Security

12:40 PM
Kelly Sheridan
Kelly Sheridan
Commentary
Connect Directly
Twitter
LinkedIn
Google+
RSS
E-Mail
50%
50%

Cybersecurity Lessons from Former FBI Director

Robert Mueller describes how security initiatives within the Bureau are applicable to financial services.

In the aftermath of the tragic events of September 11th, 2001, FBI director Robert Mueller met with the President of the United States and other top officials to discuss steps being taken to find those responsible for the attacks. There, the President asked Mueller a question that caught the newly appointed director off-guard:

“What is the FBI doing to prevent the next terrorist attack?”

Mueller, a former attorney accustomed to confronting crimes – not preventing them – had no answer. In the years that followed, the President’s simple question sparked a realignment of priorities within the FBI to address potential threats before they become reality. The same process is relevant to financial services companies battling a rapid growth in cybercrime.

“The evolution of the Bureau in the wake of 9/11 has some applicability to what we see happening in the cyber space,” said Mueller in his keynote at the Cybersecurity in Financial Services event hosted by Deloitte and BITS this Tuesday at Convene in New York City. The sixth director of the FBI, he began his term a week before 9/11 and served through September 2013.

[ 5 Ways Insurers Can Expand Analytics Use. ]

Rather than primarily focusing on reactive strategy, the FBI now aims to identify particular threats, understand the extent of its knowledge on those threats, and work to collect intelligence against them. Counter-terrorism, counter-intelligence and cyber initiatives have taken precedence, he explained.

Mueller discussed lessons learned as the Bureau increased its preventive efforts, many of which are sound advice for financial services institutions protecting their organizations against cyber attacks. Just as the FBI must stay ahead of criminals and terrorists, banks and insurers must anticipate and address security breaches.

“There has not been sufficient focus on protecting that which needs to be protected,” said Mueller of cybersecurity strategy in financial services. “Assume a breach [will occur] – what will you do to address a series of breaches?”

Read the full story on Insurance & Technology

 

Kelly Sheridan is an associate editor for Insurance & Technology. Prior to joining InformationWeek Financial Services, she was a staff writer for InformationWeek and InformationWeek Education. Kelly has also written for trade publication Promo Marketing and a number of ... View Full Bio
Comment  | 
Print  | 
More Insights
Comments
Threaded  |  Newest First  |  Oldest First
Becca L
50%
50%
Becca L,
User Rank: Author
6/29/2014 | 7:24:19 PM
Hit the Ground Running
This was a fascinating Keynote. Robert Mueller started one week before 9/11, so talk about hitting the ground running. Under his watch the FBI transformed dramatically, and it was forced to address these difficult, never before asked questions. Today, government agencies rely on Big Data in a big way, so FinServ has a lot to learn from their actions.   In the end, all industries arguably face the same problems, just by different players and different nomenclature.
Kelly22
50%
50%
Kelly22,
User Rank: Author
6/30/2014 | 4:32:13 PM
Re: Hit the Ground Running
It really was! Mueller was a great speaker and it was interesting to hear him talk about how the FBI changed to focus on preventing attacks. Its evolution could definitely serve as a model for financial services companies as the industry continues to leverage big data and prevent cybercrime.  
More Commentary
Chief Data Officers: Organization Strategy & Cultural Change
Chief data officers are new to the financial services C-suite, but they are facing a number of challenges, including the need for new data governance and execution strategies, staffing, and new organizational structures to enable cultural change.
New York FinTech Innovation Lab Calls for New Entrepreneurial Applicants
Wells Fargo joins 14 other major financial institutions providing mentoring and guidance to the six chosen startups.
Micro Data Challenges in an Era of Macroprudential Regulation
Research and statistical analysis experts at central banks are tasked with developing sophisticated forecasts and models to identify systemic risk. Yet they are spending most of their time acting as data entry clerks, rather than developing these models.
The Perks of 'SmartSourcing' Shared Services in Financial Industry
A breadth of vital but undifferentiated business processes are still being replicated across the industry. They are all candidates for centralization.
Managing Social Media Risk Strategy: Technology Can Only Go So Far
Advanced analytical technologies are an important part of a social media risk management strategy, an Accenture report says, but the technology must be balanced with training and procedures.
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - Elite 8, October 2014
The in-depth profiles of this year's Elite 8 honorees focus on leadership, talent recruitment, big data, analytics, mobile, and more.
Video