Open Banking is Coming to the U.S., But How Secure Will it Be?

Open Banking is Coming to the U.S., But How Secure Will it Be?

The open banking trend continues around the world, and most recently, the U.S. has taken another step towards adopting the policy. On July 31, the U.S. Department of Treasury published a detailed report, titled A Financial System That Creates Economic Opportunities: Nonbank Financials, Fintech, and Innovation that will likely serve ... Read More
Top Banking Regulations & Security Compliance Requirements for 2018

Top Banking Regulations & Security Compliance Requirements for 2018

There is a lot happening in regards to regulation for financial institutions (FIs) around the globe. In many countries, there is a drive for further regulation; meanwhile in the U.S., we are seeing bank regulation reform and deregulation, as evidenced by the repeal of the Dodd-Frank Act. Below, we’ve compiled ... Read More
U.S. Paves Way for Legal Online Sports Betting

U.S. Paves Way for Legal Online Sports Betting

On May 14, 2018, the Supreme Court of the United States (SCOTUS) ruled in favor of New Jersey’s case to repeal the Professional and Amateur Sports Protection Act (PASPA), thereby paving the way towards legalizing online sports betting in the U.S. PASPA had prohibited all states other than those with ... Read More
Dodd-Frank Repeal Facilitates Remote Digital Onboarding with a Scanned Driver’s License

Dodd-Frank Repeal Facilitates Remote Digital Onboarding with a Scanned Driver’s License

The Economic Growth, Regulatory Relief, and Consumer Protection Act was just signed into law by President Trump. Also known as the Dodd-Frank Repeal, the new law removes many of the regulations imposed on banks after the financial crisis and the Great Recession of the late 2000s. As with most laws, ... Read More
From NSTIC to Improved Cybersecurity: U.S. Government Updates ICAM Policy

From NSTIC to Improved Cybersecurity: U.S. Government Updates ICAM Policy

| | ICAM, IDESG, legal, NIST, NSTIC, OMB
The following article, authored by Michael Magrath, Director, Global Regulations & Standards, first appeared 4/13/18 on CSO Online. Seven years ago, the Obama Administration published the National Strategy for Trusted Identities in Cyberspace (NSTIC). NSTIC called for an Identity Ecosystem, “an online environment where individuals and organizations will be able ... Read More
Financial Services Cybersecurity: NY DFS & NIST Align on Multi-factor Authentication

Financial Services Cybersecurity: NY DFS & NIST Align on Multi-factor Authentication

The following article, authored by Michael Magrath, Director, Global Regulations & Standards, first appeared 2/28/18 on CSO Online. The New York State Department of Financial Services (DFS) regulates over 1,400 insurance companies and approximately 1,500 banks and financial institutions1. Not surprisingly, with New York being the “financial capital of the ... Read More
Stolen Credentials on the Dark Web: A Wake Up Call for Organizations Using KBA

Stolen Credentials on the Dark Web: A Wake Up Call for Organizations Using KBA

Recent news accounts of security researchers discovering a database containing 1.4 billion breached credentials — reportedly, the largest such find on the Dark Web — is yet more evidence that online identity proofing that relies only on KBA (knowledge based authentication) and static passwords is no longer fit-for-purpose. The level ... Read More
GDPR

Privacy Laws: Who Owns Personal Data?

Who owns your data, and what privacy laws govern it? Well, that depends on where you live. If you own it, you should have control over it. If you don’t own it, how secure is it? Recent data breaches that affected the majority of Americans have began a national dialogue ... Read More
NYDFS Cybersecurity Regulation Affects Insurance & Finserv Sectors

NYDFS Cybersecurity Regulation Affects Insurance & Finserv Sectors

Earlier this year, the New York State Department of Financial Services (NYDFS) significantly increased the cybersecurity requirements for any financial services company doing business in the state. Given that New York City is the “Financial Capital of the World”, there are few organizations unaffected by the Cybersecurity Requirements for Financial ... Read More