The next webinar in “The Fintech Times Presents” series revolved around innovation in relation to cybersecurity.
Today, host Polly Jean Harrison, Features Editor of The Fintech Times is joined by Simon Eyre, CISO of Drawbridge, Nils Gerhardt, CTO at Utimaco and Aarti Samani, SVP Product and Marketing at iProov.
Together the panel of experts examine how cybersecurity innovation could be used in the B2C market, such as for stalling hackers and fraudulent activities like money laundering, for financial education, or simply for shopping safely online. The panel also considers the B2B implications of cybersecurity innovation, such as keeping company data safe, guarding against phishing, malware or data hacks, whilst looking at the wider movement of innovations within this promising and crucial sector.
Commencing their discussion, the panel provides an insight into some of the key issues currently at play within cybersecurity. In this regard, Samani comments: “From our perspective, the segment that we’re operating in, which is assuring a genuine human presence online, we’re protecting against things that affect consumers directly. That includes identity theft and fraud, which has a huge emotional financial impact. If they’re not covered by financial insurance, there’s a huge risk of losing a lot of money. For example, last year we did consumer research where 30 per cent of citizens had been identified as victims of identity theft, and that’s huge. So unless we do something to protect them, that’s a big exposure for unsuspecting regular citizens going about their day jobs.”
Whilst addressing the prevalence of cybersecurity concerns, the panel moves on to discuss the real-world innovations that are working to appease gaps in the market. Here, Eyre comments: “There’s no question that the speed and the development that’s happening in the cloud far outweigh what you could traditionally do with on-site tin products. Because of this move to the cloud, we’re starting to see better capabilities of collaboration between different cybersecurity products. So your antivirus or anti-malware, your web filtering, your authentication. They’re all starting to be able to talk to each other in a sort of next-generation seam. It’s not just simply a threshold is broken now, but we’re starting to see models where different activities from different systems are being able to collectively track together.”
Looking towards future developments in cybersecurity innovation, Gerhardt says: “I think we will continue to push the boundaries of technology, to go beyond the boundaries of today’s computing power. Now, this is on the positive side because it will actually help create these new use cases and these new technologies. But this will also not stop the attackers from doing the same. Aspects of attacking will also, in the same way, evolve and attack the new technologies that we see. So I think going forward, it’s really up to the industry to make sure that we find ways to practice in an adequate way and to make sure that we have the same data protection and the same safeguarding of identities and assets for consumers and for businesses that we have today.”
To enjoy the full webinar, please click here.