FinServ Tech Oracles is a weekly video series focused on technology issues pertinent to financial firms. Brought to you by Nemertes.
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AI Episodes
Episode 1
Technologies for Financial Services Firms
In the inaugural episode, we talk about the key findings of Nemertes’ recent Enterprise AI Research Study which included a special focus on financial firms. Whether or not AI will actually reduce your head count is discussed, as well as the huge opportunity that AI presents to get you into new markets to provide new and different kinds of financial services.
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Episode 3
The Secret Ingredient in ChatGPT
ChatGPT is a double-edged sword for FinServ professionals. Find out what to embrace…and what to eschew.
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Episode 4
The Ethical Considerations of AI
CEOs are driving CIOs to adopt generative AI, ready or not. Yet more than half of all FinServ companies lack a formal digital ethics policy. What is one and why do you need it?
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Episode 8
The Executive Order to Regulate AI
On October 30th, President Biden signed an executive order mandating testing and regulation for AI. What does this mean for financial firms? And will it stifle innovation?
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Episode 9
What to Talk to the Board About When We Talk About AI
Combining two themes from the last few weeks: Boards need to be up to speed on AI + cybersecurity and other highly technical subjects. How should FinServ technology execs structure the board conversation, and what should they say?
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Episode 10
What the Sam Altman Fiasco Means For FinServ Firms
What does Sam Altman’s firing as OpenAI CEO and reconstitution as Microsoft employee portend for financial services firms? Will the Microsoft/OpenAI reconfiguration also reconfigure the AI industry overall? And what concrete steps should financial services firms take to mitigate risk and maintain stability in their AI strategies? Find out in this topical episode of FinServ Tech Oracles!
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Episode 25
Should Banks and FinServ Firms Invest in Bitcoin?
Bitcoin is regaining traction recently so it’s time to ask whether it is really here to stay. How seriously should financial services companies consider this technology? Is it truly game-changing, or just a hyper-distraction along the road of fin tech progress?
https://youtu.be/jv5GaOJXaKE
Episode 26
AI with FinTech?
While AI is incredibly hot right now, it’s natural to wonder how AI could help financial service companies. There are both opportunities and risks. Tune in for a concise discussion about both sides of this very hot coin!
https://youtu.be/WAjASYipPHg
Episode 33
Is AI Coming for Your Job?
While the world is agog with hype around AI, especially generative AI, there is an underlying concern as to whether this new form of AI is going to “take” your job. In this episode, Johna and Jerry work through the issues around AI and job security at FinServ firms.
https://youtu.be/BCWXRPtWw8I
Episode 35
Practical Implementation of AI
While there has been a TON of hype around AI lately, one has to ask how you separate the hype from reality, especially for Financial Services companies. Join Nemertes’ Jerry Murphy as he speaks with Randall Brett on their ideas of putting AI into practice today.
https://youtu.be/NWZ_JbdKpIE
Episode 40
AI PCs…Are they PC?
AI PCs are starting to become a thing.. especially if you talk to Microsoft with its Copilot Assistant. Join Johna and Jerry as they talk about the ramifications of AI PCs for financial services.
https://youtu.be/77YmvTccvco
Episode 41
AI, Deepfakes, and Bank Security
The power of AI for deepfakes is becoming a huge problem for companies. Where fake emails used to be pretty easy to detect, now even voices can be faked to sound incredibly realistic. Learn about the impact of AI deepfakes for financial services firms and hear recommendations to combat this type of fraud.
https://youtu.be/dOVHrc_1PwE
Episode 42
Goldman Sachs to Use AI for Code Generation
Financial service firms are starting to jump into AI LLMs, with Goldman Sachs recently announcing the deployment of AI for a thousand code writers. Your “Oracles” discuss the implications.
https://youtu.be/e7wBFv-VLV8
Episode 45
Edge Computing for AI
What is edge computing, and why does it matter for AI? Should financial services firms be investing in edge computing, for AI or other applications? Find out on this week’s episode of FinServ Tech Oracles!
https://youtu.be/foTHCi_pu34
Episode 50
Fortune 500 Companies Brace for Coming AI Regulations
The state of artificial intelligence regulation in the U.S., or the lack of it, is a pressing matter for Fortune 500 companies as they launch AI projects.
https://youtu.be/rPCXjIn7MS8
Episode 52
Contentious AI Safety Bill 1047 Vetoed by California Governor
This past week, California Governor Gavin Newsom vetoed Senate Bill 1047, a proposed California law governing the use of AI. WSTA partners Johna Till Johnson and Jerald Murphy of Nemertes discuss the impacts for financial companies.
https://youtu.be/9Fg80-HxZWw
Episdoe 55
AI Can Do More Than Queries…But Should It?
A big question surrounding the rapid growth of generative AI is how fast these capabilities should be adopted. This week, Jerry Murphy and John Burke explore where the risks lie for financial services companies regarding the growth of AI agents and their expanding uses.
https://youtu.be/4GOJiKzGwrQ
Cybersecurity Episodes
Episode 2
Woeful Lack of Cybersecurity Expertise on Boards
A recent Wall Street Journal article cited that ONLY 30% of FinServ firms had board members with cybersecurity expertise. What happens in the event of a security attack – are they prepared to make the necessary board-level decisions? Johna and Jerry offer recommendations for board members and IT departments that can be implemented immediately.
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Episode 5
SEC Cyber-Reporting Requirements
The SEC’s cyber-reporting rules will take effect in 2 months (December 15). Is your organization ready?
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Episode 6
A CEO’s Perspective on Effectively Communicating Cybersecurity Risks
This week, Nemertes’ Jerry Murphy is joined by special guest Dave Hanrahan, CEO of Century Savings Bank. We discuss cybersecurity from a community bank CEO’s perspective, touching upon:
- What can I afford to do?
- How do I balance security needs with fiscal responsibility?
- How can I best incorporate IT strategy into institutional operations?
Episode 7
Anatomy of a Wargame
Conducting frequent cybersecurity tabletop exercises is a must for FinServ companies. But how should they structure them and what should be included?
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Episode 12
How Personal Liability Changes CISOs’ Approach to Boards
CISOs now face both criminal and civil liability as a potential result of the actions they take as part of their professional roles. How should they approach the board—and modify their own contracts—given the increase in their personal risks?
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Episode 13
FinServ Firms Need a Chief Risk Mitigation Officer
The Chief Risk Officer’s job is to assess risk. But there’s typically no individual within the organization chartered with developing risk-mitigation strategies and enforcing them. In this episode, Nemertes suggests that companies create a Chief Risk MITIGATION Officer. The CISO should be reporting to the Chief Risk Mitigation Officer, whose job is to enforce appropriate risk-mitigation efforts across ALL areas, not just cybersecurity.
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Episode 15
New Year’s Resolutions
What are your New Year’s resolutions? One that should be at the very top is to re-envision how you think about cybersecurity training—as practice for operational excellence.
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Episode 16
Preparing For the Next Big Security Threat
The start of the year is a great time to make predictions for the future. Join the “Oracles” for key insights on the big security issues on the horizon in 2024.
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Episode 17
Will Regulations Crush Competition & Force Consolidation?
Increased SEC oversight will not only challenge FinServ companies, it will also lead to further industry consolidation. Jerry and Johna discuss which practical actions FinServ companies should take to prepare for this pressure.
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Episode 18
Non Disclosures Get Trickier Under SEC Scrutiny
Companies have long used employee nondisclosure agreements to protect proprietary information. Now, regulators are trying to ensure that clauses in those agreements don’t also serve to inhibit whistleblowers from reporting potential corporate wrongdoing. Johna and Jerry discuss how these NDA issues are likely to drive actions that FinServ companies will need to take to minimize their risks.
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Episode 19
What Are Companies Doing When It Comes to NetSecOps?
We’ve all heard about the convergence of network and cybersecurity operations (NetSecOps). But is it really happening? How are financial services firms ensuring the effectiveness of this convergence? Are there specific success practices to focus on?
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Episode 20
FinServ Tech Oracles 20 – Securing PII
Securing PII is front-and-center for many financial services firms. Join Nemertes’ Johna Till Johnson and guest Raja Chris from Annaly Capital as they discuss confidential computing and how to make it happen.
https://youtu.be/SZZxs0EXank
Episode 21
Zero Trust and Financial Services Firms
Zero Trust has been a key initiative in cybersecurity over the last decade. But today, it’s truly imperative for financial firms to begin implementing – if they haven’t already – or accelerating their Zero Trust initiatives. Find out why on this week’s episode…
https://youtu.be/i92_C55KbZk
Episode 23
Impediments to Zero Trust in FinServ
Zero Trust seems like it should be a natural fit for many financial services companies. However, not all are ready to make the jump. Tune in for a discussion about the issues standing in the way between you and a move to Zero Trust.
https://youtu.be/q_KA4LWo4_4
Episode 24
NetSecOps + External SOC
Should financial services institutions follow others with external SOC, or have their own dedicated operations? Join Jerry Murphy and guest Mark Imhoff from System Soft Technologies as they discuss the issues affecting this important security topic.
With Your FinServ Tech Oracles:
• Jerald Murphy, Senior VP of Research + Consulting, Nemertes
• Mark Imhoff, Head of Security Practice and Enterprise Architecture Team, System Soft Technologies
https://youtu.be/L6VsavH2aG4
Episode 29
The SEC’s Unpinned Grenade: Risk and Materiality
When is a cybersecurity incident “material”? Nobody knows, but the SEC now requires public companies to report them—and to note any known risks that may be present in a company’s operating environment, specifically including third-party risk. For CISOs, this is akin to an unpinned grenade: If there’s a “material” cybersecurity incident, or an undisclosed risk, there are personal repercussions: lawsuits and potentially even jail time. What should CISOs be doing in light of this changed environment?
https://youtu.be/VoY_tMxysQQ
Episode 34
Looking for Loopholes in SEC Reporting
In a recent Wall Street Journal article, the FBI is said to be considering a delay in the reporting of SEC violations for companies whose investigations have national security implications. Johna and Jerry discuss the issues around WHO, WHEN, and HOW you should report SEC violations.
https://youtu.be/P9jmDmd2_rY
Episode 36
Cyber Attacks, the IMF, and Me
The International Monetary Fund (IMF) recently warned that global financial stability is a threat with the growing wave of cybersecurity attacks. Join Jerry Murphy and John Burke from Nemertes as they discuss the rift this is creating between large and small financial firms and what (if anything) can be done about it.
https://youtu.be/_XBk1qmweQw
Episode 38
The NIST Framework and its FinServ Impact
Many are starting to embrace the NIST zero trust cybersecurity framework. Your Tech Oracles Johna and Jerry discuss the latest updates to this framework and the implications to the financial services community.
https://youtu.be/ckvnoAxRJWk
Episode 43
Cybersecurity Insurance: Yay or Nay?
With cybersecurity events happening almost continuously, companies that insure this type of risk are increasing costs and decreasing coverage. What should a company do about this? Join the FinServ Tech Oracles Johna and Jerry as they discuss the impacts of cyber insurance changes to financial services companies.
https://youtu.be/zIs9ANCBVcg
Episode 44
Cybersecurity Hacks and Outages: Crowdstrike/Microsoft and AT&T Wireless
While the Crowdstrike/Microsoft hack has received most of the coverage, a recent AT&T wireless hack impacted nearly all AT&T wireless customers. Join Johna and Jerry as they talk about the impacts of these breaches. What should companies do to assess their risks here and what actions can you take to mitigate future risks such as this?
Episode 46
Cryptocurrencies and FinServ
Cryptocurrencies have gone from the promising to the absurd. What, if anything, should finserv firms be doing about them? Has anything changed since the original introduction of cryptocurrencies in the late 1990s?
https://youtu.be/QKlvnhY4mo8
Episode 47
Cryptocurrencies and FinServ: Part Deux
Last week’s episode garnered such interest that Jerry and Johna decided to talk in more detail about the pros and cons of investing in cryptocurrencies. Is cryptocurrency any better or worse than betting on bad debt? You won’t want to miss the culmination to this exciting discussion!
https://youtu.be/BMbLSCu5jlg
Episode 49
Big Brother Comes Via Cryptocurrency
Sam Altman wants to scan every human being’s eyeballs in exchange for his cryptocurrency—is this a chance for free money and secure identity management, or the start of a hegemonic securing of everyone’s identity? Johna and Jerry discuss the impacts of this “brave new future”…
https://youtu.be/4PNvNMHxenE
Episode 51
Should Companies Worry About Encryption Without a License?
Seems like everyone takes for granted that encryption is everywhere today. Individuals want privacy, and government wants privacy — for itself — but what about for its citizens? Hmm…
Join Johna and Jerry as they talk about the impacts of the latest encryption concerns and how they are likely to impact financial services companies.
https://youtu.be/8oSqFuf5opY
Episode 54
Cybersecurity Disclosures: When In Doubt, Report
We have often heard companies talk about the damage to their reputation (and stock price) as a result of a cyber incident. Recent data from The Wall Street Journal disputes this as a reality. Join Jerry and Johna as they spell out what companies should really fear about cyber incidents and reporting.
https://youtu.be/9bYyi_gRBgU
Episode 56
Impact of Chinese Salt Typhoon Attacks for FinServ Firms
There has been a lot of publicity lately about the Chinese government’s apparent ability to hack into U.S. telcos. What does that mean for financial services companies? John Burke and Jerry Murphy assess the impact.
https://youtu.be/AvFFXGNSFi0
Episode 57
New Warnings About Cell Phone Use at Work in Light of Current Hackings
It’s rare for a government agency to explicitly warn its employees against using personal phones and text messages for official business but that is just what the Consumer Financial Protection Bureau (CFPB) recently announced. Johna and Jerry discuss the implications about something as extraordinarily common as cell phone usage at work and what that means for financial service companies.
https://youtu.be/QYiY-twnAJI
Technology Episodes
Episode 22
Improving the Digital Experience
Most financial service companies are fully committed to embracing new technology. However, many fin tech companies still struggle to optimize the use of these technologies to improve employee and client’s digital experience. Join us in welcoming Jeanne Andreana, a 20+ year veteran and advocate of improving digital experiences at companies such as UBS and E*Trade, to discuss.
https://youtu.be/S4dB4th_GmU
Episode 27
The Art of the Networking Deal
As companies continue expanding cloud services and remote workforces, the very nature of networks used to support financial services companies is dramatically changing. Join Jerry Murphy and Dan Myers to discuss best practices on optimizing terms for your updated networking services.
https://youtu.be/M4cNh50lOEU
Episode 28
Love To Hate You: Cloud Services and Financial Firms
Cloud is the answer! Now what was the question? Financial services firms, like other companies, have enthusiastically made the shift to cloud. Yet there’s an interesting operational gap: while nearly every organization is using cloud technology, 30% of those who are using cloud lack metrics and KPIs, defined procurement requirements, a budget, a strategy, or all of the above. In this episode, we discuss the most common mistakes FinServ companies make when adopting cloud.
https://youtu.be/EmvmeRvz5vA
Episode 30
Next-Gen Infrastructure and Financial Services Firms
With so much focus on things like AI and quantum, have we lost track of what infrastructure is needed TODAY for financial services firms? Nemertes’ Jerald Murphy and John Burke discuss what types of LANs, WANs, and data centers are best suited for the current FinTech needs.
https://youtu.be/OSnOhVs1d2M
Episode 31
Cloud Computing: Do Firms Really Need to Go There?
Clearly, the world has been “high” on cloud computing for the last ten+ years. It’s surely here to stay, but is it the panacea that many people think, or are there really more hidden costs than it is worth?
https://youtu.be/rVVVrOquz3Q
Episode 32
Blockchain and Distributed Ledger Technology
Presidential candidate RFK Jr. says he wants to put “the entire Federal budget on blockchain”. Is he nuts? Does this idea have any merit whatsoever? Your FinsServ Tech Oracles Jerry and Johna discuss the potential blockchain and digital ledger technology (DLT) to revolutionize various financial processes, including cross-border payments, trade finance, and identity verification.
https://youtu.be/j_VrPp6lHl0
Episode 37
Open vs. Closed Software: What’s Better?
There is an eternal debate that rages (well, among tech geeks anyway) about whether companies should stick with proprietary software versus open source. We debate both side of this issue and its impact on financial services companies.
https://youtu.be/1NdpFJSlxFY
Episode 39
Return to the Office (RTTO)
Now that COVID is mostly in the rear-view mirror, many companies are looking to hybrid work solutions, as opposed to 100% virtual. Join Johna Till Johnson and Jerry Murphy as they explore the rationale of hybrid work and suggest how financial services firms should look at optimizing the balance of virtual vs. face-to-face work.
https://youtu.be/pMdRFdfsX20
Episode 48
Managing IT for Financial Services
A network’s a network, a cloud’s a cloud, and a server’s a server. But managing IT infrastructure for FinServ is different from managing IT infrastructure in any other industry. From architectures to operations, the “Oracles” discuss how managing IT infrastructure in a FinServ world is…different.
https://youtu.be/G9E08Op5DnA
Episode 53
Nemertes [Next] Conference: Takeaways for FinServ Companies
Nemertes recently hosted the [Next] conference in Baltimore, where clients were exposed to future technologies such as drones on Titan and new enhancements in robot training. Johna Till Johnson and Jerry Murphy recap conference highlights and share what might happen at future [Next] conferences.
https://youtu.be/Wx4c9w8jynU
Episode 59
If You’re Still Using Microsoft, Ask Yourself Why!
Widespread Microsoft Outage Takes Email and Videoconferencing Offline: A recent Microsoft outage impacted 98% of its 100M+ services, affecting its email and video conferencing systems. Jerry and Johna discuss what companies can do to protect themselves from these types of inevitabilities.
https://youtu.be/HXI_K4rBxjg
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