Over the past two years we have witnessed data breaches involving major consumer,
healthcare, government, and financial institutions. These very public breaches have helped
to bring awareness to the need for comprehensive and proactive security programs for any
organization that consumes and stores sensitive information.
We interviewed Ivan Matviak, EVP of State Street Global Exchange, to get his thoughts on the importance of security in financial services.
What are the challenges with securing financial services? What opportunities are there in the security sector to meet these challenges? Data security is front of mind for banks. One area we’re looking at closely is distributed ledger and crypto-technology, such as blockchain, given the breadth of its potential application across the financial industry. Blockchain’s ability to keep data secure while still facilitating its transmission could deliver real benefits across the industry.
Where do you think there are areas of opportunity for Massachusetts security tech companies to lead? With its rich mix of resources, Massachusetts – and greater Boston in particular – is in an excellent position to influence the emerging FinTech sector. Our state is home to world-class universities; leading-edge financial and technology companies; a strong venture capital investment center; and a robust startup community. At the same time, our FinTech community must recognize the steep challenge of earning and keeping the trust of customers, given security considerations and the risks at stake. Not to mention the complex regulatory requirements that govern our industry.
What legislative policies are having the biggest impact on the security sector and why? Massachusetts has some of the strongest data privacy laws in the nation. With the Massachusetts Division of Banks’ adoption of the Cybersecurity Assessment Tool, it’s clear that these regulatory requirements will have a big impact on both new and established businesses.