A few years ago, I was talking to an executive at a security industry event and he remarked, “If I want to know about the newest security threats and tools, I talk to the IT security teams at financial institutions.” That’s not a surprise – banks and other financial institutions have to operate in a highly regulated environment and pay attention to all things security. Mobile technology brings both great opportunities and security threats for banks.
Bring-your-own-device (BYOD) offers powerful benefits for banks, from enabling better customer service at a lower cost to improving employee productivity and satisfaction. Just as ATMs transformed retail banking a generation ago, mobile devices make it possible to provide service in more places and reduce reliance on traditional teller windows and service desks. By allowing employees to choose their preferred work devices — PC, Mac, mobile — you can better attract the tech-savvy young professionals your organization needs to succeed.
As you move to implement BYOD in your bank, though, it’s important to think through your approach carefully. A Ponemon Institute study found that regulated data is most at risk when it sits on a mobile device, according to 69% of respondents, which included U.S. IT and data security practitioners. Make sure you avoid the common pitfalls so BYOD can fully deliver on its promise for your bank — not create a new set of headaches around technology, security, and compliance.
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