Treasury Department Targets Cloud Risks for Financial FirmsDeputy Assistant Secretary Todd Conklin on Challenges Facing the Financial Sector
What are the challenges facing the U.S. financial sector as it continues its enthusiastic embrace of cloud-based technology?
That was the topic of a study released by the U.S. Department of the Treasury in February that concluded the cloud is "no longer an emerging technology," said Treasury official Todd Conklin.
"Every single financial sector firm leverages some element of cloud - at a minimum software as a service," added Conklin, a deputy assistant secretary at the Treasury Department.
The goal of the report was to identify and assess the challenges facing financial sector cloud-based technology adoption. "The role of Treasury Department is to make sure that we're doing the best we can to secure cloud before so much more of our critical infrastructure assets are in cloud and we're in a really bad situation," he said. "A big element of that is pushing on that shared security model."
In this video interview with Information Security Media Group at RSA Conference 2023, Conklin discusses:
- Top cloud technology risks facing financial services firms;
- Whether cloud infrastructure properly scales up for large institutions while addressing IT worker shortfalls;
- Efforts to mitigate financial and cyber risks posed by Russian state actors and cybercriminals.
Conklin leads U.S. Treasury's cyber portfolio under Deputy Secretary Wally Adeyemo, while also serving as Treasury's deputy assistant secretary for the Office of Cybersecurity and Critical Infrastructure Protection. He designed and implemented Treasury's counter-ransomware strategy consisting of updated crypto industry guidance and targeted sanctions.