Why Compliance Is Not Security: Top Cyber Security Threats to the Financial Sector
Channel: System Soft Technologies
Date: 2021-10-21

Watch and learn what financial institutions can do to proactively protect themselves against cyber security threats.

System Soft cyber security experts discuss vulnerabilities and cyber threats affecting financial institutions today and what financial institutions are doing to protect sensitive data and applications and keep a trustworthy reputation.

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Read about the dark web and its impact on organizations: https://sstech.us/blogs/dark-web-impact-on-organization/

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#financialsector
#threatstofinancialsector

Transcript:
Hello everyone, thanks so much for joining today. My name is Mark Imhoff, Head of Security and Enterprise Architecture at System Soft Technologies. We are looking forward to an insightful and engaging episode on financial cyber security vulnerabilities and what you need to know. On behalf of System Soft Technologies and security compliance associates, thank you for taking the time to join us today. We would like to ensure an engaging experience so please submit your questions at any time by posting them in the comments section. uh now let's uh introduce our panel today our panel of experts we have James Patterson, Senior Vice President, Financial Vertical Leader at System Soft Technologies. Afternoon James. Good morning everyone yeah like Mark said uh we're running the financial vertical as well as the digital design practice for System Soft Technologies based in Florida. Thank you James uh we also have Ali Hamachi, a Cyber Security Architect at System Soft Technologies. afternoon Alley hello everyone and thanks Mark for inviting me today and then we have special guest uh Coles Dunwoody, ethical hacker at Security Compliance Associates. good morning everyone yeah like Mark said my name is college dunwoody and i'm an ethical hacker here at security compliance associates and my job is to assess the overall security posture of an in organization's internal and external network thanks cos uh welcome everybody who's tuned in we look forward to engaging engaging with you today so let's get started uh ransomware is the top cyber threat to small banks and credit unions with 90 of all financial institutions having experienced ransomware in the past year with the uh ever-changing work environment and remote work security vulnerabilities are an all-time high with that said you know we have about five topics we're going to try to cover today if we get to all of them within 30 minutes but uh let's start off we're going to start off talking about open banking and screen scraping so james can you uh talk to us about from uh the business vertical financial industry uh about uh your concerns on open banking and screen strengthening yeah so much of you from the financial services perspective have seen over the last 36 months customers demanding to have their data ported to where they live you know their app managed applications of choice and that's caused open banking to have to be forced to take on new protocols but also you have a contrasting view and kind of how people are plugging into that from the educators who are actually not using tokenization and screen scraping credentials of your top customers and so that healthy balance of saying you know we might not be able to have our legacy plugged directly into a tokenization server but you're still empowering your your aggregators there's five main of them that are screen scraping you know at 2am which you're probably seeing that on your load balancers and wondering what that is so we'll take some time from a solution architecture a business side and then call us to be able to say what the in rose is inroads are to lower that risk profile of the overall risk assessment of tokenization