leaks passports and credit card numbers
Security Affairs
APRIL 20, 2023
In 2022, the ICICI Bank’s resources were named a “critical information infrastructure” by the Indian government – any harm to it can impact national security. ICICI Bank’s response Threat to financial accounts Finance and insurance are one of the most targeted industries by cybercriminals.
Keeping Up with New Data Protection Regulations
erwin
APRIL 11, 2019
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). employees).
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The Week in Cyber Security and Data Privacy: 6 – 12 November 2023
IT Governance
NOVEMBER 13, 2023
On 14 September, Mulkay discovered that the compromised files contained personal information, including “name, address, date of birth, Social Security number, driver’s license number or state ID, medical treatment information, and health insurance information”. Records breached: 79,582 Ontario hospitals update: information relating to 5.6
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SEC Announces Settled Charges Against First American for Cybersecurity Disclosure Controls Failures – Lessons Learned
Data Matters
JUNE 24, 2021
On June 15, 2021, the SEC announced settled charges against First American Title Insurance Company (First American) for disclosure controls and procedures violations related to a cybersecurity vulnerability that exposed sensitive customer information. This resolution highlights the SEC’s continued focus on cybersecurity. 20, 2017).
Turning climate risks into business opportunities
IBM Big Data Hub
MARCH 27, 2024
Substantial repair costs might arise, particularly impacting insurance companies. In some business sectors, such as financial services, fast-moving consumer goods and healthcare, business interruptions can have a significant detrimental impact on daily life. Predicting energy consumption is closely linked to weather patterns.
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Busy? Hire a Robot(ic Process Automation Tool)
Rocket Software
NOVEMBER 19, 2020
Not only is claims administration already labor intensive and one of the biggest sources of cost and delays in the healthcare and insurance industries, but COVID-19 has turned the whole thing upside-down, requiring a whole new set of rules to process an entirely new category of claims. . The post Busy?
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CyberheistNews Vol 13 #13 [Eye Opener] How to Outsmart Sneaky AI-Based Phishing Attacks
KnowBe4
MARCH 28, 2023
Blog post with links: [link] [Live Demo] Ridiculously Easy Security Awareness Training and Phishing Old-school awareness training does not hack it anymore. Per the Ecuadorian government, these attacks were fueled by attempts to intimidate the media. Remember: Culture eats strategy for breakfast and is always top-down.
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Unlocking the power of chatbots: Key benefits for businesses and customers
IBM Big Data Hub
JANUARY 18, 2024
Banking and financial services In a transactional industry, AI-powered chatbots can deliver fast and accurate answers , eliminate waiting times, streamline web searches for information and facilitate meaningful customer interactions. Industry benefits Chatbots can benefit from any industry but there are a few standout use cases.
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The Week in Cyber Security and Data Privacy: 12 – 18 February 2024
IT Governance
FEBRUARY 21, 2024
Welfare Benefits Plan Source 1 ; source 2 New Healthcare USA Yes 13,079 Insurance ACE/Humana Inc. Subscribe now The post The Week in Cyber Security and Data Privacy: 12 – 18 February 2024 appeared first on IT Governance UK Blog.
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Regulatory Update: NAIC Summer 2018 National Meeting
Data Matters
AUGUST 24, 2018
The National Association of Insurance Commissioners (NAIC) held its Summer 2018 National Meeting in Boston, Massachusetts, from August 4 to 7, 2018. NAIC Continues its Evaluation of Insurers’ Use of Big Data . The NAIC is also considering insurers’ use of big data in underwriting life insurance products.
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Regulatory Update: NAIC Summer 2019 National Meeting
Data Matters
SEPTEMBER 4, 2019
The National Association of Insurance Commissioners (NAIC) held its Summer 2019 National Meeting (Summer Meeting) in New York City from August 3 to 6, 2019. The amended regulation took effect on August 1, 2019, for annuity products and will become effective on February 1, 2020, for life insurance products.
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Office of Foreign Assets Control: Making or Facilitating Ransomware Payments May Violate U.S. Sanctions
Data Matters
OCTOBER 8, 2020
According to OFAC, ransomware attacks have been increasing over the last two years and are a special risk during the COVID-19 pandemic, with cybercriminals targeting not only large corporations but also small to medium enterprises, hospitals, schools, and local government agencies. Sanctions appeared first on Data Matters Privacy Blog.
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State Attackers Moving from Stealing Data to Social Meddling
Ascent Innovations
MAY 17, 2018
State actors tend to zero in on government agencies or utilities and energy targets. They look to steal credit card numbers from financial services & insurance companies or install malware on the critical systems used by healthcare companies. End users continue to be the best line of defense.
Finance sector must simplify staff awareness training
IT Governance
APRIL 11, 2019
Financial services firms must do more to educate employees about cyber security, according to the FCA (Financial Conduct Authority). What should financial organisations be doing? Get started >> The post Finance sector must simplify staff awareness training appeared first on IT Governance Blog.
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66 Now is the time for your organisation to pilot Robotic Process Automation
CGI
JUNE 15, 2016
For Example: Insurance. Financial Services. Local Government. Central Government. Blog moderation guidelines and term of use. Industries that are labour intensive with highly repeatable processes are ones where Robotic Process Automation has already been widely utilised. . Healthcare. Add new comment.
Managing the regulatory risks of cybersecurity: An evolving regulatory landscape
CGI
MAY 26, 2016
Overlapping SEC and FINRA cybersecurity-related requirements target the following areas: Governance and risk assessment. The NIST Framework reflects the recommendations of hundreds of businesses and government organizations. Blog moderation guidelines and term of use. Impacted areas. Access rights, controls and confidentiality.
UK FCA Consults on Changes to Strong Consumer Authentication, Dedicated Interfaces, and Guidance on Payment Services
Data Matters
FEBRUARY 25, 2021
The FCA has provided new guidance for PIs and EMIs using the “insurance or comparable guarantee” method of safeguarding. This includes a requirement that the insurance policy or comparable guarantee must pay out for the full amount of any claim regardless of how the relevant insolvency event occurs (including if the firm is at fault).
Institutional Investor’s Introduction to Blockchain and Digital Asset Investing
Data Matters
NOVEMBER 2, 2021
In contrast, digital asset prime brokerage services, in our experience, are currently limited to trade execution and physical custody of digital assets by the prime broker, although we have recently seen development of certain types of short-term credit offered to investment funds or other institutional customers.
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CyberheistNews Vol 13 #07 [Scam of the Week] The Turkey-Syria Earthquake
KnowBe4
FEBRUARY 14, 2023
Blog post with links: [link] [New PhishER Feature] Immediately Add User-Reported Email Threats to Your M365 Blocklist Now there's a super easy way to keep malicious emails away from all your users through the power of the KnowBe4 PhishER platform! Blog post with links: [link] Are Your Users Making Risky Security Mistakes?
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Privacy and Cybersecurity Top 10 for 2018
Data Matters
JANUARY 2, 2018
In Carpenter , the government obtained months’ worth of a suspect’s cell phone location records pursuant to the Stored Communications Act (SCA). Carpenter argues that the government is required to receive a warrant under the Fourth Amendment for his location records.
Regulatory Update: NAIC Fall 2020 National Meeting
Data Matters
DECEMBER 28, 2020
The National Association of Insurance Commissioners (NAIC) held its Fall 2020 National Meeting (Fall Meeting) December 3-9, 2020. NAIC Adopts the Group Capital Calculation Template and Instructions and Related Revisions to the Insurance Holding Company Act. Insurance groups will be exempt from filing a GCC if.
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8 Interesting Predictions for the Intelligent Information Capture Market in 2022
Info Source
MARCH 16, 2022
For example, when submitting an insurance claim for a damaged item, inputs will be provided through a variety of channels including eforms, fax, scanned documents, voice, or video. The other market dynamic is the shift to communicating via multiple input channels using a wide range of formats often related to the same “case.”
New York Enacts Stricter Data Cybersecurity Laws
Data Matters
AUGUST 5, 2019
Furthermore, although entities that already comply with the breach notification requirements under certain state or federal laws (such as the Health Insurance Portability and Accountability Act (HIPAA), the New York Department of Financial Services cybersecurity regulations (23 N.Y.C.R.R.
8 Interesting Predictions for the Intelligent Information Capture Market in 2022
Info Source
MARCH 16, 2022
For example, when submitting an insurance claim for a damaged item, inputs will be provided through a variety of channels including eforms, fax, scanned documents, voice, or video. The other market dynamic is the shift to communicating via multiple input channels using a wide range of formats often related to the same “case.”
Four Use Cases Proving the Benefits of Metadata-Driven Automation
erwin
FEBRUARY 7, 2019
As such, traditional – and mostly manual – processes associated with data management and data governance have broken down. The banking, financial services and insurance industry typically deals with higher data velocity and tighter regulations than most. Metadata-Driven Automation in the Insurance Industry.
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California Seeks to Regulation Employer Use of AI
Hunton Privacy
FEBRUARY 28, 2024
As reported on the Hunton Employment & Labor Perspectives blog , on February 15, 2024, California lawmakers introduced the bill AB 2930. AB 2930 aims to prevent algorithmic discrimination through impact assessments, notice requirements, governance programs, policy disclosure requirements and providing for civil liability.
The Week in Cyber Security and Data Privacy: 4 – 10 December 2023
IT Governance
DECEMBER 11, 2023
Source (New) Transport USA Yes 129,611 Tcman Source (New) Manufacturing Spain Yes 108 GB (179 files) Compass Group Italia Source (New) Hospitality Italy Yes 107 GB Pan-American Life Insurance Group, Inc. Incorporated Source (Update) Insurance USA Yes 7,361 Advantis Global, Inc. and Robert W. Baird & Co.
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Infosource Global Capture & IDP Vertical Market Analysis 2022-2023 Update
Info Source
DECEMBER 8, 2023
The lack of Telecoms infrastructure and digital skill development presents a hurdle; however, where investments by local government or overarching organisations close the gap, they will enable in particular economies with young populations. The Public Sector, which consists of Federal, State and Local Government (incl.
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The Week in Cyber Security and Data Privacy: 15 – 21 January 2024
IT Governance
JANUARY 23, 2024
Source (New) Real estate USA Yes 46,906 Hampton-Newport News Community Services Board Source 1 ; source 2 ; source 3 (New) Healthcare USA Yes 44,312 Air Methods Source 1 ; source 2 (New) Healthcare USA Yes 34,016 GREYHOURS Source (New) Retail France Yes 18,700 Groveport Madison Schools Source 1 ; source 2 ; source 3 (Update) Education USA Yes 15.5
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The Week in Cyber Security and Data Privacy: 8 – 14 January 2024
IT Governance
JANUARY 16, 2024
GB Rebekah Children’s Services Source (New) Non-profit USA Yes 2,805 Butte School District Source 1 ; source 2 (Update) Education USA Yes 2,658 Dignity Health Nevada St. Source (New) Real estate USA Yes 10 GB Unitex Source (New) Manufacturing USA Yes 9.5
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State of the Global Information Capture & IDP Market 2022/2023
Info Source
SEPTEMBER 15, 2023
VERTICAL MARKETS In the Global Capture & IDP market, the Finance Segment (including Banking and Financial Services combined with Insurance) continued to represent the largest industry sector. The Public Sector, which consists of Federal, State and Local Government (incl.
Federal Bank Regulators Require Notifications For Material Cybersecurity Incidents
Data Matters
NOVEMBER 22, 2021
Further, bank service providers are now required to promptly notify all affected banks whenever a cybersecurity disruption lasts for four or more hours. The rule is the latest regulation requiring entities who have suffered a cybersecurity incident to promptly notify a government agency. Background. The Board subjects all U.S.
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The Week in Cyber Security and Data Privacy: 4 – 10 March 2024
IT Governance
MARCH 11, 2024
Source (New) Finance USA Yes 3,494 Woodruff Sawyer Source (New) Insurance USA Yes 3,087 Blackburn College Source (New) Education USA Yes 3,039 CAIRE Inc. Subscribe now The post The Week in Cyber Security and Data Privacy: 4 – 10 March 2024 appeared first on IT Governance UK Blog.
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California Consumer Privacy Act: The Challenge Ahead — Introduction to Hogan Lovells’ Blog Series
HL Chronicle of Data Protection
SEPTEMBER 12, 2018
The revised CCPA clarifies that “medical information” subject to the Confidentiality of Medical Information Act (CMIA) and “protected health information” collected by a “covered entity” or “business associate” established pursuant to the federal Health Insurance Portability and Accountability Act of 1996 (HIPAA) are exempt from the statute.
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