CLA (CliftonLarsonAllen)’s Post

As we dive into Fraud Prevention Month, our recent survey at KPMG in Canada highlights the proactive steps taken by financial institutions to embrace OFSI B-13 guidelines on technology and cyber security. Read more on our findings and join the conversation with #FraudPrevention #FPM2024: https://bit.ly/3TpVj3h

The increased usage of third party providers has adversely increased the organization's inherent risk. The CIPC breach demonstrates that even if an organization implements a strong security posture, it will on be as strong as their weakest third party. The check-box approach to third-party risk management is no longer enough. A new approach is needed that amalgamates risk assessments, continuous risk monitoring, and remediation management. Providing a continuous 360-degree view of a third party's risk and a means to ensure that they abide by security best practices. For example, in the CIPC case, ensuring that the third party provider validated and certified that security testing was conducted across their entire development lifecycle. This is where a Third-Party Risk Management solution, like Prevalent, could assist. By combining automated, standardized risk assessment with continuous risk monitoring, assessment workflow, and remediation management across the entire third-party lifecycle. #tprm #thirdpartyriskmanagement #riskmanagement #vendorriskmanagement

While we acknowledge NIS2’s deadline today, let’s take a moment to explore DORA—its complementary law specifically designed for financial institutions. DORA introduces additional requirements for financial organizations aimed to enhance their cybersecurity prowess and better protect sensitive data. Understanding how these two frameworks work together is essential for successful compliance and risk management. Check out our latest blog to discover the additional requirements for companies that fall within DORA’s scope, how it complements NIS2, and some best practices for ensuring compliance. 👉  Read the full blog here: https://lnkd.in/dGRdUerk #DORA #NIS2 #CyberSecurityAwarenessMonth

🔒 Cybersecurity Alert for Financial Institutions! 🔒 Discover how DORA (Digital Operational Resilience Act) is reshaping cybersecurity standards in the financial sector. With a focus on risk management, third-party risk, incident reporting, and more, DORA aims to bolster resilience against cyber threats. Compliance deadline: January 2025. 🛡️ Is your institution ready? https://bit.ly/455iBkv #Cybersecurity #Finance #DORA #RiskManagement #TriFinance#FinancialInstitutions

🌐 **As promised here is part two of EisnerAmper's SEC's Cybersecurity Regulations** They discussed the "how" of implementing the SEC's new cybersecurity rules for investment advisors and fund managers. Here are the top takeaways: 1️⃣ Policies & Procedures: Implement strong policies focusing on user behavior, data encryption, and intrusion detection. 2️⃣ Risk Assessments: Conduct regular risk assessments and annual reviews to ensure robust cybersecurity measures. 3️⃣ Incident Response Plans: Develop and regularly test incident response plans for quick action during breaches. 4️⃣ Board Accountability: Ensure active board and executive involvement in cybersecurity governance with regular reporting. Start early, document well, and consult advisors to stay ahead. 🚀

Get to grips with the #DORA Information Register with Serena Goldberg's practical insights. Read now to prepare for DORA's changing standards and organize your internal operations: https://bit.ly/3IPuMYh #funds #operationalresilience #cybersecurity #investmentmanagement

│NEW ARTICLE│Learn about the purpose of DORA, who needs to comply and how, what the main requirements are, when it comes into effect, and other key information. #DORA #cybersecurity #financialindustry #EUregulation

As the regulatory environment grows in complexity and organizations address new and continuing challenges, additional expectations are placed on audit committees. In 2024, audit teams can expect to be focused on these two priorities: cybersecurity and enterprise risk management.

A lengthy but insightful read on the crossover between two important security domains: cyber security and insider threat. It highlights the often overlooked insider-enabled cyber risks to companies and provides zero trust solutions that, while ideal, are not always feasible in certain company cultures and with common resource restraints.

The new Digital Operational Resilience Act (DORA) is coming into effect in January 2025, mandating stricter IT risk management for financial institutions across the EU. 🇪🇺 Cyrex can help you achieve compliance and build an even stronger digital defence. 🔐 Our industry-leading penetration testing services: ✅ Uncover potential risks and vulnerabilities. ✅ Provide multiple testing options for tailored assessments. ✅ Simulate real-world attacks with pair hacking methodology. ✅ Deliver clear, comprehensive reports for effective remediation. Learn more about how Cyrex can help you navigate DORA compliance and fortify your financial institution's cybersecurity posture. https://lnkd.in/eBfxakiA #DORAcompliance #cybersecurity #financialinstitutions #penetrationtesting