Why this bank CIO is not a fan of password managers

As the man in charge of information security at his bank, Rusty Haferkamp has to be cautious, and it shows.

Haferkamp gets an email whenever an employee tries to plug a USB storage device into a work computer, and unlike many security professionals, he has never used a password manager. He recommends his family and friends keep important credentials secret by other means.

Haferkamp is the chief information officer of Central National Bank in Waco, Texas, a bank with $1.26 billion in total assets as of November. He is also tasked with the bank's information security.

Before joining the bank, Haferkamp earned his top secret security clearance working as a military defense contractor at the army base in Fort Hood, Texas. He moved on to run a consulting firm for 10 years before the CEO of Central National recruited him.

Haferkamp said he's seen many financial institutions "move backwards" in the 15 years he's worked for the bank. They've asked the question, "Do we need technology for every single thing?" For many applications, the answer has been no.