Data Protection, Cyber Security and Insurance Feature Focus

We take a look in this issue at cyber-security in our Feature Focus. We have involved some of the brightest and the most successful fintech cyber security specialists of the past 10
years on these pages to provide a clear analysis of how to prepare your organisation for the threats ahead. As the financial industry starts to digitise we have been keen to pick the brains of those who have left us secure and ask them what their recommendations are, rather than dwell on the indignities of those whose businesses lie in tatters after the bombshell that is a major data breach.

The banks in particular have to get it right this time. They will have to learn and implement many new ways to safeguard their data. Banks which have previously seriously lagged behind the curve of dynamic organisations such as travel agents, hotel chains and retailers, suddenly have to use all this data they have available while simultaneously safeguarding it as it travels around their new hybrid-cloud infrastructures. As the traditional banks start to partner with more and more new fintech start-ups they will have to start mining these hidden resources and using them, because their partners will not allow them to let all of this rich data lie fallow.

Data crops up again in our GDPR (General Data Protection Regulations) feature and shows us we should be worried if companies are not storing our information properly in an age of cyber theft. We will come back to the question of regulation and data security in later issues of the journal this year.

We also shine a light on a corner of the industry that normally hides itself well in the shadows, but which we have been examining anew – that of cyber insurance and just how do organisations choose what to protect in advance? This is often a complex tango between the chief information security officers and the chief executive of officer in an attempt to discover an organisation’s real exposure to data breach or attack as opposed to its public relations façade of: “We are totally secure”. Often overlooked because it is a board-level call, cyber insurance is now a very real consideration with the possibility of having a huge effect on the profits of any bank in the event of a data breach, particularly in the light of the GDPR. Hope you enjoy reading it!

Click here to access the full feature focus.

What is the IBSi FinTech Journal Feature Focus?

Each issue of our flagship monthly IBSi FinTech Journal includes a Feature Focus, dedicated to a specific area of banking technology. The Feature Foci are part of the IBSi FinTech Journal subscription.

IBSi FinTech Journal Feature Foci cover a wide range of subjects pertinent to the financial technology industry worldwide. They include detailed case studies, analysis, interviews and other feature articles.

Each publication features independently researched and compiled material, with no advertorial or contributed articles. All articles are written by IBS, and we believe that this dedication to quality is unique among publications in the banking/financial services technology space.

Click here to subscribe to IBSi FinTech Journal