Security 7 Award winners tackle important information security issues


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convergence and information sharing
Convergence Model by Marc S. Sokol

Operational risk is naturally present in all business activities and incorporates a broad range of risks, including reputation, legal and regulatory risk; business disruption and system failures; information security and privacy; employment practices and workplace safety; processing errors; theft and fraud; and damage to physical assets. An organization's ability to drive an effective and practical operational risk management program with corporate-wide governance practices, values and integration sets the foundation for managing these risks effectively. This foundation can be further fortified if we are willing to advance opportunities to converge security and operational risk management disciplines and to share information--resulting in more efficient and effective business services.

Break down internal silos among executive business leadership, risk management, facilities, physical security, business continuity management, fraud, information security, privacy, IT, human resources, compliance, etc., and work together to seek opportunities for operations excellence.

Information sharing also means actively participating in external information sharing

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forums with peer companies. One such example is the Financial Services Information Sharing and Analysis Center (FS-ISAC), founded under presidential directives and embodying a public-private information sharing partnership. Forums like FS-ISAC create a virtual fusion center where ideas, threats and intelligence can be gathered, analyzed and communicated efficiently.

By sharing, issues are identified early in order to contain and resolve risk, impact and exposure to participating organizations. More importantly, it provides a platform to team up against terrorism and other threats that impact our industry and day-to-day lives. By participating in initiatives like the FS-ISAC, we are not alone.

Ultimately, I believe that breaking down the barriers to convergence and information sharing is a broader responsibility we all share--and only by working together can we protect the future of this country's critical financial services infrastructure.


Steve Katz, known to many in the financial services community as the grandfather of information security and world's first CISO.

breaking Away
Motorcycle riding; off-road dirt biking; motorcycling with youngest son; or mountain biking with both sons.

must-have book
Not a security book: Crucial Conversations­–Tools for Talking When the Stakes Are High by Kerry Patterson, Joseph Grenny, Ron McMillan and Al Switzler.

guitar hero
John Mayer is a favorite, in particular "Say" and "Route 66."


This was first published in October 2008

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