Banks should not compete against each other when it comes to customer security, according to Steve Glynn, Global Head of Information Security at ANZ Bank.

Banks should not compete against each other when it comes to customer security, according to Steve Glynn, Global Head of Information Security at ANZ Bank.

Speaking at FST Media’s Future of Security conference in Sydney this morning, Glynn said that the transition to digital has culminated in a financial services landscape of “electronic trust” where trust is perishable in the face of the growing threat of cyber crime.

“My view is that digital has [resulted] in a fundamental shift in our relationship with technology,” he said.

“Building trust in our community is certainly key and good for us all, however it is imperative in the digital world.”

As a result, Glynn said that knowledge sharing and greater collaboration among financial incumbents is needed to help quell the threat posed by cyber-security breaches.

“We can compete when we want in terms of products and functionality but I do not think that we should be competing when it comes to safety and security,” Glynn said.

“Each of us has a responsibility in the digital world and we need to work together to help our customers.”

Glynn said that banks like ANZ had implemented a variety of digital strategies at its core to provide “better, faster and more intimate” services for their customers, however the issue of cyber-security had restricted customers’ ability to embrace digital.

“I do think there is an inherent responsibility to help our customers and our stakeholders,” Glynn said.

“Digital holds [a] huge opportunity but we do have a challenge here when it comes to security and there are some real concerns related to how our customers can embrace digital.”

Last year, ANZ announced a $450 million partnership with IBM which saw the bank gain access to IBM’s software portfolio, core systems infrastructure and cloud development capabilities.

Glynn said that the application of IBM Watson’s machine learning to the domain of security is something that was “of key interest” to the bank and could change the way in which the bank deals with cyber attacks in the future.

“Enhancing safety is a team sport,” Glynn said.

“We absolutely need to bring that kind of science to understanding the issue of security.”