While banks are easy targets to blame, the recent leaks of suspicious-activity reports—revealed by BuzzFeed News in September—instead confirmed that they are fulfilling their roles in the fight against international money laundering. Rather, it is the whole system that is on the verge of collapse and needs to be rethought.
In today’s cybercrime-infested environment, the frontline position of chief information security officer couldn’t be more crucial. But increasingly, CISOs find that not only do they receive criticism for events beyond their control, the control they do have to determine their firms’ information-security strategies is being threatened. The CISO must be re-empowered by regaining sole ownership of the levers needed to set the company’s security priorities and drive its cyber-defense agenda.
In the old days, banks could work independently of others providing financial services, but not anymore. As the world becomes more interconnected, banks are being drawn into emerging ecosystems comprised of old and new players. Cooperation and integration are the names of the game for both incumbents and newcomers such as fintechs and virtual banks, but putting the blocks in place to build the infrastructure is easier said than done.