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The speaker, an expert in vulnerability management, highlights the importance of addressing technical debt in global financial institutions. Despite having accepted this debt, it poses a significant risk to organizations if not properly measured and correlated. The speaker emphasizes that vulnerability management should be a holistic solution, mandated by the Chief Information Security Officer (CISO).
Additionally, the speaker notes the heavy cloud consumption in the banking sector, citing an example of a massive 5-hour Google Cloud outage in 2019. This raises concerns about the potential impact of similar outages on critical applications and computations.
The speaker also touches on the need for digital preparedness, referencing the Fed’s examinations in the US, which assess a solution’s ability to manually perform tasks in case of an outage.
In conclusion, the speaker warns that the current approach to breach fines and provisioning is insufficient, and that ignoring technical debt could lead to a massive solvency crisis in the future. The responsibility lies with the next generation of security leaders to address these issues and ensure the banking systems remain secure and alive.