Amidst a surge in data breaches, it's important to have cybersecurity that extends from leadership commitment through the entire company.
Costly data breaches have been more prevalent in the news over the past few months. Cybersecurity is a critical issue for each and every company, and this is specifically true in the financial services industry. It simply cannot be ignored.
Some leaders are approaching this issue by focusing on the specific threats and tactics criminals are using to infiltrate corporate networks. However, this won’t be effective. Tactics change and unfortunately, the best criminals are aiming to be one step ahead.
I am leading with an improved and tested cybersecurity solution that I believe is more effective.
The first part of the solution is a company-wide focus on cybersecurity that starts in the CEO’s office and extends through the entire organization. The second part involves significant ongoing investments in stronger, safer corporate networks.
Some companies are still treating cybersecurity like it’s a problem for just the IT department. However it touches every single team and individual in the company, from the person at the front of the office who answers the phones all the way to the CEO’s office. No one can afford to ignore it especially in our fight against it.
But we can’t ignore our work either. Which is why the CEO must drive the initiatives that keep everyone trained and vigilant in their efforts to protect the company’s network.
Human Engineering, the work of figuring out what it will take to make a person click on a malicious link, has long been a primary tactic of cybercriminals. That won’t work if people are well trained, aware of potential risks and alert to attempts to trick them.
In our company, we are always training and testing. It’s part of our culture. It has to be if we are to have any hope of safeguarding our client’s data and keeping our networks up and functioning. Our industry recently saw exactly what can happen when a company that lenders depend upon falls prey to a cyberattack. We simply can’t allow that to happen.
But even the best people make mistakes sometimes. That’s where the second line of defense comes in.
Cybersecurity has become one of the most significant hurdles a technology company must clear before they can become industry leaders. One breach can destroy a young company, and we’ve seen that happen, too. The problem is that new entrants into an industry often lack the resources and experience to guard against cybercriminals.
This task is made even more difficult by the fact that intrusion tactics are evolving all the time. Protecting against last year’s threats will not protect you against what’s coming next. To do that you need resources, including people, technology, and appropriate investments.
There are companies in our space who have these resources, to some degree, but Mortgage Cadence is the only mortgage technology developer with Accenture as a parent company. A quick look at some of the initiatives and investments Accenture has made in the security industry tells a compelling story:
And all of that happened in just the last 60 days, which shows our commitment and how large of a priority this is for us.
Every time Accenture invests in a new security company or launches a new collaboration it brings more experience into the company and improves our ability to identify and guard against cyberthreats. Mortgage Cadence executives meet frequently with our Accenture counterparts to learn and grow our own capabilities. No one else in our space enjoys this benefit.
As our IT and cybersecurity executives learn, they share those lessons with the rest of the company. As CEO, I make sure that includes everyone in the company. I consider it an important part of my job.
By Pedro Garcia, Chief Executive Officer at Mortgage Cadence
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