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Tech Talk: Ransomware, privacy tech, a run at your deposits, and more!

  • Banks and Ransomware
  • FinCEN Workshop on Privacy Tech
  • Regulators' New Approach
  • Who's After Your Commercial Deposits?
  • Still Using COBOL, RPG, Assembler?
  • Better Patch Management
  • Cyber Insurance – Costlier and Less Available
  • Messaging Apps Messing with Customers
  • CashApp Lawsuit
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

Banks and Ransomware
Think banks are all buttoned up and insulated from ransomware attacks – think again. It doesn’t take a big bank to be a payday for hackers. American Banker has the details.

FinCEN Workshop on Privacy Tech
FinCEN is hosting a virtual program on “privacy-preserving principles in developing technical solutions that enhance financial services innovation while countering illicit activity and national security risks that undermine the integrity and opportunity of the U.S. financial system.” That’s a mouthful, but sounds like a necessity for future planning. FinCEN has the details.

Regulators' New Approach
The headlines tell us there are many, many articles about long term right-sizing in the financial industry as technology takes over many tasks and our customers are more likely to adopt these changes in a post-pandemic environment. Consequently regulators have changed their approach to ensure trust in the financial system remains high. FinTech Futures has the details.

Who’s After Your Commercial Deposits?
Square is an excellent and cost effective way your small commercial accounts can facilitate sales and the acceptance of debit and credit cards. Traditionally that income stream goes straight to a deposit account such as one at your bank. But there are now known plans that Square may be after those deposit accounts and with interest. How will you compete? – plan now. Finextra and Bloomberg have the details.

Still Using COBOL, RPG, Assembler?
When Y2K was the upcoming end of the world many banks thought old systems would be replaced more than repaired. But here we are 21 years later and we hear many banks have built on old code so much that its easier to work with, than replace. efinancialcareers has the details.

Better Patch Management
Software patches are a fact of life, but who wants to be an early adopter when ”we all know these need to be tested thoroughly first”? A few facts: 40 percent if IT security workers indicated that in the last two years, they suffered a data breach because of unpatched vulnerabilities. Add to that a recent study that showed attackers going after vulnerable systems within 72 hours of a patch being released. Here are five steps towards better patch management. Help Net Security has the details.

Cyber Insurance – Costlier and Less Available
Financial institutions live by mitigating risk. In the case of technology threats one way to mitigate risk is insurance to cover losses due to cybercrime. But not only are these policies getting more expensive, some companies issuing policies are pulling back. Dark Reading has the details.

Messaging Apps Messing with Customers
Messaging apps are often used as a convenience to contact customers and even provide multifactor authentication. Some customers prefer text messages to phone calls for convenience. Fraudsters are taking advantage of the trust in messaging apps and exploiting customers and therefore their banks. Dark Reading has the details.

CashApp Lawsuit
Has your bank had that customer complain that they lost money because of CashApp use, and they wanted your bank to pay them back? Reg E protects your consumer customers but it doesn’t automatically make your bank liable. Now some customers are striking back at CashApp. WFTV9 has the details.

Spams, Scams, and Breaches

Updates, Patches, and Alerts...

See what other current hot cyber and technology topics affecting financial institutions BOL users are discussing in the Technology Forum.

And on the lighter side...

This isn’t your father’s drop test. See how hard drives do after a construction site destruction test, in this YouTube video.

First published on 05/26/2021

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