Capital One Financial in McLean, Va., has added Amazon's former chief information security officer to its board of directors.
Tom Killalea, who spent 16 years at Amazon, will fill a newly created seat on Capital One's board, the credit card issuer said in a press release Tuesday. He is expected to stand for election in May at the firm's annual meeting.
"We are deeply embedding technology, data, design, and software development into how we work," Capital One Chief Executive Richard Fairbank said in the press release. "As we continue to transform our business, Tom will make an excellent addition to our board and will be a valuable resource for our executive management team."
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A lot of bank boards have a big knowledge gap when it comes to technology. A recent Accenture study found that, of 109 large banks globally, more than 40% did not have a single board member with a technology background. And the situation is even more worrisome at small banks.
January 4 -
Bank regulators will stiffen their requirements and identity theft will escalate, but banks will toughen up their defenses.
January 5 -
American Express, Discover and Capital One all reported significant increases in their marketing spending last quarter, part of a larger upward trend in expenses.
January 23
Capital One executives frequently talk about the company's substantial investments in digital technology, but they mostly do so in general terms.
At an industry conference in December, an analyst pressed Capital One Chief Financial Officer Steve Crawford for more details about how much of the company's digital spending is devoted to improving cybersecurity.
Crawford responded that, as a financial institution, Capital One sees maintaining the trust of customers as critical. "And we want to make sure we're a leader in cyber. So it's one of the agenda items we have in the whole digital space," he said.
