Now more than ever, directors are responsible for making sure their banks don't step on a technology land mine. The problem might arise from a security breach that compromises customer information. It might come from a system that lacks the capability to handle growth or support new products, resulting in customer complaints. Or a major investment initiative might turn out to be out of step with the bank's strategy. Any of these situations spells trouble for the board. One factor that has increased banks' risk is the recent advances in computer technology. No one worried much about customer information when...
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Chris Costanzo is a freelance writer based in Maplewood, New Jersey who writes on technology and bank management issues.