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In August 2020, the US-CERT Cybersecurity & Infrastructure Security Agency published an alert regarding a malicious actor using COVID-19 as an opportunity for phishing and compromising credentials. The bad actor was sending a phishing email with a link to a spoofed version of the COVID-19 loan relief webpage. As usual, malicious actors are ruthless but clever.
In the process of conducting a work from home risk assessment, once you have identified reasonably foreseeable threats to your organization and data, the next step is to evaluate and implement controls.
If you have decided to conduct a work from home risk assessment, the first step in the process is to identify reasonably foreseeable threats. In the context of a remote work environment, you should be evaluating people, process, and technology threats. The success of such a threat may result in the compromise of your customer, member, or organization data. Here are five threats to keep in mind, as you begin your risk assessment.
Securing customer, member, and organization data while employees work remotely is a timeless topic, but it takes on a unique angle when organizations are doing so out of an effort to continue operations amid a pandemic.
Click here to download a PDF document of the Pandemic Plan Checklist for BCP.
The introduction and rise of the coronavirus, also known as COVID-19, has caused many to ask, "Are we prepared for a pandemic?" For financial institutions, pandemic planning has been part of the business continuity management process since its introduction in the 2008 version of the FFIEC's Business Continuity Planning booklet. But what about your vendors? Are they as prepared as you are? This article will help you know which vendors need to be prepared for a pandemic, as well as what steps you can take to ensure they are ready.
One of the early stages of effective vendor management is performing a vendor risk assessment. This article will help you skip past the complex terminology and get you right into understanding what a vendor risk assessment is and how you can perform one in three simple steps.
In its simplest form, vendor management is the process of overseeing third-party service providers who work for your organization, from beginning to end. This process can take many forms, but is most often composed of these five elements:
On November 14, 2019, the Federal Financial Institutions Examination Council (FFIEC) released an updated Business Continuity Management (BCM) booklet, as part of their IT Examination Handbook. This update appears to be a restructuring of the document to make it more organized, shorter, and better focused on the importance of recovery planning. At this time, we do not believe there are any significant changes in regulatory expectations.
If you are a vendor manager at a bank or credit union, you may be familiar with checking OFAC, but have you ever paused to ask why? Who exactly is "OFAC?" Is checking vendors a best practice or is it a regulatory requirement? How frequently should you check your vendors?