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Bank Regulators Seeking Comments on the Use of AI and ML in the Industry

Perficient

Finally, views are sought for compliance with applicable laws and regulations, including those related to consumer protection. It involves using software to analyze both structured and unstructured data (i.e., The challenge is to ensure that the software being developed is not coded with biases. Risk Management. Cybersecurity.

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SMBs Severely Underestimate Data Breach Costs

PYMNTS

It’s National Cyber Security Awareness Month, and industry leaders are zeroing in on some of the most vulnerable targets of cyber scams: small businesses. Even more troubling, however, is the cloud security company’s finding that most SMBs estimate the cost of a data breach to be just $10,000. ” The U.S.

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One City Plans To Run Entirely On Blockchain

PYMNTS

The company announced this week that it deployed a “blockchain-inspired” technology to manage collateral in its ledger and facilitate the sending of cash and securities. Last week, PYMNTS noted Gibraltar’s plans to introduce blockchain regulation into its financial services space. Governments’ Blockchain Moves.

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The FFIEC’s Architecture, Infrastructure, and Operations book

Cisco

In June 2021, following large cyber attacks on the United States and the resulting Executive order on Cyber security, the FFIEC released the largest update in guidance in over a decade to help financial auditors assess financial institutions.

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Glitch At National Bank of Canada Exposes Personal Information

PYMNTS

In that data breach, the fraudsters may have stolen numerous important and identifying information on consumers, including birth dates and Social Security numbers. News of Equifax’s data breach has resulted in outcry from consumers, lawmakers and regulators. What’s more, 209,000 credit card accounts were also breached in the hack.

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The State of Responsible AI in Financial Services

FICO

The third annual State of Responsible AI in Financial Services report released today, alerting the industry to come together and self-regulate its use of AI. More than ever, I believe this year’s report sounds the alarm bell for financial services firms, signaling that the industry must come together to self-regulate its use of AI.

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M-Pesa open API part of wider payments progress

Banking 2020

Open APIs are a key part of wider transformation in the banking industry and will become much more common as regulation forces banks to open up their systems. In Europe, this is being enshrined into national law as part of the PSD2 regulation, which comes into force in 2016. A big perceived threat around these changes is security.