How to Manage Cyber Risk & Compliance in the Financial Services Sector

321-Gang

Banks and financial services organizations of all sizes are now more concerned than ever about cybersecurity risk and compliance management. The scope and nature of managing compliance have evolved and are no longer limited to rules-based banking regulations. Operational and compliance risks have become more complex and entwined, increasing the potential for failed processes that cause customer confusion and compliance control breakdowns. Without a new approach to cyber risk, compliance and operational risk management, many financial services institutions will continue to face high costs and losses in the form of escalating litigation, penalties, and staffing needs. Join the Continuous Engineering Experts’ Bryan Smith as he welcomes Bradford Leigh from IBM to the show, as he shares with us some best practices in how to successfully manage your cyber security and compliance requirements. Short on time? Just click on any of the links below and jump to that section of the interview: 0:01:30 – From an institutional perspective, why the hype? Why are Cyber Criminals targeting the Financial Services Sector? 0:07:00 – What has the reaction been from regulators and from the Finance industry? 0:08:27 – Hasn’t CyberRisk and NY Department of Financial Services (NY DFS Rule 500) been addressed? Where are firms with their implementations? 0:10:55 - What is IBM’s solution? I thought that IBM’s Solution (Watson IoT) CLM is a tool for software development? How does managing compliance and cybersecurity fit with Watson IoT? 0:14:43 – So what is missing? What do companies need to do to better manage their cyber risk and compliance programs? 0:19:45 – Can you give us an example of a client who has taken these tools from IBM and then used them to successfully meet these regulatory mandates?