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
RSA implements SimCorp Dimension
22 February 2018 | Alabama | Reporter: Becky Butcher
The Retirement Systems of Alabama has successfully completed the implementation of SimCorp Dimension
Confluence partners with ICE Data Services
22 February 2018 | Pittsburgh | Reporter: Becky Butcher
Confluence and ICE Data Services have teamed up to help asset managers meet compliance with SEC Modernization and other regulatory reporting requirements
Around half in the industry have seen no real effect of Brexit, according to Augentius’ annual global survey
Euroclear reports strong 2017 operating performance
19 February 2018 | Brussels | Reporter: Jenna Lomax
Euroclear’s fund assets under custody grew 13 percent as Euroclear continued to utilise its international exchange traded funds model
Minium, IBM and Promontory release joint white paper
19 February 2018 | London | Reporter: Jenna Lomax
The white paper says business should explore new geographies refocus on new businesses and invest in new technologies
ASX sees 5.1 percent profit in 2017
16 February 2018 | Sydney | Reporter: Jenna Lomax
The Australian Stock Exchange (ASX) saw its net profit after tax increase 5.1 percent to $230.5 million in its half-year results ending 31 December 2017
The annual survey, released on 15 February, found that looking back to 2017, the hedge fund industry grew by 6.4 percent and assets under management reached an all-time high
More Industry news