27th June 2020 – Cyber Security
Financial services undoubtedly are going through major transition in terms of innovation and new evolving business models. Emergence of Fintechs & Open Banking have changed the way banking services are consumed through better collaboration between banking / financial institutions and Fintechs/Startups. Banks and financial institutions have also been pushing adoption of digitization in massive way across all financial services. Even non-financial players, be it big techs like Google or Apple; startups like Uber or Swiggy are entering into financial services.
In parallel, there have been emergence of new technologies such as AI/ML, Robotics Process Automation, Internet of Things, APIfication and their widespread adoption across financial segment. While, all have contributed immensely to business benefits and customer experience, it has opened up plethora of cyber security risks and challenges.
Cyber Security concerns in Financial institutions have always been the prime focus area of deliberations. The grave consequences of cyber-crimes have made Financial institutions to tighten their cyber security measures realigning new security measures over time. Cyber Security has also become key focus area for regulators to ensure high level compliance and protection.
Cyber Security in financial services is specifically designed program to deep dive into various dimensions of cyber security threats and mitigation measures.
This program is designed to
- Understand Cyber Security emerging threats and vectors.
- Deep-dive into impact of Cyber Security on digital programs within bank or financial institutions.
- Walk through Cyber Security risks for business model of partnership between banks & Fintechs/startups.
- Design Cyber Security framework to manage both innovation & risks.
- Learn different financial risks of weak design in Application Layer.
- Understand security risks as part of emerging technologies and best practices to manage.
- Build sustainable security management program especially for Fintechs & startups.
- Learn about ecosystem participants to collaborate on cyber security.
| Target Segment | Banks NBFCs Insurance & Security Firms Fintechs Startups Neo Banks |
| Target Audience | Founders/Cofounders Mid to Senior Management Chief Digital Officer/ Digital Banking/API Banking / Open Bank Managers Product Managers or Product Heads Chief Technology Officers/Head-IT/Technology Leads Chief Information Security Officer Chief Risk Officers |
Program Structure
| Topic | Coverage | Details |
| Cyber Security Fundamentals | Basics of Cyber Security & components Importance of Cyber Security framework for Financial services Emerging Cyber Threat landscape from cyber hacktivism to ransomware Overview on Global Threat Report | Learn basics of IT Security on concept of CIA (Confidentiality-Integrity-Availability) Understand importance of cyber security and changing risk profile in current age of financial services with emergence of Fintechs & adoption of Open Banking Peek into new emerging threats and its working modalities, risks to financial services especially digital payments and digital banking; and Fintech operations |
| Role of Emerging Technologies for Cyber Security | Understand Opening of new threats due to adoption of new age technologies Role of new age technologies in building control layer | Deep dive into role of new age technologies such as AI/ML, Robotics Process Automation, Internet of Things, Blockchain on opening of new threats as well as providing new control layer for Cyber Security |
| Security as part of Micro Services Architecture | Understand transition of application development from monolithic to Microservices Architecture Security framework and control layer for Micro services architecture and containerization model Security risks and mitigation for Open Source adoption, Agile way of development Security mechanism at API layer and communication | World of application development has moved from monolithic to Micro Services architecture and entire security model Understand approach to security in new age application development and management Look into perspective of Banks for their expectations in partnership model with Fintechs & Startups and security controls at Partner’s end |
| Defence in Depth Model for Next Generation Cyber Security Framework | Understand various layer of security Basic of concept of Defence in Depth model Controls framework to build Defence in Depth in age of Digitization and Cloud computing Develop resilience layer as part of defence in depth | Learn basics of controls layer across different technology layer with bank and process of due diligence to evaluate right set of controls for each layer Understand various options available for CISO to evaluate a new cyber security framework adoption Evolving a Cyber Crisis Management Plan |
| Regulatory overview of Cyber Security | Understand regulatory framework for Cyber Security In India esp RBI guidelines on cyber security for financial Institutions Data Protection Bill/GDPR Role of Compliance framework such as PCI-DSS, NIST | Understand various regulatory requirements specified to deal with Cyber Security Go through basics of Data Protection bill and its impact on partnership model of Banks and Fintechs on exchange of personal data |
Importance of Cyber Security in age of digitization and Fintechs:
- Cyber Security is on top of the investor’s mind and CEO/founder’s KRAs
- More and wider adoption of financial services especially in unbanked areas
- New innovation in Financial services across payments, lending and other segments
- More and more adoption of cloud platform
- Opening of banking ecosystem and emergence of API enabled business models
- Cyber Security is more strategic decision now, then operational
Focus areas of session to benefits participants in Program
- Managing cyber security measures at both ends of Fintechs & Banks for when they partner for a collaborative product or service
- Cyber Security and risk management framework providing a secured infrastructure while ensuring a seamless customer experience
- Alignment of Risk & Compliance in the entire process of building business models and partnerships in age of emerging cyber security threats
- Cyber Security layer to be created around mobility as well as cloud infrastructure with the use of automation and artificial intelligence
- Use of technology in enhancing the protection of personal data against cyber security theft or compromise
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