Technology

Cybercrime has emerged as one of the biggest potential sources of risk to the financial system over the last 20 years, and cybersecurity is a paramount concern to bankers everywhere. But can the internet be made more secure?

Computers were invented to calculate quickly and efficiently, and the emergence of the internet opened up enticing new possibilities for communication and commerce. But security has long been an afterthought.

The government's approach to cybersecurity has evolved gradually over the last 40 years, and what we have now is a patchwork approach that serves some critical infrastructures better than others.

The advent of advanced quantum computers could upend encryption as we know it, and a race is on to protect cyberspace before one arrives. But no one knows when that will be, and updating the internet will require a new approach.

While the entire economy will slow due to stay-in-place orders and temporary economic shutdowns, payments fintech is expected to fare much better than other investment sectors due to these trends.

Ben Soccorsy, head of digital payments in Wells Fargo’s virtual channels group, explains how the bank's 15 data-sharing agreements with fintechs and aggregators and tools like Control Tower give customers visibility into and control over their financial information.

Anand Talwar, deposits and consumer strategy executive at Ally Bank, and Jody Bhagat, president of the Americas for Personetics, explain how their technology collaboration has evolved from a virtual assistant to customized, real-time "insights" for customers.