Major data breaches and software glitches in high-profile institutions have made headline news over the last several years. The pressure to provide up-to-date mobile and online services has made financial institutions extremely susceptible to these software issues. Dealing with this high volume of sensitive personal customer information, financial institutions need to be proactive to maintain the trust of the general public and its customer base. Institutions must be aware that glitches and breaches are most common during software changes. As a result, software testing needs to be improved, management must develop a firm understanding of the performance and common defects of the software and management must develop a relationship of transparency with their vendors in order to identify high risks and testing focus. While the costs of maintaining strong IT security seem to keep rising, it is necessary to avoid the potentially disastrous business impact of a major glitch or data breach. For more information or assistance please contact Kevin Dabrieo (Kevin.Dabrieo@marcumllp.com), member of Marcum’s Financial Institutions Industry Group.
See attached article entitled “How to Avoid Being the Next Bank Busted by a Software Glitch” written by Penny Crosman at American Banker for more information: