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. The NYDFS alleges that First American, one of the largest providers of title insurance in the U.S.,

NY Department of Financial Services Issues Reminder for Cybersecurity Filing Deadline

Hunton Privacy

On January 22, 2018, the New York Department of Financial Services (“NYDFS”) issued a press release reminding entities covered by its cybersecurity regulation that the first certification of compliance with the regulation is due on or prior to February 15, 2018. DFS’s goal is to prevent cybersecurity attacks, and we therefore will now include cybersecurity in all DFS examinations to ensure that proper cybersecurity governance is being practiced by our regulated entities.

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Using Information Governance to Manage the Commingling of Minors’ Claim Files

InfoGoTo

As these and other statutes evolve and legal holds are lifted, insurers need to be prepared to address their legacy records. For P&C insurers, the handling of retention and disposition of minor claims files have historically been challenging due to poor information governance (IG) practices. Insurers’ real-world experiences. One insurer stated that, “digital files and paper files are indexed the same. What insurance companies can do.

Four Use Cases Proving the Benefits of Metadata-Driven Automation

erwin

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. Insurance is another industry that has to cope with high data velocity and stringent data regulations.

Leveraging Blockchain Integration to Meet Information Governance Challenges

InfoGoTo

Blockchain integration is one of the hottest technology topics in the business world today, with financial services and healthcare sectors leading the way in exploring how to integrate blockchain into their organizations. A recent PwC survey of 600 executives from 15 territories noted that 84% of respondents are actively involved with blockchain in some form, with financial services taking the lead. A Financial Services Roadblock.

Digital Preservation -- High Stakes for Finance and Insurance Companies

AIIM

Nowhere is this truer than in the financial services sector. In a recent AIIM survey, 85% of finance and insurance executives said that digital preservation was “important” or “very important” to their organizations – even higher than the 77% reported in other industries. Why is it particularly important in finance and insurance? Here are 3 key reasons: 1 -- The financial services sector is the most highly regulated and competitive sector on the planet.

Data Governance Tools: What Are They? Are They Optional?

erwin

Data governance tools used to occupy a niche in an organization’s tech stack, but those days are gone. The rise of data-driven business and the complexities that come with it ushered in a soft mandate for data governance and data governance tools. Data governance refers to the strategic and ongoing efforts by an organization to ensure that data is discoverable and its quality is good. Research indicates business leaders recognize the need for data governance tools.

Reltio Cloud – Your Key to a Successful SAP S/4HANA Migration

Reltio

Reltio Cloud also acts as the governance platform to address the data quality problems before S/4HANA ingestion. Business IT B Business B Customer 360 B Digital Transformation B Financial Services & Insurance B Graph B Healthcare B High-Tech & Manufacturing B IT B Life Sciences B Machine Learning B media & entertainment B Product 360 B Retail & CPG B Supplier 360 B Travel & hospitalityGuy Vorster, Principal Solutions Consultant, Reltio.

Is Your Customer Experience Future-Ready?

Reltio

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? Ankur Gupta, Sr. Product Marketing Manager, Reltio. Are your customers demanding and want only the best? I guess the question is redundant.

#ModernDataMasters: Mike Evans, Chief Technology Officer

Reltio

It will be possible to put more emphasis on the people, process and data governance which really make MDM live and breathe.”. We teach that problem solving is at the core of MDM, and how important data governance principles are regardless of the configuration of the underpinning technology.”. This ensures that we offer relevant and value-added services to the businesses we work with. Prioritise people, process and governance. Kate Tickner, Reltio.

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Reltio Supports Apple CEO Tim Cook’s Clarion Call for Stronger US Customer Data Privacy Laws

Reltio

But today modern data management solutions that include technologies like machine learning empower organizations to implement data governance and privacy initiatives at scale, and are an essential part of their overall Customer 360 data strategy. Data as a Service with traceability : Drawing from third-party sources is a major benefit, but GDPR compliance requires tracking which attributes came from where. Manish Sood, CEO & Founder, Reltio.

#ModernDataMasters: Martin Squires, The Analysis Foundry

Reltio

Particularly the data governance side is beginning to be seen as really important. For example as a young analyst at N&P I built a model for Home and Contents Insurance in order to better understand our retention strategies. I was really excited because I was looking at the key variables and found a real link between clients closing their mortgage and closing their insurance policy. Kate Tickner, Reltio.

Data Governance Tools: What Are They? Are They Optional?

erwin

Data governance tools used to occupy a niche in an organization’s tech stack, but those days are gone. The rise of data-driven business and the complexities that come with it ushered in a soft mandate for data governance and data governance tools. Data governance refers to the strategic and ongoing efforts by an organization to ensure that data is discoverable and its quality is good. Research indicates business leaders recognize the need for data governance tools.

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.

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

The Last Watchdog

Related: Applying ‘zero trust’ to managed security services. 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. Our customers all have the pain point of wanting to have single sign-on for multiple applications, requiring capabilities like self-service and self-registration,” Curcio told Last Watchdog.

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#ModernDataMasters: Henrik Liliendahl, Chairman & CTO, Product Data Lake

Reltio

Henrik Liliendahl is an MDM and PIM expert; speaker and blogger ( www.liliendahl.com and [link] ) and the Co-Founder, Chairman and CTO of Product Data Lake a product information exchange service. But that was my route into data management and going from there into MDM PIM and data governance. I remember back in the old days if the postcode table changed in your system you used to have to get a new postcode table and put that back into all of your services.

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#ModernDataMasters: Lewis Ownes, CEO Agile Solutions

Reltio

If you ask people about data management and all they talk about is governance then you know they are only being driven by regulation or a concern. On the other side of things in the start up world and data driven companies, they can be purely about data and development and that is innovative as companies like FaceBook have found, often the data governance is lacking. “A In the same way if you just show up talking about governance you can stifle innovation.

Perficient Helps Adjust to the California Consumer Privacy Act

Perficient Data & Analytics

The first step any financial institution must take in its response to the new CCPA law is to evaluate its exposure and current state of readiness. Areas that may require immediate action include any of the following: Planning: Review of project governance, project plans, and risk logs to identify red flags. Analysis: Identification of critical process and data gaps, implementation or reinforcement of governance processes, documentation of requirements.

#ModernDataMasters: Steve Whiting, Chief Operations Officer

Reltio

I worked in several Telcos and latterly in the City for an international insurance company. Ethical data management means you need data governance and data security by design – these initiatives are hard to retrofit. In the past organisations often mobilized for large MDM programmes and had to retrospectively drive the governance throughout – now we are seeing that data governance is often leading – it has become a non-negotiable.”. Kate Tickner, Reltio.

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Digital Enterprises: Built on Modern MDM

Reltio

To ensure no wall between data, governance, and insight, she shares her mantras: invest intelligently, source strategically, and collaborate. Business Compliance Customers IT Partners B Business B Data Science B Digital Transformation B Financial Services & Insurance B High-Tech & Manufacturing B IT B Life Sciences B Machine Learning B Patient & Member 360 B Retail & CPG DataDriven19Ankur Gupta, Sr. Product Marketing Manager, Reltio.

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#ModernDataMasters: David Balzan, Business Unit Manager MDM

Reltio

This is partly why we feel that offering advisory services is so important because it can drive that vital board-level sponsorship for the projects we engage in. As a services provider, you would say that – why shouldn’t someone try and do it themselves? In addition, having a service provider that can offer all the required skills will help you orchestrate the people, process and technology together to ensure a joined-up project delivery. Kate Tickner, Reltio.

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#ModernDataMasters: Tony Saldanha, President, Transformant

Reltio

Tony Saldanha is the President of Transformant and a globally recognized information technology and shared services executive. I’ve had the great fortune of evolving with the IT and shared service industry across 6 countries and 13 different roles and assignments. I started the first shared services centre in the Philippines in 1993 and then was also involved with major outsourcing at P&G in 2003. What is the role of data governance in these processes?

DataStax Advanced Security : Eat your vegetables first

Perficient Data & Analytics

Sarbanes Oxley, Basel II, the Health Insurance Portability and Accountability Act (HIPAA), the General Data Protection Regulation (GDPR), and the Payment Card Industry Data Security Standard (PCI DSS) expose regulated industries to substantial reputational and financial risk. We need to know if the following are sufficient for your corporate security and governance requirements: authentication.

Spigraph, Everteam & ImageFast Provide Critical Information Governance Solutions to European Market

Everteam

London (UK), Paris (FR) – April 2, 2019 Spigraph, one of the leading European Value Added distributors in the capture and digital transformation market and part of Everteam Group, a leader in information governance solutions, is pleased to announce the availability of two products from the Everteam Information Governance Suite to their portfolio: everteam.discover and everteam.policy. We have on boarded ImageFast as our reseller for the Everteam Information Governance products.

Regulatory Update: NAIC Summer 2019 National Meeting

Data Matters

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 New York State Department of Financial Services recently amended its annuity suitability regulation to apply a “best interest” standard in connection with both life insurance and annuity transactions with consumers. Long-Term Care Insurance (EX) Task Force Organizes Six Work Streams Relevant to Its Charges .

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Busy? Hire a Robot(ic Process Automation Tool)

Rocket Software

For example, RPA has the capacity to assist claims administrators and very possibly transform the financial model of healthcare altogether. You may not have heard, but Rocket recently acquired ConnectIQ.

SEC Releases Observations from Recent Cybersecurity Examinations of Broker-Dealers and Advisers

Hunton Privacy

The examinations evaluated the institutions’ practices in key areas such as risk management, cybersecurity governance, network security, information protection, vendor management and incident detection. Almost half of the broker-dealers (47%) reportedly participate in information sharing organizations such as the Financial Services Information Sharing and Analysis Center. Cybersecurity Information Security Insurance Provider Securities and Exchange Commission

New York Banking Regulator Announces New Cybersecurity Assessment Process

Hunton Privacy

On December 10, 2014, the New York State Department of Financial Services (the “Department”) announced that it issued an industry guidance letter to all Department-regulated banking institutions that formally introduces the Department’s new cybersecurity preparedness assessment process. Cybersecurity insurance coverage and other third party protections. Cyber Insurance Cybersecurity Financial Privacy Information Security New York Service Provider

BEST PRACTICES: Rising complexities of provisioning identities has pushed ‘IGA’ to the fore

The Last Watchdog

Identity governance and administration, or IGA , has suddenly become a front-burner matter at many enterprises. Related: Identity governance issues in the age of digital transformation. I had the chance at RSA 2019 to visit with Mike Kiser, global strategist at SailPoint , an Austin, TX-based supplier of IGA services to discuss this. Think of a customer service chat bot, for instance,” explained Kiser.

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

Security Affairs

“PIONEER KITTEN tradecraft is characterized by a pronounced reliance on exploits of remote external services on internet-facing assets to achieve initial access to victims, as well as an almost total reliance on open-source tooling during operations.”

MyPayrollHR CEO Arrested, Admits to $70M Fraud

Krebs on Security

On Monday, the CEO was arrested and allegedly confessed that the diversion was the last desperate gasp of a financial shell game that earned him $70 million over several years. That action set off a chain of events that led another financial institution that helps MyPayrollHR process payments to briefly pull almost $26 million out of checking accounts belonging to employees at more than 1,000 companies that use MyPayrollHR.

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. One might assume top-tier financial services firms and healthcare vendors would have solved third-party cyber exposures by now.

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Cachet Financial Reeling from MyPayrollHR Fraud

Krebs on Security

When New York-based cloud payroll provider MyPayrollHR unexpectedly shuttered its doors last month and disappeared with $26 million worth of customer payroll deposits , its payment processor Cachet Financial Services ended up funding the bank accounts of MyPayrollHR client company employees anyway, graciously eating a $26 million loss which it is now suing to recover. Cachet’s financial institution, Wilmington, Del.

Executive Exchange “Round Up” – Rethinking How We Work

InfoGoTo

Bill Meaney, our CEO and President, spoke candidly about our global response to the pandemic – steps put in place to continue to service our customers as well as developing new solutions, such as digital mailrooms, while keeping our employees safe.

NEW TECH: Cequence Security deploys defense against botnets’ assault on business logic

The Last Watchdog

Pick any company in any vertical – financial services, government, defense, manufacturing, insurance, healthcare, retailing, travel and hospitality – and you’ll find employees, partners, third-party suppliers and customers all demanding remote access to an expanding menu of apps — using their smartphones and laptops.

Download IGI’s Whitepaper: Ameritas Leverages Technology For Improved Information Governance

IGI

This publication was written by the Information Governance Initiative as part of our ongoing series exploring issues, strategies, and techniques related to information governance. Given the multi-disciplinary nature of Information Governance (IG), it can sometimes feel like an amorphous topic. The experience of Ameritas Life Insurance Corp., About this Publication.

Ephesoft Recognized as Alfresco Software’s Global Technology Partner of the Year

Document Imaging Report

a leader in content acquisition and data enrichment solutions, today announced that Alfresco Software , an open source, content services provider, selected Ephesoft as its FY2020 Global Technology Partner of the Year. Ephesoft integrates with Alfresco’s modern, cloud-based, open source content services, which offers tremendous value when the solutions are paired. Together, we deliver a more comprehensive content services solution for customers.”.

MY TAKE: Coping with security risks, compliance issues spun up by ‘digital transformation’

The Last Watchdog

On one hand, threat actors have already begun exploiting fresh attack vectors, borne of this rising complexity, and, on the other, government authorities and industry standards bodies are insisting on compliance with increasingly cumbersome data-handling security rules. Consider that it was a misconfigured open-source Web Application Firewall , running on Amazon Web Services, that gave a former Amazon IT staffer a path to crack into this financial services giant.

Regulatory Update: NAIC Summer 2018 National Meeting

Data Matters

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 continuing its review of property and casualty insurers’ use of predictive modeling in rate filings and is developing related guidance materials for states to use in reviewing predictive models. Big Data Enforcement Insurance Policy

Maze ransomware gang discloses data from drug testing firm HMR

Security Affairs

“ The records stolen by the hackers contained scanned copies of documents and results collected by the company at screening, including name, date of birth, identity documents (scanned passport, National Insurance card, driving licence and/or visa documents, and the photograph we took at the screening visit), plus health questionnaires, consent forms, information from GPs, and some test results (including, in a few cases only, positive tests for HIV, hepatitis, and drugs of abuse).