In our Data Kitchen event we reviewed the Cyber Security threat landscape, market trends and covered key questions regarding Information Security. It was a highly interactive session with insights on:
– Where does Info Security fit in the organization in Fintech, Established Financial Institutions and what does the Info Security Solution Ecosystem look like
– What role does tech play in Info Security?
– What are the key business Data Risk challenges and focus for the next 5 years?
– Where are the future opportunities and risk mitigation
‘The Recipe’ for tackling InfoSec problems in the rapidly evolving digital innovation landscape in financial services includes seven ingredients
- Culture – Cyber is not just a technology problem, it is a people problem. You cannot mitigate cyber risks with just technology; embeddin g the right culture in your people is vital.
- Knowing what is important – Data is expanding exponentially – you have to know what you need to protect. Only by defining importan t data, reducing the data “signal noise” and joining multiple data up can organisations look to protect it.
- Speed means risk – The speed of innovation is often faster than the ‘speed’ of safety. Understanding that as the world moves towards ‘real-time’, batch-processing operating models will be left behind. As technology and data adoption is rapidly changing, data protection has to keep up as well – there is little point in investing in technology until you really understand your risks and your exposure to those risks. This is increasingly true of new business-tech frameworks, including DLT, AI and Open Banking. In turn this should inform product design and business strategy of Fintech.
- Master the Basics – 80% of UK companies and startups are not even Cyber Essentials ready, which shows that real fundamentals are not bei ng dealt with. Larger companies are rigid and not sufficiently agile – more demands are being placed on teams but without sufficient resources and skills development. Large companies cannot innovate if they are not given the freedom to actually adapt.
- Collaboration – Plenty of innovative startups are created day-by-day and more to follow in the future. Large businesses need to be more open to collaborating with them to help speed up advancements in the Cyber Risk space.
- Technology Plays a Key Role – Emerging operating models are more open API’s Fintech, and organisations need to stitch together many poi nt solutions. Tech can help here if deployed correctly. To join up multiple data. To provide transparency of messages cross in and out of systems. To execute and detect information security processes and controls with 100X efficiency and speed. This is material in the new world of FS.
- Take a holistic view of your data risk – Cyber risk (especially regarding data protection) is simultaneously a compliance problem (regul atory risk, legal risk etc.), an architecture problem (infrastructure, business continuity, etc.), and a business problem (reputational risk, loss of trust, ‘data poisoning’, competitor intelligence etc.). i.e. You can have the best Cyber Security software in the world, but it is worthless if your customer data server’s power supply is exposed on the outside of the building. There are existing risk assessment frameworks for managing operational risk (example: ORMF) – why not plug in?
Just a quick note to say thank you for your interest in The Data Kitchen!
We had an excellent turn out of practitioners from organisations including: Deutsche Bank, Lloyds Banking Group, Star Compliance Inc, Panaseer, JPMorgan, HSBC, Kubrick Group, Macquarie Group, Bank of America, Standard Chartered Bank, FinchCapital, Adjoint Inc, ICE, QVC, Flux and Mizuho at the latest Data Kitchen last week.
For our second Data Kitchen we thought our ‘chefs’ brought out some brilliant ingredients and insights from their experiences in addressing Cyber Security strategically, representing Fintech, Institutional, Investor and Tech viewpoints.
- David Reynolds, SEED VC
- Gary Wong, Razor Risk
- Somil Goyal, Adjoint
…And Maître De – Rajen Madan, Leading Point FM
We would like to thank our chef’s again and to all participants for sharing plenty of ideas on future topics, games and live solutions.
The next Data Kitchen – Does data need ‘science’? will be on the 20th Feb 2020!
We are also proud to present a sequel to this Data Kitchen: Data & Risk ‘Have you left the stove on?’ for June 2020, where we will be bringing 5 high potential cybersecurity starts-ups to pitch and showcase their solutions – Stay tuned!