Client News

Law360 covers the SEC’s new cybersecurity rule and draws parallels to the Sarbanes-Oxley Act (SOX) in its emphasis on transparency and accountability. Enacted in 2002, SOX responded to corporate scandals by setting new standards for financial reporting and corporate governance. Similarly, the SEC’s 2023 cybersecurity rules require companies to disclose material cybersecurity incidents, outline risk management strategies, and ensure board oversight.

Consolidating systems into a unified platform is a powerful solution to this challenge. By rethinking and optimizing technology stacks with robust integration, FIs can streamline operations, improve customer experiences, and position themselves to compete effectively.

With the advancement of artificial intelligence combined with new fraud tactics, the complexity and scale of managing merchant risk is growing. As card-not-present transactions make up an ever-larger share of total transaction volume, the stakes for finding the right balance in merchant risk mitigation have never been higher.