Banking and Cybersecurity CLE: Opportunities

December 23, 2019 posted by

I’d like every one of you to take two or
three minutes and give me what you think are the most important things that
everyone who is attending today should take away from this webinar as things to
act on or to really start thinking about going forward and Rebecca riccati we’re
going to start with you I think the takeaways for me from today
would be yes a look at cyber like it’s a team sport and I think every one of the
presenters touched on this in one way shape or form this isn’t just an IT
issue and therefore IT solution you have to get to smoothly involved IP legal HR
and all of your employees because really you are only as strong as your weakest
link in that in those chains so it’s really important that you look at it as
a team sport now the next thing I would say is to stop looking at regulation as
it’s as though it’s a bad thing it’s not a four-letter word you can turn it into
a real opportunity and I would suggest that for those companies that are in
regulated in areas they definitely met but even companies that are not in
regulated industry taking an aggressive approach to their cybersecurity is going
to serve them in good stead whether you know regulation touches them or not and
again they can use that as a marketing and as a differentiator in their in
their marketplace the next thing I would say is don’t forget to check and
follow-up cybersecurity is obviously not a one and done scenario you know I don’t
write my breach response and put it away and let it collect us it’s a constant in
cybersecurity is it organic it is evolving it’s a living breathing thing
things are changing so rapidly on the other side and so rapidly from a
technological perspective that you really need to be staying on top of it
and because I’m a lawyer I’m going to end with don’t forget the legal we often
get left out of decide security sometimes because we’re not as
savvy but law firm and lawyers can add a really important piece to this puzzle a
lot of times we find things buried in contrast the companies didn’t even know
they were exposed to from the sideways perspective because you know somebody
didn’t know to look for it so don’t forget that the lawyers have a real part
to play here and not just in the courtroom too often they think we’re all
just ready to go and objective things in a courtroom but really we help you like
to be our clients problem solvers – and working with all of the you know the
everyone I talked about before we really really think that were it’s an important
piece to the puzzle Omaha – your turn thank you so if you take away from the
representation to the four members in veggie today so from what we get
informed that regulators are there make sure that you’re assessing risk often
and accurate or as accurate as you can we seem that a lot of the layers are the
conversation are driven 90% of wrong twist what are they doing are you doing
a cut are you doing UDL v8 with assessment
what are you doing with the control or this is polling that what I did mitigate
control etc so risk risk risk cyber risk especially use whatever tool friend what
you want does has to be done often inaccurate I’m gonna mean when I said
accurate you need to calculate your inherent risk based on your impact and
likelihood get your control make sure that you incorporate into your resources
and perspective of your control and then come up with your machinery and ask upon
your high very high modernity risk then after you get that the way to do before
make sure that you get numbers lots of numbers at the end Boris
form by bankers and bankers like numbers so give them opened down in our vulnerabilities our
clicking create is 9% would you compare that with the benchmark we are good
where we need to improve compared between quarters to months between years
so use a lot of numbers and you will get the proper feedback that you want Jorge
Santiago Jorge Santiago yes I will I will say banking and financial services
has been an industry that has been traditionally slow to change but there
are things happening in the market that will accelerate the rate at which these
institutions will need to adapt and change and that and with that change
will come a drastic change in the risk and the regulatory landscape as well
financial institutions are going to have to shift their focus from the short-term
and being reactive to be more strategic around all these disruptors that are
going to be happening it’s going to be a journey rather than a destination and
cash will continue to disappear customers will look more and more for
customized services bank branches as we know them will probably become a thing
of the past and non-traditional payment methods like venmo will can actually
wipe out smaller players in the banking industry the bigger players will
probably focus their resources into building platforms that they can leave
to broad to provide services for smaller players and radically transform their
business models and then only the more adaptive and innovative small players
will continue to exist in this new banking world and as such I mean again
the cybersecurity implications of this are just going to be staggering we just
need to be flexible as as change continues to be the new norm thank you
the last word goes to you Alex Hernandez thank you sir you know as you know
bankers we certainly understand a lot about safety and soundness my parting
words are thinking this from a perspective of cyber safety and
soundness from we need appropriate systems in place and processes and
controls but we need to watch those we need to verify those we need to test
those we need to test how our internal individuals follow those processes those
controls measure that monitor that if we can’t you know watch everything that
needs to be watched based on on our levels of risk internally let’s go find
co-manage partners that we’re not turning the keys over to somebody else
but we’re not necessarily trying to rely on internal resources that are already
stretched very very far so on that cyber security cyber compliance side of it you
know once again think of it from the cyber safety and soundness perspective
and keep your house in order while you’re doing that thank you very much

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