THE DIGITAL REVOLUTION OF CYBERSECURITY IN FINANCIAL SERVICES

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THE DIGITAL REVOLUTION OF CYBERSECURITY IN FINANCIAL SERVICES

“Cybersecurity in Financial Services”: The Innovation Group workshop explains how to manage cyber risk in financial services especially during the digital revolution caused by the COVID-19 crisis. 

The online event “Cybersecurity in Financial Services” organized by “The innovation Group” on Wednesday November 25th  was an interesting opportunity for an in-depth analysis  on the security of governance, cyber risk management and the internal security of digital assets connected to the financial sector.

During the months of the Covid-19 crisis, there has been an exponential increase of cyber attacks at banking institutions, including their customers. In this scenario, internal security teams had to act promptly to boost  and protect their digital assets.

Anyone may wonder why there is such a high risk exposure in the Banking sector. The answer is simple: financial assets are the most digitized ones, with an increasingly extensive ​​attacking surface. Furthermore, the speed of transactions and the increasing opening of services to third parties become an attractive source for many hackers, aiming at taking  possession of a large amount of sensitive data.

Key players  in the financial sector like IntesaSanPaolo, Cattolica Assicurazioni, Darktrace, Thales, Cisco and Keyless analyzed how the banking and financial systems are managing the crisis and their resilience.

This topic was also addressed by John Salomon, EMEA Regional Director of FS-ISAC, who focused on the possibilities of increasing systemic collaboration against cyber threats.

The last speech helped to introduce a new webinar session where the importance of proactivity and anticipation of interventions in the risk management were highlighted; as an example, Deutsche Bank, Abi Lab, CERTfin and Infoblox focused their attention on: 

  • setting up an Incident Response Scenario according to the types of attack
  • the assessment of the data breaches risk and the communication methods to make the Incident Response plan effective.

In this scenario, the change of customers’ habits and the technology used in Finance are evolving and are opening to the cloud, big data, mobility and social media. For this reason the security model based on traditional systems must be abandoned. Therefore, there is the need to rethink how cybersecurity works and how the innovative technologies will help the financial digital evolution. An important contribution related to the innovation of Cybersecurity and Fraud Management was provided by Stefano Bistarelli, Head of CINI Working Group on Blockchain, University of Perugia; Cinzia Pilo, Head Of Business Development – Italy, VISA, Beatrice Rubini, Executive Director, CRIF and Paolo Arcagni, Solution Engineering Manager Italy & Iberia, F5 Networks.

In this scenario ToothPic technology can increase the level of security for Banks that want to protect their customers’ money and financial assets. ToothPic technology can be integrated into a mobile banking app to protect the digital assets using the fingerprint of the camera sensor, the physical characteristic that uniquely identifies the smartphone. With ToothPic, the Banks can easily increase the level of security of their home banking apps without impacting their usability.

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