Michael Jones's Blog (9)

When Your Vendor Says 'Your Data Was Breached - Six Months Ago.'



What’s worse than a vendor that suffers a data breach that exposes your sensitive customer information? The answer: A vendor that waits almost six months to tell you about it.

That’s the issue that both Sears and Delta Air Lines are facing after a malware attack on each of the company’s online chat services vendors. Hundreds of…

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Added by Michael Jones on May 7, 2018 at 6:43pm — No Comments

New Regulatory Guidance About Cybersecurity Insurance



Does your institution need cybersecurity insurance? Is it required? If utilized, are there rules? Cybersecurity insurance can protect against financial loss in the event of a cyber incident, but there are many intricate details.



The Federal Financial Institutions…

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Added by Michael Jones on May 1, 2018 at 6:15pm — No Comments

Are You and Your Vendors Ready for GDPR?



Don’t assume you’re immune from this European regulation with huge 
fines





All may be relatively quiet on the regulatory front in the U.S., but this May new privacy regulations are taking effect in the European Union, which will…

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Added by Michael Jones on April 27, 2018 at 10:50pm — No Comments

3 Reasons Why Cybersecurity Ratings Are a Waste of Money

Investigating a vendor’s cybersecurity can be a time-consuming hassle. Wouldn’t it be nice if you could pay someone else to monitor and report back on a vendors’ cyber risk? That’s the appeal of cyber-security ratings. Firms provide…

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Added by Michael Jones on April 23, 2018 at 6:00pm — No Comments

How to Break Up with Your Vendor

There may be 50 ways to leave your lover, but when it comes to ending a relationship with a vendor there’s really just one path to follow: the documentation in your service level agreement (SLA).

 

Financial institutions find themselves ending vendor relationships for many…

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Added by Michael Jones on April 20, 2018 at 10:51pm — No Comments

Increasing Risk May Not Mean What You Think It Does



When risk increases, the natural response is to take action to reduce that risk. But not every increase requires action. In fact, it may distract you from more important issues.



I’m talking about the risk of treating every risk the same.



Astute observers of risk have a variety of tools to…

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Added by Michael Jones on April 13, 2018 at 6:48pm — No Comments

Can Improving the Customer Experience Aid Risk Management?

Banks are on a quest to improve the customer experience. A new study of 80 North American bank operations leaders by Accenture found that 74 percent believe the customer experience is one of their banks’ greatest strategic priorities.

Number two on the list: Fraud and risk management (70 percent of respondents).

Why not do…

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Added by Michael Jones on April 5, 2018 at 3:26pm — No Comments

Wells Fargo Answers to a Higher Power Over Poor Risk Management

Forget the Federal Reserve and its prohibition against Wells Fargo’s further growth until its governance and risk management improve. Wells Fargo is now answering to Sister Nora Nash of the Sisters of St. Francis of Philadelphia.

The much-maligned bank has agreed to publish a business standards review to “investigate the root causes of systemic lapses…

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Added by Michael Jones on March 22, 2018 at 7:30pm — No Comments

Ticking Time Bomb: Why A Free Vendor Management Checklist Is A Disaster Waiting to Happen

There is temptation in the world of management. With regulatory scrutiny increasing and cost a concern, free vendor management checklists seem like an easy solution. But is that free checklist going to cost you down the road?

My experience says yes.

Free vendor management checklists are a disaster waiting to happen. From misclassifying…

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Added by Michael Jones on March 20, 2018 at 9:30pm — 1 Comment

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