London
25 April 2017
Reporter: Stephanie Palmer

Sharing is caring is cyber crime combat


A more holistic and communicative approach is required to tackle cyber crime in financial services, heard attendees of the SWIFT Business Forum in London.

Speaking on the morning’s plenary panel, Jean-François Legault, global head of cyber security operations at J.P. Morgan, noted that the threat landscape has changed. Malware is targeting wholesale platforms, and criminals are going after higher-value payments, where there is more yield on the crime, he said.

Legault suggested that his focus is on helping the business to innovate and approach risks in a different way. The analysts, who are usually focused on technology and security controls, must also understand the payments space, and communicate with those who work in it.

The future in terms of cyber security, he said, is to bring those resources together to create an environment of controls that will “address the risk holistically”.

This is “an evolution”, as the industry moves towards “better communication” and “integration in the business”.

Another panellist, Baroness Denise Kingsmill, chair of the board at start-up bank Monzo, added that this is the kind of culture that can be built in to such start-ups.

Monzo’s business and cyber security teams are within “shouting distance of each other”, she said, adding that that bank is very “fleet-of-foot” in that respect.

SWIFT CEO Gottfried Leibbrandt suggested that many cyber security challenges arise because “everything is connected to everything”. Cyber criminals exploit the ecosystem, looking for weak points in the whole chain, he said, and so the response should be for the entire ecosystem to work together.

The industry should present an in-depth response with “multiple lines of defence”, accepting that sooner or later a breach will occur, and having processes in place to identify and stop malware when it does.

This does not only involve fixing the weakest link, Leibbrandt said, but taking a full end-to-end view.

More Industry news
The latest news from Asset Servicing Times
Join Our Newsletter

Sign up today and never
miss the latest news or an issue again

Subscribe now
Firms remain open to exposures from manual processes
13 December 2017 | New York | Reporter: Becky Butcher
Only 2 percent of capital markets companies have a fully automated compliance support programme, leaving firms open to risk from manual processes, according to a survey by Aite Group and Cordium
Cyber attacks and Brexit among concerns for 2018, according to DTCC survey
12 December 2017 | New York | Reporter: Jenna Lomax
Cyber risk remains the number one threat to financial stability in 2018, according to a new survey published by the Depository Trust & Clearing Corporation
BACS has the need for speed, according to global custody audience
07 December 2017 | London | Reporter: Jenna Lomax
There needs to be more of a collaboration and a sense of partnership between global custodians, according to panellists at this year’s Global Custody Forum
GCF: Emerging markets continue to play important role globally
06 December 2017 | London | Reporter: Becky Butcher
Emerging markets are playing an increasingly important role in the global economic system, according to Global Custody Forum keynote speaker Rohinton Mewawala
SmartStream expands India operations
06 December 2017 | Jaipur | Reporter: Stephanie Palmer
SmartStream has opened a new office in Jaipur, India, initially to serve a particular tier-one investment bank
Canadian deals abound for Broadridge
05 December 2017 | Toronto | Reporter: Stephanie Palmer
Broadridge Financial Solutions has been selected to provide its suite of wealth and fund management technology solutions to Worldsource Financial Management, and partnered up with Wealthsimple on automated investment management
FRS expands to Asia
01 December 2017 | Hong Kong | Reporter: Stephanie Palmer
Financial Risk Solutions has opened its first two offices outside of Europe, in Hong Kong and Malaysia
More Industry news