Neovera CEO, Scott Weinberg, Delivers Keynote Presentation on Data Security for Financial Services at the Capital Area Compliance Roundtable Meeting
9 Jan01/09/15 – Scott Weinberg, CEO and Founder of Neovera, delivered the keynote presentation at the quarterly meeting of the Capital Area Compliance Roundtable today, providing subject-matter expertise and insight on data security for the financial services industry.
The Capital Area Compliance Roundtable is a consortium of compliance officers representing credit unions in DC, MD and VA that meet quarterly to discuss and collaborate on compliance challenges and solutions.
Mr. Weinberg addressed the growing concern among credit unions to ensure information security and protection of member data.
In his presentation, Mr. Weinberg emphasized that the financial services industry is a huge target for hackers and that credit unions are increasingly being targeted. He highlighted specific data breach cases involving credit unions and other financial institutions over the past year, citing the top three impacting patterns as Web Application Attacks, Payment Card Systems, and Denial of Service attacks.
Mr. Weinberg also discussed the Federal Data Breach Notification Policy, data security controls and prioritization of those security controls, and shared best practices and additional considerations to enhance data security.
He explained the significance of the Cost-Benefit-Risk Decision: risk doing nothing or risk doing everything to protect your data. Ultimately, the cost to prevent data breaches is less than the cost of mitigation.
As a follow-up to this presentation, Neovera will be hosting a webinar (date and time to be announced) on the same topic – Data Security for Financial Services. Stay tuned for updates.