Trust has always been one of banking’s biggest values, but in the 21st century where digital is the prevailing theme, trust has become even more central to the conversation, BBVA Global Head of Security Architecture Juan Francisco Losa said in an address at American Banker’s Cybersec conference in New York City this week.
Losa used the theme of trust to demonstrate how now is the prime moment for bank security departments to step up and become a competitive advantage for banks undergoing a digital transformation. The address was given to the senior technology executives from financial institutions attending the conference looking to stay up-to-date on the latest threats, regulatory requirements and solutions available for combating cybersecurity and fraud.
“Defense of customer information is a given,” he said. “Customers expect it as a point of entry. But how can we take our traditional mindset — information security — and switch it to looking at security as a way to differentiate and add value to the bank’s digital transformation and its customers?”
“Defense of customer information is a given. Customers expect it as a point of entry, " said BBVA Global Head of Security Architecture Juan Francisco Losa
BBVA Global Head of Security Architecture Juan Francisco Losa.
Losa said BBVA is achieving this by building its own security platform that fits its digital transformation goals. He said it was critical to use accepted security standards in the platform, and recognized that combining those with legacy technologies can be a challenge, which is why building security applications in house may be best in some cases. He also said the applications built in house must understand and speak to the standards, but be flexible in order to fit legacy systems and transformational technology.
“It’s time for security departments to step up and show their value as a point of differentiation in the customer experience, and as a team whose job it is to foster customer trust,” he said.