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
Peel Hunt expands Torstone’s Inferno into US business
13 October 2017 | London | Reporter: Theo Andrew
According to Peel Hunt, the agreement with Torstone will give the firm more flexibility to develop its US business
Orange and BASF select BNY Mellon as depositary bank
12 October 2017 | New York | Reporter: Becky Butcher
BNY Mellon has been appointed as successor depositary bank by both BASF, a German-based chemical company and Orange, the telecommunications company, for their American depositary receipt programmes
BNP Paribas wades into collateral pools with triparty service
05 October 2017 | London | Reporter: Drew Nicol
As a triparty collateral agent, BNP Paribas Securities Services handles its clients’ collateral needs, from net exposure calculation, automatic collateral allocation and substitution, to physical settlement and custody
Smartkarma opens European hub in London
25 September | London | Reporter: Theo Andrew
According to Smartkarma, the move means European analysts can now register with the platform to join the data platform, offering a network approach to insights and publishing tools
First RFQ inflation swap transactions executed on Tradeweb platform
25 September 2017 | London | Reporter: Stephanie Palmer
Tradeweb has completed the first cleared inflation swap transactions using request-for-quote protocol, on its European Interest Rate Swap platform
AcadiaSoft expands user base for IM compliance
21 September 2017 | Massachusetts | Reporter: Drew Nicol
The second phase of the IM rules went live on 1 September under the regulatory framework of BCBS and IOSCO
UCITS funds enjoy assets boom in Q2
18 September 2017 | Brussels | Reporter: Jenna Lomax
The latest growth figures represent the highest level of net sales recorded since Q1 2015
More Industry news