{"id":11655,"date":"2018-11-26T13:11:03","date_gmt":"2018-11-26T13:11:03","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=11655"},"modified":"2018-11-26T13:11:03","modified_gmt":"2018-11-26T13:11:03","slug":"fintech-s-impact-on-cyber-response-and-recovery","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/fintech-s-impact-on-cyber-response-and-recovery\/","title":{"rendered":"FinTech\u2019s impact on cyber response and recovery"},"content":{"rendered":"<p>Large-scale cyberattacks on critical financial infrastructure are a major threat to the safety and stability of the global economy. Recently, a panel discussion at DTCC\u2019s 2018 FinTech Symposium brought together a group of cybersecurity experts to offer insights into the strategic shifts and leading practices in cyber response and recovery in financial institutions as well as FinTech\u2019s general impact on cybersecurity. The panel honed in on three main ideas:<\/p>\n<ul>\n<li><strong>The importance of collaboration<\/strong> \u2013 in a complex and interconnected marketplace, everything is part of a bigger ecosystem, and that interconnectedness impacts others who are part of the process. As a result of these multiple possible points of attack, cyber response and recovery must also be a collaborative effort between individual firms, the industry as a whole and consumers, with each knowing their responsibilities and fulfilling them.<\/li>\n<li><strong>The impact of FinTech<\/strong> \u2013 FinTech is a double-edged sword, providing a growing number of entry points through which cybercriminals can access customer data and systems as well as providing new technological solutions to address cybersecurity issues. The experts agreed that the key for FinTech moving forward is to create smart digital products that account for cybersecurity during the design phase.<\/li>\n<li><strong>Leveraging new innovations<\/strong> \u2013 new innovations are starting to tip the balance in favor of FinTechs and financial institutions. For example, artificial intelligence has become a smart way for attacks to be identified and countered before damage is done, and blockchain offers the potential to expedite recovery measures after an attack occurs. It will be important for FinTechs to fully explore these and other new innovations to make financial markets as secure as possible.<\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-11655 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='Poland\u2019s Alior Bank adopts \u2018Digital Disruptor\u2019 strategy through 2020'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/polands-alior-bank-adopts-digital-disruptor-strategy-through-2020\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/doodle-business-charts-infographics-elements_1284-3704-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-8576\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/doodle-business-charts-infographics-elements_1284-3704-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/doodle-business-charts-infographics-elements_1284-3704-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/doodle-business-charts-infographics-elements_1284-3704.jpg 626w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8576'>\n\t\t\t\tPoland\u2019s Alior Bank adopts \u2018Digital Disruptor\u2019 strategy through 2020\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='How FinTechs are helping refugees and immigrants'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/how-fintechs-are-helping-refugees-and-immigrants\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/09\/how-fintechs-are-helping-refugees-and-immigrants-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-11019\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-11019'>\n\t\t\t\tHow FinTechs are helping refugees and immigrants\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor 5th \u2013 9th October'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-5th-9th-october\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/10\/79ea9b51-341d-46e1-bd9b-c0abe0b6f01d1-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15419\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15419'>\n\t\t\t\tBFC FinTech Monitor 5th \u2013 9th October\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Large-scale cyberattacks on critical financial infrastructure are a major threat to the safety and stability of the global economy. Recently, a panel discussion at DTCC\u2019s 2018 FinTech Symposium brought together a group of cybersecurity experts to offer insights into the strategic shifts and leading practices in cyber response and recovery in financial institutions as well &hellip;<\/p>\n","protected":false},"author":5,"featured_media":11723,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[184,35,287],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/11655"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=11655"}],"version-history":[{"count":4,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/11655\/revisions"}],"predecessor-version":[{"id":11724,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/11655\/revisions\/11724"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/11723"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=11655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=11655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=11655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}