News & Commentary

04:41 PM
Bryan Yurcan
Bryan Yurcan
Connect Directly

Bank IT Budgets in Focus During Day Two of Banks Systems & Technology Executive Summit

The majority of attendees reported that they believe IT budgets will rise in 2012.

The banking IT budget outlook for 2012 was a main focus of the Tuesday morning session at Banks Systems & Technology's executive summit.

During a discussion on the topic of IT budget outlooks featuring Celent Senior Analyst Jacob Jegher, and BS&T Editorial Director Katherine Burger, attendees were asked to text or tweet their responses to questions about what they expected their 2012 IT budgets to look like.

The admittedly unscientific spot poll returned some interesting results, with 40 percent of those responding indicating they believed their IT budget would increase by more than 3 percent in 2012. They next highest polling response was those that thought their budget would increase between 1-3 percent from last year. Those responses were somewhat similar to a separate online poll conducted last week by BS&T where most respondents indicated they saw IT spending increasing in 2012. In that poll however, 42 percent foresaw increases of only 1-3 percent, whereas merely 13 percent of those that responded thought they would have an IT budget of greater than 3 percent next year.

Interestingly, even though most of the attendees indicted that they would have a larger IT budget in 2012, 50 percent answered in another question that a limited budget/resources would be the biggest challenge facing their department next year, perhaps indicating that even though many foresaw a budget increase it would not be as big as hoped.

Three of BS&T's Elite 8 award honorees -- Ghan Desai, CIO/CTO of Team Capital Bank (Bethlehem, Pa.), Richard Ferarra CTO of Woodforest National Bank (The Woodlands, Texas) and Madge Meyer, Chief Innovation Officer and technology fellow at State Street Corporation (Boston) -- later took the stage to discuss the challenges confronting Bank IT departments going forward.

Meyer discussed the need to invest "a lot of money" in compliance, even opining that banks "would go bankrupt"if they had to implement all the requirements of the 3,000 page Dodd-Frank Act.

The theme of using IT to create efficiencies throughout the organizations was also a big topic.

Desai said efforts to remove manual processes and add more automation have been a focus at Team Capital, while Ferrarra reported that Woodforest is looking towards complete virtualization of its data centers and reducing inefficient back office functions.

Bryan Yurcan is associate editor for Bank Systems and Technology. He has worked in various editorial capacities for newspapers and magazines for the past 8 years. After beginning his career as a municipal and courts reporter for daily newspapers in upstate New York, Bryan has ... View Full Bio

Comment  | 
Print  | 
More Insights
Newest First  |  Oldest First  |  Threaded View
Register for Dark Reading Newsletters
White Papers
Cartoon Contest
Write a Caption, Win a Starbucks Card! Click Here
Latest Comment: Janice, I think I've got a message from the code father!
Current Issue
Security Operations and IT Operations: Finding the Path to Collaboration
A wide gulf has emerged between SOC and NOC teams that's keeping both of them from assuring the confidentiality, integrity, and availability of IT systems. Here's how experts think it should be bridged.
Flash Poll
New Best Practices for Secure App Development
New Best Practices for Secure App Development
The transition from DevOps to SecDevOps is combining with the move toward cloud computing to create new challenges - and new opportunities - for the information security team. Download this report, to learn about the new best practices for secure application development.
Twitter Feed
Dark Reading - Bug Report
Bug Report
Enterprise Vulnerabilities
From DHS/US-CERT's National Vulnerability Database
Published: 2017-05-09
NScript in mpengine in Microsoft Malware Protection Engine with Engine Version before 1.1.13704.0, as used in Windows Defender and other products, allows remote attackers to execute arbitrary code or cause a denial of service (type confusion and application crash) via crafted JavaScript code within ...

Published: 2017-05-08
unixsocket.c in lxterminal through 0.3.0 insecurely uses /tmp for a socket file, allowing a local user to cause a denial of service (preventing terminal launch), or possibly have other impact (bypassing terminal access control).

Published: 2017-05-08
A privilege escalation vulnerability in Brocade Fibre Channel SAN products running Brocade Fabric OS (FOS) releases earlier than v7.4.1d and v8.0.1b could allow an authenticated attacker to elevate the privileges of user accounts accessing the system via command line interface. With affected version...

Published: 2017-05-08
Improper checks for unusual or exceptional conditions in Brocade NetIron 05.8.00 and later releases up to and including 06.1.00, when the Management Module is continuously scanned on port 22, may allow attackers to cause a denial of service (crash and reload) of the management module.

Published: 2017-05-08
Nextcloud Server before 11.0.3 is vulnerable to an inadequate escaping leading to a XSS vulnerability in the search module. To be exploitable a user has to write or paste malicious content into the search dialogue.

Dark Reading Radio
Archived Dark Reading Radio
In past years, security researchers have discovered ways to hack cars, medical devices, automated teller machines, and many other targets. Dark Reading Executive Editor Kelly Jackson Higgins hosts researcher Samy Kamkar and Levi Gundert, vice president of threat intelligence at Recorded Future, to discuss some of 2016's most unusual and creative hacks by white hats, and what these new vulnerabilities might mean for the coming year.