INSITE panel talks cybersecurity
After a phenomenal block party in San Diego’s Gaslamp District last night, Pershing’s INSITE 2017 conference resume bright and early this morning with a panel on cybersecurity. Now at the forefront of nearly every financial services professional, cybersecurity means different things for different firms.
One of the many key concepts shared by FBI Special Agent Kathryn Sherman during the panel was that firms should report as many cyberattacks on their systems as possible – even ones that seem trivial or fail to do any damage. One concern voiced by an advisor in the audience was a fear that calling in law enforcement could lead to retroactive punishment by regulators who might assess - after the fact - that his firm failed in some way to adhere to standards that might have prevented the attack. Sherman assured the audience that in all her years of law enforcement, her team has never turned around an alerted a financial regulator about the cybersecurity capabilities of a given firm. Sherman stressed that law enforcement’s job in the aftermath of a cyberattack is to assess the damage from a cyberattack, diagnose how it happened, apprehend the perpetrators and share information about the attack with other firms so the attack won’t be repeated.
Jodi Pinedo, a director at Pershing, added that cybersecurity needs to remain a C-suite concern. Next year, senior executives at financial services firms in New York will be required to certify that their firms has taken all the required steps to maintain adequate levels of cybersecurity.
Aaron Rodgers goes deep
The final session at INSITE was a sit-down interview with Green Bay Packers star quarterback Aaron Rodgers. The NFL star was candid about all manner of topics, including concussion fears that are now prevalent in football. Rodgers, who didn’t start playing football until he was in the 8th grade, expressed concern about the quality of coaching in the youth ranks and lauded flag football as perhaps a safer option for young athletes.
When asked what advice he had for an audience of advisors who are often trying to build their business and enhance their brand, Rodgers was candid in urging those individuals to “control their own narrative.” Rodgers explained that some of the off-the-field troubles he has experienced as of late could be attributed to the fact that he let others speak for him and tell his story. Rodgers vowed to never let happen again and he told the assembled advisors to learn from his experience.
Increased transparency coming to Fed stress tests
Federal Reserve Chairwoman Janet Yellen has indicated that banks subjected to annual stress tests will now be given more information about how the exercise is conducted, especially the qualitative portion of the tests.
Banks have been complaining about the stress tests since they were first conceived. But deep down, I reckon many of them see the value of the tests. At the very least, the tests mean there is a team inside each bank contemplating disasters that might lie ahead.
Amazon did some grocery shopping.
R3 says its collaboration on smart contracts has gotten smarter.
Noble Group lives to go broke another day.