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Thank you for sharing Bryan Foss, Evolve bank is going through a tough time this month.
The Federal Reserve issued an enforcement action against Evolve Bancorp Inc. and Evolve Bank & Trust for deficiencies in the bank’s anti-money laundering, risk management, and consumer compliance programs.
‘…..Examinations conducted in 2023 found that Evolve engaged in unsafe and unsound banking practices by failing to have in place an effective risk management framework for those partnerships…, Evolve did not maintain an effective risk management program or controls sufficient to comply with anti-money laundering laws and laws protecting consumers. ‘(https://lnkd.in/eGMpwJKA).
Which begs the question over how good Evolve’s cybersecurity risk management practices are. As the bank informed customers on the 26th of June of a cyber incident that effected customer data. Hackers seem to have exposed personal information of some Evolve retail bank customers and financial technology partners customers (end users).
One wonders if the Federal Reserve will be paying a return visit along with the Federal Trade Commission? One could assume a failure to demonstrate the management of risk, in this case cyber risk, is a regulatory breach.
@Thaddeus Dziekanowski Brian D. McCarthy
Veritas GRC Evolve Bank & Trust Federal Reserve Board
#cybersecurity #cyberriskmanagement #cyberregulation
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