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.
With Your FinServ Tech Oracles:
• Johna Till Johnson, Nemertes CEO + Founder & Content Committee Chair for the Wall St. Technology Association (WSTA)
• Jerald Murphy, Nemertes Senior VP of Research + Consulting
FinServ Tech Oracles – a weekly video series for FinServ technologists. We talk about the latest technology trends that affect financial services firms (in our best imitation of the Oracles of Delphi…) Brought to you by Nemertes.
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Air Date: November 12, 2024
Topics: #finserv #cybersecurity #cio #hacker #dataprotection
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date 2024-11-19 16:12:27
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New Warnings About Cell Phone Use at Work in Light of Current Hackings – FinServ Tech Oracles 57
In this episode of FinServe Tech Oracles, Jna Till Johnson and colleague Jerry Murphy discuss the recent warning from the Consumer Financial Protection Bureau (CFPB) to staff to avoid using cell phones and text messages for official business, especially when exchanging or discussing sensitive information. This is a significant move, as it’s rare for a government agency to explicitly advise against using cell phones for official business.
The CFPB’s memo specifically advises staff to use platforms like Microsoft Teams and WebEx for official communications, which encrypt data transmission and are considered more secure. Jerry Murphy highlights that even if using a "private" network, it’s necessary to encrypt data to prevent potential security breaches.
The conversation also touches on the recent Chinese hack into US telecom infrastructure, which affected major carriers like Verizon and AT&T. Jerry Murphy emphasizes the importance of assuming a compromised network and taking measures to prevent data breaches.
The discussion emphasizes the following key takeaways:
- Avoid using cell phones for official business, even corporate-issued phones.
- Encrypt all data, both in rest and in motion.
- Consider using Quantum-proof encryption, as the threat of Quantum attacks is growing.
John Johnson concludes that, given the fast-paced evolution of Quantum technology, it’s essential to prioritize security and adopt a "better safe than sorry" approach. The episode ends with a warning for financial institutions to take this advice seriously and reassess their approach to official business communications in light of these new warnings.
