Don’t Break the Bank – From heist to hostage: how can banks combat cyber threats?

Posted on 05/08/2020 by vmwareemeasmt
DISCLAIMER: this article is older than one year and may not be up to date with recent events or newly available information.

By Matthew O’Neill, Industry Managing Director, Advanced Technology Group, VMware Office of the CTO

From Heist to Hostage, YOU really could be next!  Ok, I hope I have grabbed your attention!

In our Don’t Break the Bank podcast, Brian Hayes and I get to talk with lots of interesting people and have had some pretty thought-provoking conversations. We are always prepared to talk about the questions we did not even know were questions when we were working in banking. Still, coming away from this episode, we were shocked by what we learned from our friend and colleague Tom Kellermann, Head of Cyber security Strategy for VMware Carbon Black.

Tom’s credentials are far too numerous to list succinctly. Still, highlights from his CV include: advising the US Treasury Department, being a commissioner on the Commission on Cyber Security for the 44th President of the United States, and spending time as Deputy CISO for the World Bank Treasury.

He was also recently on Capitol Hill, testifying to the US House of Representatives subcommittee on National Security, International Development and Monetary Policy. In his testimony, he talked about the threats countries, and organisations face from bad actors, whether criminals or rogue states. Tom was “on the Hill” following the publication of the third edition of VMware Carbon Black’s Modern Bank Heists report, which looks at how the dangers to financial services institutions are evolving. It was great to have Tom with us if a little frightening. As I said, Brian and I come away from our conversations with our guests having learnt something new every time. But, some of the things Tom told us, we think we may be able to sleep better, not knowing.

Tom didn’t pull any punches even though at one point we thought it sounded like something from a James Bond Movie – but as Tom pointed out, this is Fact, not Fiction. We have said before that Cyber is in the top 3 things that keep CIOs awake at night, and listening to Tom, you can understand why. The language has changed from hackers and criminals to adversaries, organised crime and rogue nation-states.

Fortunately, there are solutions too, which Tom shares. What are they, and what does he mean when he says financial institutions are going to be cyber-attacking others? You’ll have to log in to your preferred podcast platform and have a listen.

As always, we’d love to hear your thoughts and feedback, so please do share them with us. In the meantime, take care, and if there’s anything we can do to help, please get in touch.


Category: News & Highlights

Tags: , , , , , ,

Related Articles

Posted on 10/09/2021 by vmwareemeasmt

Three reasons why financial services need to rethink people | VMware

Matthew O’Neill, Industry Managing Director, VMware EMEA The financial services industry used to be the place to work. Today, it’s facing an “overwhelming skills crisis”. Why? It has an image problem that is not simpatico with attracting fresh, new talent. But that could change if financial services firms embrace the opportunity to adopt new, distributed […]

Posted on 04/02/2021 by vmwareemeasmt

Don’t Break The Bank Episode 13: One year of our podcast – looking back on 2020 and forward to 2021

By Matthew O’Neill, Industry Managing Director, Advanced Technology Group, VMware Office of the CTO If this is the first time you have found us, or, if you are a regular listener, thank you for dipping in today and spending your time with us. Brian and I both worked in Banking and Banking IT for the […]

Posted on 27/04/2021 by jschaub

DVB Bank SE navigiert sicher durch stürmische Zeiten

55.000 Angriffe pro Jahr, davon hunderte täglich auf den Sicherheits-Perimeter der DVB Bank SE. In den letzten Jahren ist die Zahl der Angriffe auf den Finanzsektor enorm angestiegen. Und so ist auch die DVB Bank SE, ein auf das internationale Verkehrsfinanzierungsgeschäft spezialisierter Finanzdienstleister, Zielscheibe von zahlreichen Cyberattacken.

Comments

No comments yet

Add a comment

Your email address will not be published.

This site uses cookies to improve the user experience. By using this site you agree to the privacy policy