IBM touts holistic approach to cyber-security, counter-fraud, and compliance efforts. Bankers, security experts, and a former White House CIO offer proactive advice.
2 of 11
Break out of departmental silos
All security, fraud, risk, and compliance departments and initiatives within your organization should be aligned and connected, sharing reports on the latest security incidents and fraud attempts. Criminal activities are often connected. Denial-of-service cyber-attacks, for example, are sometimes used by criminals as a diversionary tactic as they attempt to infiltrate and steal data from corporate backend systems. Stolen data is then used to perpetrate fraud. Money stolen through fraud is invariably laundered through otherwise legitimate accounts and transactions. Working together lets you see the bigger picture of interrelated activities.
"Fraudsters can potentially hide in plain sight within the data, especially if the data is not interconnected or you're not taking an analytical approach," said Bob Griffin, VP, Counter Fraud Solutions at IBM. "By combining the data, it's possible to spot early-indicator events and interrelated activities that you would not spot looking at data in isolation."
The New York State Office of Medicaid has lots of separate departments, admits Medicaid inspector general James Cox, but by organizing oversight teams along business lines the agency has eliminated overlapping efforts and aligned activities. "The silos haven't gone away, but it has been a very successful program that has helped us detect abuse and fraud much more quickly," Cox said.
The Business of Going DigitalDigital business isn't about changing code; it's about changing what legacy sales, distribution, customer service, and product groups do in the new digital age. It's about bringing big data analytics, mobile, social, marketing automation, cloud computing, and the app economy together to launch new products and services. We're seeing new titles in this digital revolution, new responsibilities, new business models, and major shifts in technology spending.
Top IT Trends to Watch in Financial ServicesIT pros at banks, investment houses, insurance companies, and other financial services organizations are focused on a range of issues, from peer-to-peer lending to cybersecurity to performance, agility, and compliance. It all matters.
Join us for a roundup of the top stories on InformationWeek.com for the week of September 18, 2016. We'll be talking with the InformationWeek.com editors and correspondents who brought you the top stories of the week to get the "story behind the story."