It’s no secret that 2015 was another challenging year in cyber security. While fallout continued from the Sony hack, new threats emerged and each one offered a lesson for the future. Here’s what can be learned from the past year as you plan for 2016.
The Sarbanes-Oxley (“SOX”) Act of 2002 is a crucial piece of legislation aimed at protecting the confidentiality, integrity, and availability of information that impacts a corporation's stakeholders.
Ensuring ongoing SOX compliance is a fundamental risk management task for any publicly-traded, or even privately-held, company in the United States.
According to a new report by Deloitte, CFOs regard cyberattacks as one of the most worrying disasters that threaten to affect an enterprise’s financial well-being. In response to the Deloitte survey, 97 percent of CFOs of large firms in North America said that cyberattacks are the biggest threat they face.
The Significance of Cybersecurity
While a successful and robust compliance management program in banks has a few basic components, there are no “one size fits all” rules. However, here are the vital elements that make up the backbone of an effective compliance management program.
- Internal Control – Such control is two-pronged. It evaluates whether compliance management solutions
Community banks can improve their compliance management processes in three simple ways. Begin by reviewing and strengthening existing corporate compliance program policies. Then move on to building a culture of compliance within your organization. These tasks will require some effort from managers and board members, but don't cost very much money.
In the past, the compliance guidance from the Office of Inspector General at the U.S. Department of Health and Human Services emphasized that health care governing boards focus on three key areas:
- Fully engage themselves in their responsibilities to oversee compliance audits
- Make compliance a priority for management
- Inquire the effectiveness of
Vulnerability assessments and penetration tests are both important components of threat management, but there’s often quite a bit of confusion surrounding the difference between the two. This confusion often leads to wasted resources and inefficient risk management strategies. Both methods can be performed internally or externally depending on
Although this article in Consumer Compliance Outlook is a little dated, it comes as a good reminder regarding your vendor risk management. Over the last couple of years we have noticed a continued effort by examiners to increase their own due diligence towards financial institution's understanding and management of their vendor programs. A
Your business generates massive volumes of data that demand smart and secure management. However, confusion and misconceptions run rampant when it comes to information security and compliance with big data. Looking beyond the three most common misconceptions about information security compliance can help you ensure that your data and systems are
Under the HITECH Act, Phase 2 audits for HIPAA compliance are currently underway, and will continue until June 2015. These audits will include all covered entities, as well as business associates such as software vendors and medical billing companies.
According to HITECH regulations, every practice is required to conduct a risk analysis. Studies,