Why Secured Third Party Collaboration Is The Future of Banking

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Presented by

Todd Fennell, Vice President Information Security, American Express

About this talk

One of the greatest challenges we face collectively is how to share information securely with other parties, whether those parties are partners or customers, particularly in the new “work from anywhere” environment. Organizations deriving strategic benefits from outsourcing work need to find a way to protect their sensitive information before it reaches the third party. In their 2021 Cost of a Data Breach report, IBM found that remote working and digital transformation due to the COVID-19 pandemic increased the average total cost of a data breach by 24.2%. So how can enterprises, particularly those in the banking and financial services industries, protect themselves from such breaches? Join Todd Fennell, Vice President Information Security, American Express, to learn how Secure Third Party Collaboration is changing the face of the banking industry. Key takeaways from this session include: ● Why businesses must ensure that data is secure on devices and in-transit in a work from anywhere environment ● The need for balance between information security needs and the capabilities of the business ● How to ensure that data is properly identified & classified

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50% of the organizations have experienced a data breach caused by third parties that led to the misuse of sensitive or confidential information (Ponemon) 65% have not even identified the third parties with access to the most sensitive data (SecurityMagazine) 24% of enterprises experienced a data breach because of a cyberattack incurred by a supplier (Kaspersky) These statistics prove, once again, that the weakest link in the chain is the extended value chain around the enterprise. Critical data like Intellectual Property (IP), PII, audit, and financial data are the crown jewels of an organization and are most susceptible to a data breach. Enterprise security teams lack control and visibility into the level of access to sensitive information for external users. So, how do you ensure that your sensitive data stays protected throughout the third-party collaboration cycle and beyond? Join this Summit to learn more about: • Current challenges when it comes to sharing data externally with third parties • Why data security is critical for external collaboration • How enterprises are strengthening their security postures across Cloud and third-party systems