Governance & Risk Management , Incident & Breach Response , Managed Detection & Response (MDR)

Why Banks Need To Be More Proactive With Security

Bottomline's Dave Allen on How Banks Must Respond to Breach Trends
Why Banks Need To Be More Proactive With Security
Dave Allen, Bottomline Technologies

The digital banking shift creates great convenience - for the fraudsters, as well as the customers. What can institutions do to reduce their vulnerability to breaches and fraud? Dave Allen of Bottomline Technologies offers advice.

Allen, VP of Business Analytics Solutions, sees two troubling trends within financial services organizations. One is the increase in payments fraud, particularly wire transfers initiated by spear-phishing schemes. The other is the advent of same-day ACH payments processing, which gives fraudsters a new, quick window to target payroll transactions.

"One recent survey indicated that 93 percent of banks anticipate new fraud threats resulting from same-day ACH," Allen says. "This is an opportunity for banks, but it also comes with additional risks if the proper security systems aren't in production first."

Complicating banks' abilities to respond: The siloed, legacy solutions they currently deploy, and their limited ability to get a single, holistic view of potential vulnerabilities and alerts. And then there is just the amorphous nature of fraudsters, who adapt to whatever new security controls are created.

"Fraudsters have become very advanced and creative," Allen says. "With new malware signatures and trends every day, it's very difficult for banks or any organization to keep abreast of the different ways that fraudsters are trying to penetrate their defenses."

In an interview about changing banks' defensive posture from reactive to proactive, Allen discusses:

  • Banking industry trends that are fueling increased breached and fraud;
  • Top challenges to mitigating these attacks;
  • How institutions can leverage new and existing solutions to create a holistic view of their threat landscape.

Allen is the Vice President of Business Analytics at Bottomline Technologies, a market leader in delivering innovative payments, cash management, and digital banking solutions to over 1,400 financial institutions around the globe, including over 1/3 of the banks in the US with > $10B in assets.

Allen joined Bottomline in 2015 and has over 20 years of software sales and services experience. Prior to joining Bottomline, he held executive leadership positions at IBM, Liquid Machines, IMlogic and Akamai Technologies.

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