American Banker Podcast FBI vs. Apple: The Implications for Banks
Mar 28, 2016
David Weiss, a senior analyst at Aite Group with expertise in financial services and technology, dives into the contentious clash between the FBI and Apple over encryption. He discusses how this battle could affect mobile banking security and customer privacy. Weiss highlights the legal and ethical dilemmas tech companies face when pressured for software backdoors. The podcast also explores the increasing challenges banks encounter regarding government demands for data access while maintaining customer confidentiality in today’s paranoid environment.
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Court Order Could Create A Universal Backdoor
- Forcing Apple to build software to bypass iPhone security could create a de facto universal backdoor.
- David Weiss warns this precedent would ripple across vendors and encryption practices.
Compelling Creation, Not Just Disclosure
- The order effectively compels creation of new software rather than mere disclosure of existing data.
- Weiss compares the risk to historical proposals like the Clipper Chip that embedded government access.
Know Where Your Keys Live
- Inventory and centralize your encryption keys now so you know where everything is protected.
- Weiss advises banks to manage keys actively and map them to encrypted assets.