RFi Group Global Digital Banker Podcast on Cyber Security – the key risk areas not to be overlooked by banks

Episode 32 – Cyber security – the key risk areas not to be overlooked by banks

With the growing shift towards digital for banks and financial services organisations and with regulation around data privacy and security continuing to be a focus globally, it is now more important than ever for institutions to assess and tighten their approach to cyber security.

This week’s podcast from the RFi Group Global Digital Banker features Francis Kaitano, Cyber Security Lead Architect at Fusion Networks. He shares the key risk areas that financial institutions are facing at the moment, the most common types of attacks and how to avoid them and the role of regulation in the global environment.

Francis tells Chloe James for the RFi Group Global Digital Banker about the current state, and key risk areas for banks.

“Asymmetrical risks – traditional banks and financial services, and new players coming in so that integration of the two will bring asymmetrical differences…

“Machine learning, comes with complexity to manage…

“Financial inclusion is happening, people who never had access to backing through the rise of mobile apps..integrations of APIs…in Australasia the ‘unbanked’ – people who have never been reached, doing online banking.

Francis says the most common types of cyber attacks are:

  • Phishing
  • Whaling
  • Account take overs starting to affect banks
  • Mobile apps for unbanked
  • Crypto currency attacks are increasing
  • Quick settlements across-border on line – fast assessment of risks…how to trust the APIs that are part of Open Banking…authorisng and identifying these, integration of quick payments.

Chloe and Francis discuss education for banks. Everyone wants everything to get faster and more efficient when it comes to banking, how to balance this off with cyber security issues…

Open banking

Difficult time for banks to come to grips with open banking, protecting data, trust, risks of integration of APIs,

Cyber regulation

Where is it going? More important than before as banking opens up. Keeping pace with change beginning with policy at a higher level.

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Listen to the Podcast from RFi Group Global Digital Banker here – focussed on key trends, thought leadership and best practice within the fast growing and dynamic word of digital banking.

Francis Kaitano, Fusion Networks CyberSecurity Lead Architect