One of the custodian bank's tactics includes a new executive role focused on data security for a 30-year company veteran.
Northern Trust is also evaluating systems to send files in programs besides email to avoid sharing files with unintended recipients. File hosting services like Dropbox could be part of the solution, the executive said. Instead of emailing a client a spreadsheet, the relevant file would be uploaded directly to that client's folder, with computer codes that restrict sharing if a file doesn't match a folder's permissions.
In the new role, Donna Tomasik, who has spent more than 30 years at Northern Trust and most recently served as chief operating officer of global foreign exchange, is tasked with guiding the division's global executive team and overseeing the rollout of new tools and procedures to protect client data and privacy. She reports to Penelope Biggs, who runs the corporate and institutional services' strategy office.
Cherecwich, the division's president, said Northern Trust's reach to both asset owners and managers necessitated the role. He called data privacy"an urgent issue" as his business evolves"to navigate the operational and reputational risk associated with managing client information." Financial services is the most frequently targeted industry for cyberattacks, accounting for more than a quarter of all security incidents, with 148 million records breached, IBM"Balancing security and convenience is no easy task, but Donna Tomasik has a strong track record of focusing on the client experience while tackling complex technology and operations challenges," Cherecwich said.
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