Increasing regulatory oversight is overwhelming smaller banks and credit unions, pushing them to continue to focus more on compliance than overall cybersecurity and resilience, says Sean Feeney, CEO of Defense Storm.
"Everyone is trying to do the right thing," Feeney says. But when overarching cybersecurity mandates from federal and state banking regulators set the same expectations for top tier banks and community institutions, security often takes a backseat to compliance, he adds.
In this audio interview at RSA Conference 2017, Feeney discusses:
- Why community banks still think they are immune to most cyber risks;
- How smaller institutions will struggle to meet the stringent demands under New York state's new cybersecurity regulations; and
- How a centralized and managed approach to network monitoring can help community institutions shore up security without making huge security investments.
Feeney, who has 30 years of experience, formerly was CEO at GT Nexus, overseeing its sale to Infor in September 2015. Prior to GTN, he was an operating executive with Golden Gate Capital and CEO of Inovis. He also was executive vice president at CheckFree, COO at Clarus Corp., and executive vice President at Dun & Bradstreet Software. He currently sits on the board of TrendKite; he's a former board member and past chairman of the Technology Alliance of Georgia.