2015 FSOC Annual Report Highlights the Trends, Issues and Risks Facing the Financial Services Industry
The Financial Stability Oversight Council (FSOC) recently released its 2015 Annual Report (found here: http://goo.gl/zJowtA ). The report provides general guidance on risk management, economic trends, financial developments, regulatory activity, and emerging threats or vulnerabilities.
Cyber Security is of utmost importance
Of particular interest were comments regarding cybersecurity and attacks on the financial services industry. While nothing is groundbreaking in the remarks, continued emphasis on the safety of the information within the financial sector is clear. The concentration of service providers makes third-party vendor management extremely important, along with securing administrative privileges. The National Institute of Standards and Technology released a framework (found here: http://goo.gl/a24uoW ) in February 2014, and the FSOC report cites this framework as a mechanism to assist in vendor management processes.
Undeviating attention is the best protection
There is no single action an organization can take to prevent a cyber attack, but continued vigilance and self-audits are good starting points to continued improvement.
Make sure your clients are protected
When losses do occur make sure your financial institution clients are protected. Contact any one of the FI experts at Berkley FinSecure listed below for the protection you and your clients need.
Contact Us Today!
Products and services are provided by one or more insurance company subsidiaries of W. R. Berkley Corporation. Not all products and services are available in every jurisdiction, and the precise coverage afforded by any insurer is subject to the actual terms and conditions of the policies as issued. Certain coverages may be provided through surplus lines insurance company subsidiaries of W. R. Berkley Corporation through licensed surplus lines brokers. Surplus lines insurers do not generally participate in state guaranty funds and insureds are therefore not protected by such funds.
For additional information concerning W.R. Berkley Corporation’s insurance company subsidiaries, please visit: http://wrbc.info/