Card Not Present Fraud , Fraud Management & Cybercrime , Governance & Risk Management

New BITS President on Cyber Threats

Feeney Talks Payments, Info Sharing, Insider Threats
New BITS President on Cyber Threats
Chris Feeney, BITS

Chris Feeney, the new president of BITS, the technology and policy division of the Financial Services Roundtable, has a long to-do list when it comes to cybersecurity.

Helping members address cyberthreat information sharing, emerging technologies and insider threatswill be among his key areas of focus, he says in an interview with Information Security Media Group.

"Tokenization is here; chip and PIN is here; and we certainly see the early stages of biometrics," Feeney says. "But I think there is a whole host of insider threats that are still relevant. The headlines are cyber-events, nation-state attacks or criminal attacks of another form. But the insider threats are still something that we need to appreciate, understand, account for and be prepared for."

Feeney also expects the financial services industry's adoption of the .bank top-level domain to have a significant impact on cybersecurity and standardization within the financial sector.

"I think in a more practical way - and maybe more immediate - we are a member of the top-level domains," he says. "That's a very effective way to implement secure capabilities, and we are in the early, early stage rollout now."

During this interview, Feeney also discusses:

  • BITS' role in cyberthreat information sharing and the role cross-industry cyber-intelligence will play;
  • Why certain pieces of cybersecurity legislation will be key for BITS; and
  • Why vendor management is becoming increasingly critical for cybersecurity.

As the new president of BITS, which addresses emerging technology and operational opportunities for the financial services industry, Feeney replaces Paul Smocer, who recently retired after years of heading this division of Financial Services Roundtable. The Financial Services Roundtable, is an advocacy organization for the U.S. financial services industry. In his new role, Feeney will work with the nation's largest financial institutions and policymakers in promoting safety and soundness in cybersecurity, fraud and working with firms on emerging technologies in the financial industry. Feeney has more than 30 years of experience in executive management, technology, business/sales management and operating roles at software companies, broker dealers and investment management firms.

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