IPC Systems, Inc. (IPC), a leading provider of global communications solutions and software for the financial services community, today announced the appointment of Tony Carriero as Chief Information Security Officer (CISO).
In this leadership role Mr. Carriero will be responsible for the security roadmap across all IPC products and solutions, its financial market cloud network along with IPC's internal IT systems to support the company's vision.
"Over the last few years IPC has experienced a tremendous amount of growth in areas both within and beyond our traditional business. As hacking incidents against financial institutions have intensified, we have made security a top priority at IPC," said Neil Barua, IPC's Chief Executive Officer. "We have brought many new products to market. Bringing Tony on board ensures we will continue to unite the financial community while allowing our customers to exchange information reliably within a secure and compliant environment."
It is estimated that the four largest US financial institutions will collectively spend $1.5 billion, roughly 15 percent of the overall sector's spend, on cybersecurity annually1. As enterprise and consumers transactions become more digitized, industry analysts have predicted the cost of data breaches will reach $2.1 trillion globally by 2019, almost four times the estimated cost of breaches in 20152.
"We operate a global financial market network that consists of over 6000 market participants in 700 cities over six continents. We are continuously taking their needs into account," said Tony Carriero. "As Chief Information Security Officer for IPC, we will build on the strong program already in place, and align our controls into a unified Security Framework within all our products and services. We will continue to proactively work to keep IPC a leader in security to support the rapidly evolving landscape."
As a senior information security professional, Mr Carriero brings over 20 years' experience implementing financial systems, and information security programs to a number of Fortune 500 Companies. Mr. Carriero's most recent roles with Edgewater Ranzal and PwC (PriceWaterhouseCoopers) involved assisting large multi-national companies in designing their Information Security and Risk Management Programs while migrating their products to both public and private clouds. Prior to that, Mr. Carriero served as the Chief Information Security Officer for The Warnaco Group, a publicly traded manufacturing company.