The practice of user access reporting within financial institutions has historically been an arduous process that relies on archaic technology and is both time and labor intensive. While generating multiple user access reports per year would be ideal, many financial institutions, through no fault of their own, often find they can only produce the bare minimum amount of reporting required annually. But as cyber risks continue to grow and the regulatory requirements continue to increase, it is vital that financial institutions can quickly and easily produce these reports, and with increased frequency.
The landscape of cyber risk, and the equal and opposite best practices, is an ever evolving, ever growing, moving target. Staying abreast of the latest recommendations and regulatory expectations can be a daunting task, but it isn’t one that has to be faced alone. Partnerships between community banks and the right FinTech can make all the difference. Zach Duke, CEO and Founder of FINOSEC, sits down with the FinTech Cowboys at FedFis to discuss the nuances of the industry and share their mutual belief that these partnerships help ensure everyone can win. Built on the idea that everyone deserves simple cybersecurity governance, Zach shares how FINOSEC comes alongside community bankers to meet those challenges head on. Furthermore, they discuss how, in a technology saturated environment, trust and integrity are still the heart of these successes. Watch the video below and check out the notes after the break.
Contracts are typically dense, highly detailed documents that can be hard to navigate. After wading through strikingly specific legal verbiage, it can be difficult to ascertain whether or not the contracts are accomplishing everything they claim to be. As a result, financial institutions may wonder how they can feel confident in signing such a document. Systematically and thoroughly reading and reviewing the contract before agreeing to its terms are vital, but knowing how to do that well can be tough. Prior to conducting a review, you’ll need to understand the expectations of the relationship: which products/services were selected, any prerequisites or additional costs to implement, term(s) of the agreement, and the stakeholders. Conducting a contract review is vital to reduce overall risk, ensure that the provisions are correct, and provide both sides with the opportunity to fully understand what they are agreeing to before the final signing decision is made. Regulatory requirements mandate that each institution is responsible for reviewing and understanding vendor contracts and/or agreements - but that is easier said than done.
In our conversations with the over 100+ community banks during the ICBA ThinkTECH we saw time and time again that cybersecurity governance is complicated, labor-intensive, and leaves community bankers feeling overwhelmed. As we dove deeper into our discussions we found these three common challenges.
Finosec has been selected to be a part of the ICBA ThinkTECH Accelerator! The Accelerator is a 12-week program that allows community banks to engage with startup financial technology companies. This enables participants to engage with and learn more about innovative solutions. Meetings are facilitated by the Venture Center and participating community banks. To learn more about the program and sign up to take part in this first-of-its-kind opportunity click here.