Increased security risks can prevent companies from investing in new technologies, but continuing to use older systems can put their business at even greater risk.
Managing this balance relies on the big picture of risk management, including IT leadership in conversation.
Historically, risk management has been local to Wells Fargo, according to Mandy Norton, Senior Vice President and Chief Risk Officer of Wells Fargo. As technology became more integrated with business decision making, the company found that only a comprehensive approach kept its business safe.
“We are essentially a large technology company that provides financial services,” Norton said at the Lesbians Who Tech & Allies Debug 2020 Summit on Wednesday. “It’s very important to think about risk management as a whole, because it’s unthinkable to manage credit risk, fraud risk, and market risk without incorporating technology.”
Even with the best operational risk framework in place, security relies on technical expertise for interoperability between technology and business priorities. According to Norton, IT leadership translates the language and risk of technology into a larger audience of leadership, creating the integrated view needed to protect the business.
When Apple Pay went on sale, Norton said the financial services sector was suffering from a lack of overall control. Despite the security benefits of Apple Pay, Norton could reveal your credit card information to a malicious attacker when a user transfers your credit card information to Apple Wallet. Lack of end-to-end management and communication of the process created risks.
This is part of why cybersecurity management keeps Norton staying up late. Comprehensive risk management at Wells Fargo does not mean that all partners can be secured. Actors may target financial management apps where Wells Fargo customers have given up their login information, ultimately providing a path to attack.
“There may be gaps, and that’s why you absolutely have to think about your end-to-end process,” Norton said. “Let’s go back to that overall risk management. Think about every step in the process.”
However, according to Norton, this vigilance does not prevent Wells Fargo’s innovation, as the team recognizes the benefits that outweigh many risks.
“We have a great firewall, but the’bad guys’ continue to develop their technology, so you’re always trying to catch up with all the ways scammers can catch us. “Norton said.
Innovation to mitigate risk
A spark for innovation that ignited during the COVID-19 pandemic. According to Norton, customers flocked to digital services when banks became unavailable directly, and Wells Fargo continued to rely on innovative technology investments to provide assistance.
Moreover, innovation is becoming inevitable. According to Norton, cloud computing underlies the way businesses do business today, but there are few regulatory guidelines on how to protect businesses and customers from threats in the cloud. It will put Wells Fargo behind the curve to take no risk.
Wells Fargo learned a similar lesson about the importance of modernization and innovation during a company-wide outage last year. In February 2019, smoke detection caused an automatic power outage, requiring the company to rely on data center backups for business continuity. Customers have no access to their online bank accounts, increasing the urgency to invest in the latest business solutions.
But beyond these services, Wells Fargo sees innovation as a necessary way to protect corporate and customer data.
“Without innovation, you can’t protect yourself and fight the threats and risks that lie,” Norton said.
New technologies also have the power to improve cyber posture by monitoring the status of threats. According to Norton, AI and machine learning algorithms can look for cheating for early detection and mitigation.
According to Norton, if all businesses in the universe were updated to the latest technology, but Wells Fargo did not, it would be the weakest link in the chain and the target of attacks. “It really is about who has the most powerful strategy, and if you don’t innovate and continually improve … you’ll be hit hardest,” Norton said.
What Are The Main Benefits Of Comparing Car Insurance Quotes Online
LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos
to request, modification Contact us at Here or [email protected]