Sibos 2016: Cybersecurity: The Challenge of Knowing Your Suppliers and Consumers

 

Discussing the challenges of KYC and knowing ones’ suppliers in the cybersecurity world, Dow Jones gave an interesting talk about why people have to be extra vigilant at the moment. Rob Sloan, Head of Cyber Content and Data, with Grant Allen, Head of Technology Platforms, explained the current issues being faced within this sector of the financial services world.

With the surge of so many different and new technologies, security is constantly at the front of everyone’s mind. That risk is dramatically increased the more data is shared with a third party. The main areas of concern for both Sloan and Allen was how inevitable attacks are and how the cost or energy difference between the attackers and defenders is unbelievably imbalanced. Attacks are low costing have low risk while offering a high reward. Another side to this are corporate factors. Corporations have to deal with a vastly complex network on a grand scale while being under resourced and under skilled. It’s rare to find a security department for a business which feels suitably prepared for attacks. When this is collaborated with human beings not always being expert communicators with one another, it makes for a lot of mess. The final grand factor within all this are having a mish mash of laws and regulations which widely vary depending on the location of the business.

Having all of this in mind the speakers outlined a couple of potential futures for cybercrime which fundamentally is built on the notion that with new technology comes new malware. Unless an individual or company build every single physical and virtual product themselves then there can be unknown weaknesses and the responsibility lands on a stranger, never before met, who build the product at some point in time in some random place. The main goal for the talk, albeit slightly paranoid, was to get people to start asking themselves what they can do on an individual level to improve the security of the business that employs them, to which it accomplished.

Author: Dylan Jones

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