Marco Maiurano

Technology leadership can significantly impact collaboration by implementing solutions that enhance seamless communication, improve performance, and ensure data security. For example, Fortium Partners transformed collaboration at Franciscan Ministries through effective technology leadership, leading to better performance and data security.

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It was pretty neat to see media coverage of our cybersecurity panel discussion at the North Carolina Technology Association (NC TECH) State of Technology event yesterday. Thank you Shane Snider and InformationWeek!! A few key highlights: 1. Remember the basics - While new threats come out all the time, don't forget the fundamental protective measures to secure your organization 2. Minimize Data - In addition to assessing your third-parties and adding security contract language, minimize data with them to the least amount necessary to complete the task. 3. AI for Good - Yes, criminals can use AI, but the defenders can too! 4. MFA - Please use Multi-factor Authentication (MFA) whenever possible. #cybersecurity #news #securetheplanet

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Don’t miss our exclusive 60-minute webinar where leaders from our Fraud Intelligence and Treasury Management teams will share updates on fraud related challenges and vulnerabilities, along with strategies to mitigate risk.

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Maximize your event ROI at the Charlotte Cybersecurity Summit! Having recently attended the San Antonio Cybersecurity Summit, I can tell you that this is worth the investment!

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Let’s do this! Looking forward to participating in this session today! #advisorsadvantagenetwork

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Looking forward to the event and the discussion next week with Jim Toes about the Cyber & Financial Crimes threat and impacts on the securities industry.

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If you are looking to prepare for the CPFPP, this is one of the ways you can do it! Next session coming up starting in Sept.

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“Much of that identity theft could be prevented if consumers would only freeze their credit files with the major credit bureaus. The three bureaus are Equifax, Experian and TransUnion. …Freezing your credit files prevents new credit cards or loans from being opened in your name. A frozen file can also prevent someone from getting your income tax return in some states or accessing your Social Security account online. Despite the ease of freezing your files and the risks of not doing it, various surveys indicate that only between 10 and 20 percent of consumers have frozen their credit files. It’s likely you wouldn’t consider leaving your home unlocked and your front door open while you’re out of state on vacation. Leaving your credit files open for identity thieves is similar. …What does it mean to freeze your files? Anytime you apply for a new credit card or loan, the bank will check your credit score and evaluate your ability to repay the account. If you freeze your credit files, it means no bank or credit card issuer could access them. Therefore, it wouldn’t open a new account in your name because it wouldn’t be able to determine your credit score, how much you already owe and how well you repay existing debts. So freezing your files puts a big padlock on your personal information and protects you. …What are the consequences of not freezing your files? Identity theft victims can expect to spend an average of 28 hours untangling the mess, including filing police reports, disputing charges, submitting affidavits (sworn statements) and getting credit reports corrected. Take 20 minutes sometime in the next week to take care of yourself [with each credit bureau - Experian, Equifax and TransUnion]… [P]ut it on your calendar like any other commitment. Twenty minutes is a lot better than 28 hours [or more to resolve identity theft fraud].” https://lnkd.in/ectHMfE7 For a quick start on placing credit freezes, visit FrozenPii.com, built by a data breach victim for data breach victims. See comments for more info.

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GREAT discussions happening at Wealth Management EDGE yesterday including a panel discussion I participated in on cybersecurity for RIAs and the related U.S. Securities and Exchange Commission regulations that we will likely see finalized soon...

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Attended a great morning session and fireside chat at Auto Finance Summit with Joseph C. Portera, SVP & Chief Business Risk Officer for Financial Institutions at Capital One. My key takeaways from the discussion: - "Capital One is a technology company vs. a bank." - "Fraud is a growing threat that can’t be ignored." - "Every variable matters." - Goal: "Be 100% right 100% of the time for the customer." - "Figuring out how to use tools can be quite powerful and make a customer experience magical and faster." #FinancialInstitutions #RiskManagement #CustomerExperience #AutoFinance #AFS2024 #Magical Agora Data, Inc. Auto Finance News

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3 main solutions to address the issues of data privacy and security: 👉Freeze Your Credit: This involves setting up a credit freeze with the major consumer credit reporting agencies (Equifax, Experian, and TransUnion). By doing so, you prevent new accounts from being opened in your name, as issuers typically require a credit check to open new accounts. 👉 Set Up Additional Security Measures: Implement two-factor authentication on as many online accounts as possible and use authentication apps to enhance security. Also, enable account alerts for transactions to monitor any suspicious activity. 👉 Take Compensation: Accept compensation from companies involved in data breaches or related issues through class-action suits. This can be seen as a form of protest against inadequate security measures and a way to receive some compensation for the inconvenience caused. https://bit.ly/3STG03e

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📣 Financial literacy is a vital skill for all! Please join Capital One in our challenge to set a Guinness World Record for most users to take an online #FinancialLiteracy lesson. Topics covered include: 💰Budgeting and Savings 🚘Buying a Car 🎓Paying for College It’s FREE from Khan Academy and can be accessed below ⬇️ https://lnkd.in/eS8DMNX7 #PersonalFinance #Finance

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Important for firms dealing with the outage but also to note criminals posing as Crowdstrike employees for further victimization. A good fraud scheme works because there is a kernel of fact within it. Never underestimate the creativity of the adversary and willingness to take advantage of any situation. That’s why diligence and preparedness is important and why good cyber security requires both process and technology.

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This is perhaps one of the most rational things I’ve seen posted about the event. There’s a lot of backseat drivers, and I told you so. The reality is most industries have a dozen or more tools/tech/vendors that could have been in the hot seat this week. I’m not absolving anyone, there are definitely lessons to be learned and shoulda, coulda, wouldas from last week. I would advise folks to think like this though. Have you focused on your critical process? Business continuity and resiliency should first and foremost be focused on process or service and not tech. Can the process or service continue, even if limping. What are core pieces of your core business process, what do they require to function, and how do you react if any of those components fail? Can you still process payments? Can you still receive orders? Can you still communicate to customers? Can you tell your drivers where to go? Does your equipment have a way to still get processing instructions? Can you receive new patients and track medial allergies? The list goes on… Notice none of those are asking about a piece of tech. Sure there is tech involved. But the key is how fast can you get that process back up, whether that’s with tech or not.

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It was with interest that I read on CUtoday, that the Consumer Financial Protection Bureau (CFPB) recently imposed a $1.5 million penalty on VyStar Credit Union for its mishandling of its migration to Nymbus back in 2022. Of even greater interest was NCUA Chairman Todd Harper's and Board Member's Tanya Otsuka's comments. While I completely respect the CFPB's and NCUA's stance on this, I can't help but feel that this is by definition, a double-edged sword! ⚔️ On one hand, I completely understand and applaud the action. I don't think there is any doubt that the credit union’s failure to adequately test and prepare for the rollout of its new banking system led to significant disruptions. These were well publicized at the time. Members were left unable to access their accounts, manage their finances, and faced unexpected fees. However, while the fine imposed on Vystar is arguably justified, I can't help but wonder what kind of chilling effect it has across the industry. Smaller credit unions, already operating on thin margins, may view such regulatory actions as existential threats. This fear can drive them into the arms of legacy incumbents, who, despite their size, often lack the modern, integrated technology stacks that members now expect, leaving members equally frustrated. Moreover, the ripple effect of such fines can stifle real innovation. The reality is that working with most technology providers in the financial services space is hard work. It is a delicate dance of marrying legacy technology stacks with modern SaaS based offerings, securitizing platforms, trying to level up from a Fintechs providers from an InfoSec and Compliance perspective, and effectively manage 3rd and now 4th party risk. It takes a lot of time, investment, and talent. So, does this fear now spook community-based FIs? Do Credit Unions, historically known for their agility and willingness to adopt new technologies, become overly cautious? I can't help but wonder if these kinds of regulatory repercussions will inevitably lead to a more conservative approach, hindering the development of innovative solutions that could benefit members, at a time when the CFPB is asking all financial institutions to prepare for Open Banking and modernize technology stacks to better meet and support consumer expectations.

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For those following CMMC, interested to see what the government decides and the impact to small businesses with rules expected to be finalized by early '25. Lots of concerns around cost, timing, lack of guidance and potentially limited number of C3PAOs.

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