What’s the connection between sociology and technology?
In a recent keynote speech for American Banker sponsored by IBM, Amala Duggirala, Chief Operations and Technology Officer at Regions, discussed how sociologist Robert Merton’s concept of unintended consequences applies to the technological world.
No one can deny the technological and digital advances businesses have seen over the last several years, which have been further accelerated since the onset of the COVID-19 pandemic as people conducted more of their lives – and their banking – in the digital space. While those changes have brought more efficiencies for customers and businesses alike (and in some cases even more business profitability), the unintended consequence of this technological acceleration is an ever-increasing threat of cyberattacks and fraud.
“Both technology and digitalization increased our threat landscape,” says Dugirrala.
And the stakes are high in the financial industry. In fact, studies by IBM show that almost 20% of all cyberattacks worldwide target banks and other financial institutions. Boston Consulting Group reports that banking and financial institutions are 300 times more likely to be at risk of a cyberattack than other companies.
The cost of these attacks is steep – averaging $20 million per attack.
That’s why it’s imperative that when companies make advancements in technology and digitization, they also invest in security infrastructure and work to create a culture of security throughout the organization.
“Investments in transformative technologies can be meaningless if they – or we – can’t protect the business, its customers or other vital assets,” states Duggirala.
In her keynote, Duggirala shares how Regions looks at cybersecurity across three critical areas, outlines the four defining features of a sustainable security culture, identifies preventive and detective solutions options, and breaks down the philosophy of “Zero Trust.”
The full speech can be viewed on the American Banker Reinventing Financial Services on-demand event sponsored by IBM.