Financial services companies are not only finding innovative ways to implement new security initiatives, they’re also finding innovative ways to fund them. ABN AMRO Bank N.A. now requires all the bank’s application projects to allocate one percent of their funding to their security. “If you have to mitigate security risk after the fact, it’s a costly exercise,” Bernik told attendees of the Cyber Security Executive Summit. CISOs and risk management officials at major financial institutions speaking here say they are struggling to keep up with emerging threats and the ever-changing regulatory landscape. They face not only phishing exploits, but emerging application-level security issues, client laptop security, and compliance with regulations like strong authentication for online banking, which banks must deploy by the end of the year, according to FFIEC regulations.