OPERATIONAL RISK

Cyber & Data Security

Prevention and risk mitigation are key components in every aspect of bank operations - the same holds true in the protection of customer data.

Cybersecurity is the prevention of damage to, protection of, and restoration of data, systems and processes. Cybersecurity has three main components, data security, user security, and infrastructure security.

Data security is the concepts or strategies used to keep data secure. Data security focuses on protecting personally identifiable information (PII) from unauthorized access as one would see during a cyber breach or other significant cyber incident.

Prevention and risk mitigation are key components in every aspect of bank operations - the same holds true in the protection of customer data.

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Cyber and Data Security News

FinCEN warns of cryptocurrency risk

Banks should expect examiners and the Financial Crimes Enforcement Network to ask about risk exposure related to virtual currencies, FinCEN Director Kenneth Blanco said this week.

Fraudsters use cyber platforms such as the dark web, social media, and email to recruit money mules, obtain fraudulent beneficiary information, and share government program information.

Risks associated with emerging payment systems are not unique to money services businesses or virtual currency exchangers and are increasingly important in assessing AML programs, Blanco said.