After suffering with a huge data hack, the Bank of Montreal says it is combining its physical security, fraud, and cybersecurity capabilities into a new financial crime’s unit. The unit would be led by former managing director and global head of cyber security at Citigroup Inc. Larry Zelvin.
The unit which will be working with BMOS’s anti-money laundering department will hold a fusion center model. According the consulting firm called Booze Allen Hamilton, fusion centres gather contrasting groups within a company to increase intelligence and response speed, minimalize the costs and hold meagre talent. It says that as a result the companies realize faster and more efficient threat awareness and mitigation before, during, and following a cyber breach.”
Darryl White said, “Given a growing reliance on advanced digital technologies, the financial services industry is faced with more sophisticated financial crime activities that often exploit misaligned fraud and cyber security practices. It is critical that we continue to invest and develop our talent and processes to protect information of our customers, the bank and our partners.”