{"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='Highlights from FinNext 2021'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/highlights-from-finnext-2021\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2021\/04\/6OrfS61-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15934\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15934'>\n\t\t\t\tHighlights from FinNext 2021\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor (March 2023)'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-march-2023\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2023\/03\/a4ff3547-56ae-47e5-fc3d-d44798e4b9151-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-17053\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-17053'>\n\t\t\t\tBFC FinTech Monitor (March 2023)\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Mobile Finance Report 2020 benchmarks banking and payment apps'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/mobile-finance-report-2020-benchmarks-banking-and-payment-apps\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/12\/2bca6d96-a2af-40d9-a9ff-635e3fa5e6da1-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15579\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15579'>\n\t\t\t\tMobile Finance Report 2020 benchmarks banking and payment apps\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}]}}