Digital health systems and data-driven medical devices enhance performance and care quality in the healthcare industry. However, converting large volumes of personal health data into digital formats for storage and usage introduces several privacy and data security concerns. Healthcare data such as patient information, clinical observations, payment details, prescriptions and treatment records, and personally identifiable… Continue reading The Allure of Healthcare Data: Why is it a Hotbed for Healthcare Cybersecurity Breaches?
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Tag: GRC
Homomorphic Encryption: Future of Secure Data Processing & Encrypted Computing
Data privacy has evolved alongside technological sophistications and advancements in cybersecurity attacks. Personally identifiable information (PII) gathered by companies have more than one rite of passage to affirm their safety from misuse that could lead to identity theft, fraud, data loss, or nonconsensual tracking and processing. With the increased regulatory interests at the state, federal,… Continue reading Homomorphic Encryption: Future of Secure Data Processing & Encrypted Computing
Data Management and Data Governance: What’s the Difference?
You have probably heard about data management and data governance several times in our blogs. You aren’t the only one assuming they mean the same or involve similar functions. Although they are related, there are significant differences between them. Let’s dive into understanding how these two concepts differ and operate. What is Data… Continue reading Data Management and Data Governance: What’s the Difference?
Four Lessons on Avoiding a GRC Failure
Large corporations, brands, and enterprises have a fair share of reasons to fall behind their governance, risk, and compliance management objectives, resulting in a massive GRC failure. It is common knowledge that getting a hold of GRC needs is complicated, but regulatory bodies and governments quickly slap hefty penalties that can run into billions of… Continue reading Four Lessons on Avoiding a GRC Failure
GenAI for Risk and Compliance in Banking & Financial Services
Remember the March turmoil from the collapse of Silicon Valley Bank (SVB)? It was a rude awakening for the global banking and financial services industry, stirring regulatory actions to tighten the interest, liquidity, and credit risk management practices. Large banks crimped their lending practices and were ordered to load up reserves to build resilience and… Continue reading GenAI for Risk and Compliance in Banking & Financial Services
FDIC Risk Review 2024: A Nuanced Approach to Risk for U.S. Community Banks
Rising interest rates and an uptick in liabilities drive banking and financial institutions into liquidity risks. We have witnessed the repercussions of misaligned liquid asset portfolios and funding resources, leading banks into epic insolvencies and meltdowns. Federal agencies issued regulatory updates to tighten lending functions. They increased the asset reserves threshold to prevent another sorry… Continue reading FDIC Risk Review 2024: A Nuanced Approach to Risk for U.S. Community Banks
Rise of Social Engineering: Types of Social Engineering Attacks (Part 2)
After a prelude to the concept of social engineering as an emerging form of cybersecurity attack, let’s explore the different forms your enterprise may likely encounter. First, let’s have a quick look at some stats on social engineering assaults: An average business encounters nearly 700 social engineering attacks annually. 50% of social engineering attacks… Continue reading Rise of Social Engineering: Types of Social Engineering Attacks (Part 2)
Seven Valuable Lessons on Third-party Risk Management
Recently, a leading bank made headlines for suffering a massive third-party data breach that compromised tens of thousands of its customers’ personal data. Third-party associations help banking and financial institutions deliver innovative solutions and products to cater to customer demands. Often, third-party alliances are risky and, therefore, require a highly responsive and resilient third-party risk… Continue reading Seven Valuable Lessons on Third-party Risk Management
Exploring Six Critical Challenges to GRC Implementation
Governance, risk, and compliance (GRC) refers to an integrated set of capabilities that enables an organization to achieve principled performance. The acronym was introduced in 2002 by the Open Compliance and Ethics Group (OCEG). In 2007, the International Journal of Disclosure and Governance peer-reviewed the term. In today’s digital age, the definition of GRC has… Continue reading Exploring Six Critical Challenges to GRC Implementation
TikTok Ban in the U.S.: Important Takeaways
For GenZs, TikTok is where the newest trends are set. Lately, the social media app has been trending, and the buzz has been about declaring whether it threatens user privacy and national security in the U.S. In this blog, we will discuss the reasons for the national security probe against TikTok, its legendary rise as… Continue reading TikTok Ban in the U.S.: Important Takeaways