Financial services remain a top target for cyberattacks. While organizations understand the need for better protection, many can’t articulate ideal spending strategies.
On this week’s SecurityIntelligence podcast, Lauren Jensen, host and worldwide industry marketing lead at IBM Security, sits down with Matt Konwiser, first-line manager in the North American financial sector at IBM, to discuss the emerging role of digital trust as the new foundation of financial cybersecurity.
Financial Cybersecurity: The Hard Truth About Prevention
In today’s threat landscape, prevention is simply impossible. It’s a hard truth, but one Konwiser argues is critical. Even if financial firms implement new measures to prevent cybercriminals from leveraging network vulnerabilities, these measures don’t happen in a vacuum. Companies are responding to attacks that have already happened.
Yet for Konwiser, this is the natural cycle of security: Detect and respond. Learn everything possible about attackers and their methods. Then, build better defenses.
And here’s the challenge: While clients recognize the importance of cybersecurity and have money to spend, they’re not sure where it’s best invested. Between compliance requirements, emerging threats, identity management and digital transformation, organizations need help prioritizing their investments for maximum impact.
Financial Services Live and Die by Digital Trust
Companies often come to IBM with a specific purpose: They need a singular product or solution to ensure compliance and minimize risk. Others come with a desire for general system updates. Konwiser found that in both cases, what companies wanted didn’t always match what they needed.
Specifically, financial services were overlooking the concept of digital trust — protecting clients’ transaction chains to build long-term trust. While organizations understood the concept of digital trust, many didn’t know IBM offered services aligned with the model.
As a result, IBM developed a digital trust narrative to better position the company’s offerings and made it clear that without investment in trust, customers lose confidence — and without confidence, they take their money elsewhere.
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