WS&T: Would you ever consider outsourcing your infrastructure?
WOODS: Over the past five years we've had three major infrastructure engagements done. That's where we appoint a third party to look at our go-forward model and an outsourcer's model, and determine if there is economic incentive for us to outsource our infrastructure. It's uncanny but all three of the studies came back the same: that there really aren't sufficient economic incentives for us to outsource our infrastructure. But we'll look at in again in a few years.
WS&T: How has Mellon been concerned with rising security threats to financial institutions?
WOODS: This is pretty subjective. We try to find what we consider best practices around safety and soundness. Given the information we have, and our position in industry, we feel that we need to emulate best practices. Given all of the issues with the internet, that is a place we need to spend money. You can't map out return on investment, but good judgment dictates that (security) is a sound investment. When we go to our lines of business and chairman and declare that something is a safety-soundness investment, there is very little pushback.
We've increased the investment in corporate-information security. We've increased the number of threat and vulnerability tests that we have done by outside concerns. Every one of our Internet-facing servers goes through the threat and vulnerability tests at least twice a year.
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