RBC’s cybersecurity takes a full-court press approach 3

Cybersecurity measures are a priority at Royal Bank of Canada (RBC), from monitoring and mitigation to solution investment.

Banks rarely consider cybersecurity a finished process; the nimbleness of fraudsters and quick development of new hacking technology spur perpetually evolving security measures for risk and anti-money laundering (AML) divisions at most large financial institutions. But keeping cybersecurity agile goes far beyond yearly tweaks and minor investments, Shekher Puri, vice president of digital components and platforms at $1.4 trillion RBC, tells Bank Automation News in this episode of “The Buzz” podcast.

Cybersecurity is “an investment in perpetuity,” Puri says. “This is millions of dollars every single year that we're putting in and investing into these various technologies. Some of them are proprietary, and some of them we're going out to the marketplace, and we're looking at the best vendor solutions and the best supplier solutions.”

Adding nuance to this “full-court press” approach, Puri tells BAN that tackling cybersecurity at the solution architecture stage of development is key to a top-quality technology and strategy stack.

“Make sure that cybersecurity is built up a lot higher in the process,” Puri says. “They should be at the table as you're designing your product, as you're designing your experience, as you're designing your flow. They should not be an afterthought.”

Listen as Puri details RBC’s cybersecurity and risk management approach for BAN, and discusses best practices for smaller banks embarking on the cybersecurity journey.