BMO has announced that it will create a Financial Crimes Unit to combat various forms of cyber crime.
The BMO Financial Crimes Unit brings together existing capabilities around cybersecurity, fraud, and physical security from across the organisation into an integrated central function.
Go deeper with GlobalData
The new unit will be led by Larry Zelvin, who joins the bank effective January 14 2019. As web attacks become more sophisticated and frequent, cybersecurity has become a priority for the financial services.
As head of the BMO Financial Crimes Unit, Zelvin will be responsible for defining and executing strategy and mobilising stakeholders. Furthermore, he will be working in full coordination with businesses across the bank.
Darryl White, CEO of BMO, stated: “Given a growing reliance on advanced digital technologies, the financial services industry is faced with more sophisticated financial crime activities that often exploit misaligned fraud and cyber security practices. It is critical that we continue to invest, and develop our talent and processes to protect information of our customers, the bank and our partners.”
BMO Financial Crimes Unit will drive digital transformation
Banks have been at the forefront of cybersecurity for years. They invest heavily to protect their customers’ most valuable and sensitive information. BMO continually accelerates its digital transformation but that too must be complemented with enhanced security.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataSteve Tennyson, chief technology and operations officer at BMO, highlighted:
“We are continuously improving our security threat detection and response company wide and bringing together our capabilities under one leader is an important next step.”
Moving deeper into the cybersecurity market will certainly present challenges. Banks that do so will face stiff competition in this sector from more digitally native challengers.
However, challengers don’t have the high level of trust that banks have when it comes to keeping consumers information safe.
The Financial Crimes Unit will also work together with BMO’s Anti-Money Laundering group.
