By Lynn Mingone, VP, Global Payment Services, Wells Fargo
Can you please tell the Risk Insights readers a little bit about yourself, your experiences and what your current professional focus is?
I’m a proud Pittsburgh, PA native and part of a very large family, and most still live in the Pittsburgh area. I’ve been in banking for the majority of my career holding multiple positions from Treasury Management Security Consultant, International Product Manager spearheading development of strategies for international treasury management. My current role with Wells Fargo is in the Financial Instructions Group. My main areas of emphasis are on liquidity management, depository regulations, and risk evaluations, with an emphasis on cyber security.
What, for you, are the benefits of attending a conference like the Payments USA and what can attendees expect to learn from your session?
The benefits of attending the Payments USA conference is it provides a chance to network with your peers and share best practices. The conference offers insight into ideas and trends that are current in the market. There is always something new to learn and networking with peers expands your knowledge and creates conversations that help promote new ideas. In the Cyber Panel discussion, I will be participating in, we’ll share best practices in implementing a Cyber Security Framework and how to create a proactive approach to Cyber Security and tools available to mitigate risk. Sharing best practices and benchmarking ideas in Cyber Security helps combat cyber criminals, in the payment arena we are only as strong as our weakest link.
In your opinion, how can financial institutions ensure effective controls and monitoring tools are in place to heighten cyber resilience?
Cyber and data security remain a high priority for banks. Criminals are constantly searching for creative new ways through fraud and cybersecurity vulnerabilities. It is crucial CEOs and board members understand and incorporate cyber risk into their business strategies, including external partners via 3rd party risk assessments, and begin addressing it as the important, integrated part of the business. A Cyber Security framework starting with a Governance committee to create policies and procedures, risk assessments, infrastructure, education and training and keeping up to date on the latest trends are vital steps to combat Cyber-attacks. Organizations can improve their ability to prevent, detect, and respond to cyber incidents and be proactive about risk management by implementing monitoring tools and cyber incident playbooks.