Researchers have found that IT departments typically spend 75% of their time, money and resources simply keeping things running on a daily basis, leaving only 25% of efforts dedicated to new strategic initiatives.
With Federal Reserve Bank stress testing requirements set to extend soon to midsize banks, what are the key lessons learned since the tests were implemented four years ago? What can be done better and where will the industry go from here?
Case of five men indicted Thursday for allegedly stealing more than 160 million credit card numbers, in what Justice Department calls a record size scheme, shows how hard it is for business to deal with SQL injection attacks and similar approaches.
Banks are exploring the cost and flexibility benefits of cloud-based security services. But to gain the advantages of using outside providers for security, they'll have to boost their vendor management capabilities.
By Mark Herman, Booz Allen Hamilton | July 23, 2013
Data lakes -- massive repositories of information that consolidate structured, unstructured, batched and streaming data into a single table -- could enable integration of different banks' living wills, providing transparency that would help identify hidden risks in the financial system.