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Financial Services Technology Consortium March 18, 2008, Yale University Dan Schutzer Executive Director FSTC CyberTrust – PI meeting Unsolved Problems and Issues
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Financial Services Technology Consortium 2 What’s changing in US Banking? Going Global Mergers and Acquisitions Increased Regulations Payment Convergence, SEPTA Increased Threat Non-conventional competition Web 2.0 and N Gen New Revenue Opportunities Non-conventional competition
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Financial Services Technology Consortium 3 Public Policy Compliance and Regulatory reporting and monitoring Patriot Act Anti-Money Laundering Sarbanes Oxley Federal Rule of Civil Procedure (FBCP) Regulation E and CC – payment related Basel Data Leakage notifications FFEIC two factor guidance to enable financial institutions to support secure remote access.
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Financial Services Technology Consortium 4 Business Processes Steeped in tradition and bound to legacy systems Based on paper-bound processes Need for more checks and balances and less reliance on PII data, such as social security numbers, mothers maiden name, and account numbers Need for innovative re-thinking on key processes such as: Account opening General ledger Risk Management Record classification Disaster Recovery and Incident management Auditing Payments and Trade Processing
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Financial Services Technology Consortium 5 Social Norms Huge, global Functional Decomposition along relatively independent product lines Need for customer-centric integrated access to information, and cross- channel, cross-product services and features Current behavior of employees and customers need to be more security-aware Major emphasis on data leakage; less emphasis on more critical areas such as prevention of data tampering and service denial
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Financial Services Technology Consortium 6 Data Privacy and Security Customers rights to access information requires, easy to use, but strong encryption and access controls Privacy often impacts security Monitoring employees for Insider Threat Monitor customers for anonymous behavior Find and shutting down spoof web sites Contradicting policies around the world Europe, opt-in US, opt-out Who owns information about customer reputation?
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Financial Services Technology Consortium 7 Are laws and regulations working? Laws and regulations are reactive, not proactive Too many regulations to comply with, often contradictory Have trouble monitoring employees and customers from a security and fraud finding requirement Law of unintended consequences
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Financial Services Technology Consortium 8 Questions? Dan Schutzer 917 338 6480 Dan.Schutzer@fstc.org
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