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Know Your Cybersecurity Providers: FFIEC Issues Alert Reminding Financial Institutions of OFAC’s Cyber-Related Sanctions Program

November/December 2018
Elena Lovoy (Birmingham) authored “Know Your Cybersecurity Providers: FFIEC Issues Alert Reminding Financial Institutions of OFAC’s Cyber-Related Sanctions Program” in the Alabama Bankers Association, Inc.'s November/December 2018 Board Briefs. Although investments in information security have reached an all-time high, successful cyberattacks on financial institutions continue to increase. As innovations in technology drive new strategic initiatives at financial institutions, these innovations also open new doors for cyber-criminals. The increasing reliance on third-party service providers, who in turn use a myriad number of sub-providers, to provide these enhanced technology options also means that a financial institution’s cybersecurity and vendor risk management programs must be able to effectively and proactively measure and respond to these everchanging risks to protect the financial institution’s digital fortress. Read more.