Perhaps it is not altogether surprising if security professionals view digital transformation with apprehension. While some may be up to the challenge, others will likely find themselves swimming upstream, against the tide of transformation zealots eagerly pushing their digital agenda.
Fintech Innovation spoke to Chester Wisniewski, principal research scientist in the Office of the CTO at Sophos to take a quick view of where security lies among those in the financial services industry.
That financial institutions are being compromised is no longer a topic worth debating. The real worry is that the number, type and size of each compromise is growing. He cites the growing number of business email hacks occurring at businesses, and how this is cascaded into the financial services industry – because these banks are the ones that fund most of these business – where else would a company keep its monies if not the bank.
View the full video as Wisniewski describes how the financial sector is dealing, or not, with compromised customers and how it is impacting the business of banking.
“Digital transformation turns a financial institution’s risk management strategy upside down. Before digital, security was focused on identifying human error and psychology. Post digital, it is about the technological ways systems can be manipulated because machines do what they are told,” said Wisniewski.
The 2019 Digital Transformation Market Trends Report lists cloud migration, Internet of Things and AI as the top investment priorities. Security is subsumed into IT cloud migration exercise – which makes sense, and indicative of the importance placed on security – somewhere between its important but not any more important than cloud migration.