When my wife and I were looking to renovate our garage and landscape the yard, we went online to check our options for financing such an endeavor. Our primary bank, a typical brick-and-mortar operation with relationship managers and personal finance advisors, had a bunch of information on their website about the options we had for financing. We could do a home equity line of credit (HELOC), a personal loan, a home equity loan (second mortgage), etc. We had lots of information, but when we went down the road to application, we found that the process was extremely cumbersome and that our bank—where we’ve been a customer for over fifteen years—had grown dated along with our house. Read more
IT budgets require a lot of thought, but the process of planning, organizing, and presenting your budget doesn’t have to be painful. In fact, a well-developed IT budget can be a focused road map for your IT strategy. You’ll avoid “wish list” budgets that support the false view that IT is a cost center rather than a profit center.
Near the end of last year, Financial Services Superintendent Maria T. Vullo announced that the New York State Department of Financial Services (DFS) had updated its proposed first-in-the-nation cybersecurity regulation to protect New York State from the ever-growing threat of cyber-attacks. The proposed regulation, which will be effective 01 March 2017, will require banks, insurance companies, and other financial services institutions regulated by DFS to establish and maintain a cybersecurity program designed to protect consumers and ensure the safety and soundness of New York State’s financial services industry.
Back in April of this year, the Swift international money transfer network which connects 11,000 global banks in over 200 countries was used to steal $81 million from the central bank of Bangladesh. It appears that for some hackers, banks are a better target for stealing larger amounts of money rather than the individual consumers.
“With financial institutions, the payback is greater. Hackers target financial institutions because the thefts are greater with less effort,” said Mike Vigue, VP of Product Strategy at Bottomline Technologies. “Stealing from retail customers is less efficient.”
Although the infiltration strategies used by hackers continue to evolve and become cleverer, many banks are still trying to protect themselves using traditional defensive measures. For many financial institutions, their strategies weren’t working when they were initially setup, and they aren’t working now. This is why many banks are still losing the fight. Read more