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Trade Talk / May 2018 Edition 1 by Kevin Kondo Assistant Vice President, Business Continuity and Information Security

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Trade Talk / May 2018 Edition 1 by Kevin Kondo Assistant Vice President, Business Continuity and Information Security TitleTrade Akkurat Talk Light Pro 30/34 (30) Reporting on CIBC Mellon initiatives and developments within the securities industry. MAY 2018 EDITION Putting Clients at the Centre At CIBC Mellon, we are committed to our clients and to delivering outstanding service, operational excellence and continuous improvement. An important part of our ongoing efforts includes listening carefully to our clients and seeking input. As such, we maintain an open dialogue with clients to hear what continuous improvement and the overall client experience means to them – especially as industry change and complexity continue to increase – so we can get it right, every day. WE LOOK FORWARD TO CONTINUING TO SUPPORT YOUR ASSET SERVICING NEEDS We want to continue delivering great client service and to find ways for improvement. CIBC Mellon remains committed to putting clients at the centre of all that we do, while JEFFREY ALEXANDER IS VICE working hard to provide effective product and data solutions to help clients with their PRESIDENT, HEAD OF RELATIONSHIP asset servicing needs. MANAGEMENT AT CIBC MELLON. JEFF IS RESPONSIBLE FOR LEADING THE COMPANY’S RELATIONSHIP MANAGEMENT TEAM. JEFF HAS HELD View CIBC Mellon’s PROGRESSIVELY SENIOR ROLES FOR MORE THAN 18 YEARS AT CIBC MELLON. video entitled, “Putting Clients at the Centre.” What’s Inside? Cyber Security: Protecting The Data Era: Seizing the Simplifying the Disclosure Friends With Fewer Benefits Your Data Opportunity Process for Pension Plans By Kevin Kondo, Assistant Vice President, By Bill Graves, Chief Technology and By Darryl Horn, Consultant, Global Risk By Avery Shenfeld, Managing Director and Business Continuity and Information Security Data Officer Solutions Canada, BNY Mellon Chief Economist, CIBC Capital Markets 2 3 5 7 TRADE TALK / MAY 2018 EDITION 1 BY KEVIN KONDO ASSIStaNT VicE PRESidENT, BUSINESS CONTINuitY AND INFormatioN SEcuritY Cyber Security: Protecting Your Data According to a recent article by IDG ENGAGE YOUR WORKFORCE Communications1, cyber security Often deemed the weakest link, your damages are estimated to cost $6 employees need to be equipped and trillion by 2021. Understandably, cyber aware of cyber security and what they security has become a high priority can do to protect the company, as for businesses across the globe as well as themselves at home. Cyber they look to develop plans, implement security requires participation across strategies and stay current on cyber your organization to be effective, and KEVIN KONDO IS ASSISTANT security news, trends and threats. education is your best safeguard for VICE PRESIDENT OF BUSINESS protecting your information. The Business Continuity Institute’s (BCI) CONTINUITY AND INFORMATION 2017 Cyber Resilience Report2, which is TEST PROCEDURES SECURITY AT CIBC MELLON. KEVIN IS designed to track risks and threats to It’s not enough to have the procedures RESPONSIBLE FOR OVERSEEING THE organizations, outlines the top causes in place; you have to test them, run DISASTER RECOVERY AND BUSINESS of cyber security disruptions in 2017. scenarios, and search for potential CONTINUITY PROGRAM IN ADDITION According to the 734 respondents vulnerabilities. That could be done TO MANAGING CIBC MELLON’S from 69 countries, they are: phishing through a combination of your own tactics, INFORMATION SECURITY PROGRAMS. and social engineering (57%), malware as well as the hiring of external resources. KEVIN HAS MORE THAN 15 YEARS (41%), spear phishing (30%), denial of OF EXPERIENCE IN THE CANADIAN service (20%), and ransomware (19%). FOCUS ON STORAGE FINANCIAL SERVICES INDUSTRY. How is your information being stored? To help protect your business and its Although businesses often look at how data, it is imperative that you, your information is received and how it is Five Important Cyber Security technology and your vendors are in shared, the storage component can Program Questions: alignment to understand your cyber often be overlooked. It’s important to security programs and know how you consider how the data is stored, where 1. Do you have a cyber security are evaluating threats and addressing it is stored, and the encryption and program? any potential vulnerable systems. controls used to protect the safekeeping 2. How do you store, manage of your business’s information. and protect data? CYBER SECURITY BEST PRACTICES In addition to engaging with your PLAN AHEAD 3. How do you manage your technology and vendor teams, the If a situation does arise, what do vendors? following cyber security best practices you do? It is imperative that your 4. Do you test your systems can help you develop your program or organization is ready to react at a and business continuity further enhance your efforts. moment’s notice. A well-developed plans against cyber threats? cyber security program that includes If so, how? SET A SCHEDULE defined strategies, procedures and This is not a singular schedule, but 5. What type of training and policies will help to protect you and rather a combination of a variety of awareness program do you your organization while providing a schedules for testing, maintenance, provide employees? guide or standard for responding to any implementation and evaluation. potential issues. Notes BACK TO COVER 1 “Top 5 cybersecurity facts, figures and statistics for 2018” 2 “Cyber Resilience Report 2017” TRADE TALK / MAY 2018 EDITION 2 BY BILL GRAVES ChiEF TEchNologY AND Data OFFicER The Data Era: Seizing the Opportunity In December 2017, you heard from CIBC Mellon President and CEO, Steve Wolff about our plans to take both our clients and our business into the data era. With the data environment rapidly expanding, we understand that our clients are looking to us to help them better capture, refine and leverage data for evidence-based decision-making. In addition to our efforts to on-board new, flexible solutions to provide the enhanced data institutional investors are seeking, we’re committed to providing educational and support resources that will help faciliate the effective use of the data these solutions offer. BILL GRAVES IS CHIEF TECHNOLOGY AND DATA OFFICER AT CIBC MELLON. WHAT IS DATA VERSUS INFORMATION? BILL IS RESPONSIBLE FOR LEADING Although many refer to data and INSIGHTS CIBC MELLON’S TECHNOLOGY information interchangeably, we’re using MANDATE, WHICH INCLUDES the terms to mean different but tightly OVERSEEING OUR DATA STRATEGY related ideas. Data is the facts or figures, AND CLIENT TECHNOLOGIES AS for example, the number of trades, the INFORMATION WELL AS ALIGNING CIBC MELLON’S cost, the time it took place. Information TECHNOLOGY SOLUTIONS WITH CIBC provides context for the data, for AND BNY MELLON. BILL HAS 20 YEARS example, the trade occurred at X time DATA OF EXPERIENCE IN THE FINANCIAL which resulted in X return. SERVICES INDUSTRY. While stopping there is a great first step as you begin your data journey, further work with your data is required to glean actionable insights. Does knowing the number of trades and the time help you to understand that trade and take it a step further? Do you now have insight that allows you to take immediate action that will improve your business and inform future business decisions? For example, does that information allow you to identify optimal times to perform trades for maximum profitability for both your business and your clients? DATA OPPORTUNITIES The International Data Corporation (IDC) has predicted that the world will be creating 163 zettabytes of data a year by 2025 . Further, the white paper predicts that enterprises will create 60 per cent of that data by 2025. Predictions like these highlight the importance for businesses to find opportunities and methods for ingesting, transforming, analyzing and consuming valuable data. Here are some common data opportunities to consider: • Understand the value of data: Above and beyond the opportunity to better understand your business, the effective use of data can offer value from a variety of perspectives: - Decision-making: For example, evaluating trends in the market, time of day, day of the week, cost and return, can potentially help identify the optimal times for executing trades or investing in assets. - Affirm decisions: Data can enhance post-trade reflection, providing better BACK TO COVER demonstration to stakeholders that resources and investments were wisely allocated. ThE DATA ERA: SEIZING THE OppORTUNITY - Gaining insights: Through analytics, data can be • Benchmarking: Another important opportunity data transformed to insights, which enable you to re-think provides is benchmarking; comparing your data to that of what you know and potentially re-direct your thinking your peers, competition, industry or similar businesses to or focus to a portion of your business you may not have better understand how you stack up and further identify identified otherwise. opportunities for improvement. • Opportunities for integrating data: Integrating data from the The Canadian Master Trust Universe3, a BNY Mellon Global Risk systems used across your organization can support a holistic Solutions (GRS) fund-level tracking service, is an example of a view of your business and identify new insights. For example, solution that is designed to help you make peer comparisons using your investor data in tandem with data assets from of performance by plan type and size. Encompassing 85 your CRM, market data, internal processing platform, call Canadian corporate, public and university pension plans with an centre and other systems can contribute to achieving goals average
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