Enabling business with forward looking security
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Future proof digital transformation security for the enterprise
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CANADIAN WESTERN BANK
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Cory Gould, the first CISO at Canadian Western Bank FInancial Group, discusses using cutting-edge technology, relationship building and user awareness to combat cyberthreats and help realize the company’s bold vision
T
he world is evolving. The proliferation of digital devices, mass migration to the cloud,
and a rising tide of data is changing the nature of the enterprise. In few verticals is this truer than the banking and finance sector. Bank vaults piled high with paper money are being replaced by digital vaults, in-person meetings at a local branch are giving way to 24/7 mobile banking solutions, and major banking houses are facing serious competition from a new generation
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of digital-only ‘challenger banks’. Digital
“We appreciate that this is the new
transformation means new opportuni-
world; things are changing and they’re
ties, greater efficiency and insight into
changing very, very quickly,” says
the business ecosystem, but every
Cory Gould, Chief Information Security
paradigm shift brings new challenges.
Officer (CISO) at Canadian Western
According to the Ninth Annual Cost
Bank (CWB) Financial Group. “20 years
of Cybercrime Study, released in
ago, we were concerned with things
March 2019 by Accenture, the methods,
like debit skimming - manual, tactical
targets and impact of cyber attacks
ways of committing fraud. Now, the
is evolving at an accelerated pace.
proliferation of digitization and the
In 2018, the report found, the average
sheer accessibility of financial services
cost of cybercrime to companies rose
remotely and somewhat anonymously
by 12% year on year to US$13mn.
is certainly driving the rise of cybercrime. w w w.c wban k. com
CANADIAN WESTERN BANK
We’ve seen a significant rise in the
started at CWB Financial Group in 1997,
levels of organization, structure and
and became the first CISO in the
sophistication of these threats.”
bank’s history in December 2018.
One of the youngest banks in
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“The financial industry has been fairly
Canada, CWB Financial Group is
static for a century. Over the last 15
headquartered in Edmonton, Alberta
years, however, we’ve seen a real shift
and positions itself as the top choice
in the demands of our clients. Traditional
for Canadian enterprises in search
banking isn’t fitting the bill anymore,”
of expert advice delivered through
he explains.” We sat down with him to
a relationship-based approach. “Our
explore the approach Gould is taking
size provides us with a level of agility
towards neutralizing cyber threats to
that is allowing us to respond to change
CWB Financial Group as it continues
in the industry,” says Gould, who
to grow at an industry-leading rate
CLICK TO WATCH : ‘CWB – OBSESSED WITH YOUR SUCCESS’ 07 (recently surpassing the $30bn total asset milestone for the first time) alongside the global digital banking revolution. “We’re on the cusp of something really special,” enthuses Gould. “Increasingly, we’re being recognized for the value that we bring to our clients.” As the first CISO in CWB’s history, Gould is part of a bold and innovative shift in the bank’s own culture. A crucial success factor, he explains, is establishing an enterprise architecture in which security methodology is embedded at the initial stage.
“ We’ve seen a significant rise in the levels of organization, structure and sophistication of these threats” — Cory Gould, CISO, Canadian Western Bank
“It’s a really big win and, I think, critical w w w.c wban k. com
CANADIAN WESTERN BANK
10 for an organization as they move forward,” says Gould, admitting that
proactive with respect to security.” This closer, more collaborative
CWB Financial Group had experienced
relationship with the enterprise and
challenges maintaining strong relation-
technology side of CWB Financial
ships between security and leadership
Group is also driving a shift in the
before, “because we didn’t have a senior
philosophy of the security side of
dedicated role for information security.
the business. The traditional role of
It’s 2019. Nobody is going to deny the
a security division as a deterrent,
need for security, but it’s very easy for
Gould explains, simply isn’t the best
security to take a backseat in the wake
way forward in the modern world.
of rapid change. Now, we have a senior
“Gone are the days when security just
security leader out in the organization,
pounds its fist on the desk and says
pounding the pavement and building
‘No! Come back later.’ That’s not
relationships with key decision makers,
practical in the digital world we live in.”
positioning us to be much more
The rapid advancement of technology
is at the center of CWB’s progress, and Gould’s mantra of “enable not deter” reflects it. Technology, he contends, may be creating both business and cybercriminal opportunity, but it is also enabling and empowering security. Stronger relationships between the security and business elements of CWB Financial Group is at the core of this. “Our ability to sit at the table with the business, talk through their needs and challenges, and offer up technology solutions we know are inherently secure, brings to them functionality
E XE CU T I VE PRO FI LE
Cory Gould Chief Information Security Officer Cory Gould is the Chief Information Security Officer at CWB Financial Group, a diversified organization providing specialized business and retail financial services across Canada. Mr. Gould has over 20 years experience in Information Technology and Security primarily within the Financial industry and as the first CISO at CWB Financial Group, is working to mature the Information Security practice by embedding sound security awareness and behaviours within the culture of the organization.
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CANADIAN WESTERN BANK
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“ Our size provides us with a level of agility that is allowing us to respond to change in the industry” — Cory Gould, CISO, Canadian Western Bank
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and capability they’ve never had
machine learning. “One of the key
before,” Gould explains.
things to enable is machine learning.
Rapid and ongoing digital transfor-
We are absolutely neck deep in data
mation has become the day to day
and analytics like everyone else on
reality for any enterprise seeking to
the planet. The more dependent we,
stay abreast of the information
as an organization, become on our data
revolution. Gould recognizes the power
and knowledge, the more it becomes
of employing technology to automate
currency. So, we’re using it within our
day to day operations in an institution,
information security program to gain
as well as process data to generate the
intel and understanding,” Gould explains.
kind of insights that lead to high-level
In addition to boosting the detection
decisioning. The key to both applica-
and insight gathering capabilities of
tions is artificial intelligence (AI) and
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CANADIAN WESTERN BANK
is set to play a key role in automation. “Like any other position in IT, there are the necessary evils of day-to-day operational activities,” Gould notes. “With those ongoing, almost mundane tasks that we have to perform, there is the risk of human error. Any time that you can remove that day-to-day work that just needs to be done from very capable resources and have them focus on the big picture, it’s valuable.” Striving for a near-perfect security architecture is no mean feat, and Gould recognizes that CWB Financial Group 16
cannot stand against the rising tide of cybercrime alone. “We rely on strong partners who have a genuine interest in our success; FireEye is one of those partners. FireEye sees the world of Cyber Security through the eyes of active threat actors. It is this relevant, real world experience that is assisting CWB Financial Group in meeting our Cyber Security objectives,” he explains. Every year, driven by experience, artificial intelligence and increasingly sophisticated software, cybersecurity solutions reach closer and closer to infallibility. “With the inception of AI, ML and all of the things that we’re able to do with technology today, there’s a lot
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CANADIAN WESTERN BANK
“ With the inception of AI, ML and all of the things that we’re able to do with technology today, there’s a lot that can be prevented” — Cory Gould, CISO, Canadian Western Bank
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that can be prevented.” However, as technology grows more sophisticated, the most common vulnerability for an organization grows more obvious: the human element. According to Accenture’s report, “Whether by accident or intent, many employees are often the root cause of successful cyberattacks.” While security systems and protocols can be updated and tweaked on a daily basis, Gould points out: “You can’t patch humans. Humans are vulnerable, passionate and intellectual; they don’t
think in terms of bits and bytes and
We spend a lot of time with the organi-
ones and zeros, so people make
zation educating, bringing about greater
mistakes and we recognize that.” In
awareness. We know that we will never
order to shore up this potential weak
be 100% in that area but will continue
point, Gould is turning to the flagship
working with the business and our
skill in his arsenal: relationship building
internal clients to keep security at the
and management. “It wasn’t until one of
forefront of the way CWB Financial
our more recent and most significant
Group operates.”
initiatives that we really recognized how
The threat of cybercrime is only
important change management is,” he
expected to rise, and the constant arms
recalls. “Now, one of the most critical
race of technology, training and
tools in our security toolkit is our User
relationship building shows no signs
Awareness Program.
of slowing down. Looking to the future, 19
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Gould has the responsibility of ensuring that CWB Financial Group remains agile and responsive, even as it continues to scale. With phishing and ransomware replacing cheque fraud and men with guns in balaclavas, Gould and his team are on the front line, protecting CWB Financial Group as it strives towards greatness. Reflecting on over 20 years at the bank, Gould looks ahead filled with confidence and optimism. “As an organization, we pride ourselves on listening intently and asking the right questions to provide our clients with the right financial solutions. We are obsessed with our clients’ success and our proactive approach to supporting them, and we are obsessed with ensuring that the information they entrust us with remains confidential and secured,” he says. “It’s a bold vision but I think it’s achievable. I’ve spent my career here and I can honestly say that when this group of great individuals puts its mind to something, there’s little that gets in the way.”
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Canadian Western Bank 3000, 10303 Jasper Avenue Edmonton, AB T5J 3X6, CA www.cwbank.com