article thumbnail

HIPAA Disaster Recovery Planning

VISTA InfoSec

However, ePHI is vulnerable to threats like cyber attacks and natural disasters, making disaster recovery planning (DRP) vital. Healthcare organizations must implement HIPAA-compliant DRPs to protect ePHI, ensuring continued operation during disasters. It’s not as complicated as it sounds! Who will communicate?

article thumbnail

Wells glitch shows all banks should re-examine card and ATM processes

Payments Source

By learning from the struggles that resulted from Wells Fargo’s outages, the rest of the financial world can improve its own disaster recovery plans, writes Todd Matters, chief architect and co-founder of RackWare.

article thumbnail

Understanding Risk Management Strategies as a PayFac

Stax

Implementing an effective risk management framework can help you minimize the impact of potential threats, ensure business continuity, and recover quickly in the face of adversity. Maintain a comprehensive disaster recovery program and undertake contingency planning so that you can resume operations quickly.

article thumbnail

Hong Kong Monetary Authority Issues Guidance for Banks on Crypto Custody and Sale of Tokenised Products

Global Fintech & Digital Assets

Banks should have adequate resources, ensure sufficient training for staff, introduce appropriate reporting lines and senior management oversight, and establish business continuity policies. Banks’ contingency and disaster recovery arrangements should cover any disruption to the outsourced services.

article thumbnail

FCA Authorisations: How are things changing? Are things improving?

Neopay

Operational resilience and business continuity: Develop a comprehensive business continuity plan to ensure uninterrupted operations in the event of disruptions or emergencies. This includes redundant systems, backup facilities, and disaster recovery procedures.

article thumbnail

FIs: Embracing The Cloud Involves More Than Business Continuity ‘Lip Service’

PYMNTS

One of the imperatives of adopting a cloud mindset is for the purpose of business continuity, he added. “A A lot of people play lip service to continuity,” said Kassam. Companies that are a bit more mature may be operating across multiple sites and have at least some disaster recovery roadmap in place.

article thumbnail

6 Benefits of AI Insurance Claims Processing

Nanonets

6: Maintaining Data Integrity AI is a critical asset in bolstering business continuity and safeguarding data in claims management. Moreover, AI contributes to effective disaster recovery planning by monitoring data backups and facilitating swift recovery processes.

AI 102