Security News
For financial institutions, the way to do so is not necessarily by investing in new security tools; it's by getting more value from existing technology through automated monitoring and optimization. Beyond the direct hit to impacted businesses, there's a more acute risk that makes governments and regulators nervous: A serious attack on the banking system could have a debilitating impact on national and economic security.
Bank-fintech partnerships continue to rise as financial institutions look to streamline operations, improve customer experiences, drive profitability, and manage risk and compliance efforts. The guidance promotes standardization for assessing third-party risk and describes sound risk management principles when developing and implementing third-party risk management practices.
Last October, Pennsylvania State University was sued by a former chief information officer for allegedly falsifying government security compliance reports. Following a meeting in June 2022, he recounts "Penn State had never reached actual DFARS compliance and thus had been falsely attesting to compliance since January 1, 2018.".
Legal and compliance department investment in GRC tools will increase 50% by 2026, according to Gartner. "While most organizations already have existing compliance programs, legal and compliance leaders need to ensure they are empowered to capture and elevate the right information to management and the board, take the appropriate action, and maintain documentation related to these processes," Kornutick said.
This lack of ESG program readiness raises the risk of reporting incomplete or incorrect data and leaves organizations unprepared to maintain compliance with future regulations, including the forthcoming ESG rules from the Securities and Exchange Commission. Over 75% of respondents said they currently collect evidence for ESG metrics, and 26% reported that they plan to begin performing internal ESG audits in the next year.
Compliance leaders are facing pressure to make the most of existing resources despite economic challenges and increased workload volume and complexity, according to Gartner. "Confronted with economic volatility, a tight labor market, and rising geopolitical tensions, compliance departments are adapting their workflows to an increasingly complex landscape," said Chris Audet, Chief of Research with the Gartner for Legal, Risk & Compliance Leaders practice.
How many would determine that the best use of their resources would be to attain or retain compliance with a cybersecurity standard? And how many would deploy those compliance and auditing resources to patch more vulnerabilities, invest in additional cybersecurity expertise, tools to identify and reduce their external threat footprint, and myriad other effective measures to genuinely reduce their organization's cyber risk? It's not as if dedication to compliance is any more of a guarantee against a breach than any other technology, strategy or prayer.
With the average price tag for a healthcare data breach at an all-time high, the overall financial damage to an organization is high regarding economic loss and reputation repair. According to the...
Investment in connected device security has accelerated as upcoming legislation affecting the sector becomes more prominent, according to PSA Certified. The annual barometer of industry perceptions and intentions around connected device security surveyed 1,240 technology decision makers worldwide, and found that 75% of businesses report that security has become a bigger business priority in the last 12 months, and they are spending on average 15.3% more in security related areas in 2023 compared to 2022.
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