Grebb, Michael
June 2005
Bank Technology News;Jun2005, Vol. 18 Issue 6, p46
Trade Publication
This article reports that when security vendors used to attempt to call on bank CEOs and CFOs, they would typically get ignored or handed off to the IT department. Fraud is becoming trickier to combat and posing more reputational risk for institutions. Within financial institutions, such scrutiny has elevated the importance of IT departments and security officers, who used to be sequestered from operational managers. Recent Wachovia initiatives include ending the use of social-security numbers for customers authentication, conducting detailed evaluations of the company's responses to security attacks and creating a Security Protection Committee, which includes executives from a broad cross-section of Wachovia's lines of business.


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