On January 17, the OCC released a cease and desist order entered jointly by the OCC and the FDIC with two affiliated technology service providers that offer payment and other technology solutions for banks. Without describing the specific circumstances leading to the action, the order states that the regulators had reason to believe the service providers were operating without (i) an internal auditor or an integrated risk-focused audit program; (ii) a comprehensive due diligence program or formal policies to evaluate vendor risk; (iii) an enterprise-wide risk assessment; (iv) effective business continuity or disaster recovery planning; (v) procedures to identify software vulnerabilities; and (vi) an effective log review program to identify threats. The regulators did not assess a penalty, but will require the vendors to implement numerous risk management enhancements. Under the order, the technology service providers or their board must, among other things, (i) fill specific management positions; (ii) implement an audit program; (iii) conduct a security risk assessment; (iv) develop a vendor management program; (v) implement business continuity/disaster recovery plans; and (vi) submit quarterly progress reports to regulators and client banks.