The Financial Services industry has come a long way since its humble beginnings. It is hard to believe that all financial transactions, from record keeping to reconciliations and trades, were all done by hand at one time. What may be even more amazing is that individuals were actually able to keep track of the massive paper trails that ensued. They not only kept everything up-to-date but safe and secure as well.
Since then, however, numerous amounts of technology have been created and put into place in order to simplify and streamline financial transactions. While trading, reconciliation and corporate action processes have completely changed over the years with the help of technology, the need for security has not. With the development of mobile technology, the cloud, enterprise data and more, security is now, more than ever, an issue for financial firms.
How do they keep everything safe? What protocols do they follow? How to they deal with financial crime? The questions concerning security could go on and on. However, the one thing you rarely read about security is a solution. While every piece of technology brings up a new security question, the topic is discussed in generalities at many of our industry conferences and breakfast events, and no one can ever concretely say: This is how you keep your firm safe. Perhaps the idea of complete security is a fantasy, but I can’t help but wonder if there is a way to be completely protected, and, if so, who will be the pioneer who creates the solution.
What do you think? Will the financial services industry ever operate in complete security?