When lone gunman Man Haron Monis entered the Lindt cafe holding a sawn off pump action shotgun in 2014, Sydney's Martin Place, the 'civic heart' of the city, was plunged into a state of chaos and fear.
Trojan virus infections at financial services firms dropped by 73 per cent in 2015 compared to the year earlier, new research has found. But attacks are much more sophisticated and more frequently targeting financial institutions rather than consumers.
Outsourcing has become a critical component of management of financial institution operations. Consequently, the Office of the Controller of the Currency (OCC) and the Federal Reserve Board (FRB) recently issued guidance on how financial institutions should manage third-party risks.
• Institutions are outsourcing increasingly complex and sensitive banking and financial operations to third parties
• The guidance issued by each agency has particular relevance to outsourcing transactions and provides companies with a roadmap of the key areas of concern to regulators
• Many of the suggestions in the OCC and FRB guidance concern provisions of outsourcing agreements where vendors often push back