BITS, the technology policy division of FSR, addresses emerging technology and operational opportunities for the financial services industry. It has the expertise to help FSR’s members manage risk particularly in cybersecurity, fraud reduction, vendor management and critical infrastructure protection. BITS helps shape public policy coming out of Washington and helps companies understand and stay ahead of the latest public policy issues. Because of its diverse membership, it facilitates collaboration to improve the e-commerce environment for member companies in ways that nobody else can.

Highlights

  • BITS President Testifies before Senate Commerce, Science, and Transportation Committee

    Paul Smocer, BITS President, testified to the Senate Commerce, Science, and Transportation hearing on "Building a More Secure Cyber Furture: Examining Private Sector Experience with the NIST Framework".

    Read testimony

    February 2015

  • CTO Corner: An Assessment of Cyber Insurance

    The February CTO Corner discusses the value and importance of having a robust cyber insurance market place, the factors contributing to this increase in the use of cyber insurance, factors inhibiting the growth of the cyber insurance marketplace, and the impact of recent technology trends.

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    February 2015

  • CTO Corner: Do Drones Have a Role in Financial Services

    The BITS CTO Corner for January explores the potential impact of drones on financial institutions, including whether and how they may be applied, and the challenges they present with respect to resiliency, security, privacy, and regulatory compliance.

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    January 2015

  • CTO Corner: Four Forces Facing FIs

    This article identifies four forces facing financial institutions -- economic, technology, terrorism/cybersecurity, and the environment. It discusses the trends these forces are driving along with concluding thoughts for business leaders.

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    December 2014

  • CTO Corner: Sharing Economy

    The “sharing economy” is gaining mindshare and attention as evidenced by the rapid growth and billion dollar valuations of companies such as Uber1 and Airbnb2. This article discusses what is meant by the sharing economy, the factors contributing to its emergence and growth, how it is starting to disrupt a number of mainstream industries, the various issues, concerns, and challenges it poses, and how it may impact the financial sector.

    Read more

    October 2014

  • FSSCC Letter Submitted to NIST on the Preliminary Cybersecurity Framework

    On December 13, FSSCC submitted a letter to NIST on the Preliminary Cybersecurity Framework. NIST is in the process of evaluating all responses, which are available at http://csrc.nist.gov/cyberframework/preliminary_framework_comments.html. We will continue to work with NIST through the process. The final Framework is anticipated in early February. Read the Letter

    December 2013

  • BITS Testifies on Digital Currency

    BITS President Paul Smocer testified to the Senate Banking Subcommittees on the opportunities and risks of digital currencies, specifically Bitcoin. Senators discussed their concerns with digital currencies and the potential need to increase regulation. Full testimony

    November 2013

  • BITS Mortgage Servicing Fraud Employee Toolkit

    The toolkit provides awareness and education for employees of financial institutions. It examines common mortgage servicing fraud schemes, identifies red flags and best practices, and provides tools and tactics for employees to leverage as they work to recognize these threats when dealing with customers. Read more

    October 2013

  • BITS Mobile Technology - Layered Security Model

    The BITS Mobile Technology Layered Security Model supplements the previously published BITS Mobile Financial Services Threat Assessment. The model is a tool for financial services leaders to manage risks associated with mobile banking services, including understanding the risks, corresponding controls, and the dynamics of the mobile ecosystem. Read more Press release

    June 2013