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NEW TECH: This free tool can help gauge, manage third-party cyber risk; it’s called ‘VRMMM’

The Last Watchdog

Turn the corner into 2019 and we find Citigroup, CapitalOne, Wells Fargo and HSBC Life Insurance among a host of firms hitting the crisis button after their customers’ records turned up on a database of some 24 million financial and banking documents found parked on an Internet-accessible server — without so much as password protection.

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How to Prevent Data Breaches: Data Breach Prevention Tips

eSecurity Planet

Jump ahead to: Prioritize Data Protection Document Your Response Process Make Users Part of the Process Understand Business Context Be Thorough Proactively Collect and Organize Data Don’t Forget Network Analysis Train and Drill Enlist Outside Help Go on the Offensive 1. See the Top Cybersecurity Employee Training Programs 4.

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NYDFS issues significant guidance on insurers using AI or external data

Data Protection Report

On January 17, 2024 the New York Department of Financial Services (“NYDFS”) published a Proposed Insurance Circular Letter (“Proposed Circular”) regarding the use of artificial intelligence systems (“AIS”) and external consumer data and information sources (“ECDIS”) in insurance underwriting and pricing.

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Automated governance and trustworthy AI

IBM Big Data Hub

The announcement highlighted the crucial role of training data, and the terrible consequences of using data that “fails to represent American society.”. As an example, a large financial services firm could easily deploy hundreds or thousands of AI models to assist decision makers in various tasks.

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The compliance challenges of hybrid working

IT Governance

Perhaps surprisingly, the former option is more popular, with a Skillscast study finding that only 20% of organisations have installed or are planning to install software to monitor remote workers. For example, financial services firms may be worried about employees breaching insider trading laws.

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Capital Markets, AI, and the need for governance

Collibra

With every financial services organization focused on making better and faster decisions, data professional and business leaders are eager to better understand how AI can facilitate their strategic goals. Financial services orgs, especially those in capital markets, frequently has been on the forefront of generative AI investment.

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How generative AI delivers value to insurance companies and their customers

IBM Big Data Hub

They must comply with an increasing regulatory burden, and they compete with a broad range of financial services companies that offer investment products that have potential for better returns than traditional life insurance and annuity products. The supervised learning that is used to train AI requires a lot of human effort.

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