FStech, the premier publication for the financial technology industry, successfully hosted its Cybersecurity Live 2024 conference on Wednesday, 6 November, bringing together industry experts and financial services leaders to delve into the latest trends and strategies in cybersecurity.

The conference’s agenda was packed with insightful sessions, including keynote speeches, panel discussions, and fireside chats. Sandip Wadje, the head of emerging tech risks at BNP Paribas, kicked off the event with a keynote titled “Artificial Intelligence for Cyber Risk Automation.” He explored the potential of AI in automating cyber risk management across various domains, such as governance, risk, and compliance (GRC), third-party risk management, continuous threat exposure management, cyber risk reporting, and control testing.

Following Wadje’s keynote, Ruud Grotens, the head of fraud and financial crime solution consulting at Bottomline, presented a session titled “In Under the Radar: How Can FSIs Mitigate the Risk of Insider Fraud?” Grotens discussed current insider fraud trends, best practices for prevention and detection, and effective strategies to mitigate these risks.

A panel discussion delved into the “AI security paradox: How the tech is helping to fight cyber-crime and bolstering criminals.” Speakers from Oaknorth, the British Business Bank, and law firm Freeths discussed key AI applications in cybersecurity, including threat detection, anomaly identification, and automated response systems. They also addressed the ethical considerations and challenges associated with implementing AI-driven security measures.

The day continued with a fireside chat featuring Ben van Enckevort, the co-founder and CTO of Metomic. The discussion, titled “SaaS DLP in Action: Proactive Measures to Prevent Data Breaches,” focused on how data loss prevention (DLP) solutions for SaaS environments can help businesses secure sensitive data and stay compliant with industry regulations.

Elsewhere, the conference delved into the imminent implementation of the European Union’s Digital Operational Resilience Act (DORA) through a panel discussion on strategic compliance approaches. Speakers from Markerstudy, Hunton Andrews Kurth, UK Finance, and Alvarez & Marsal shared insights on integrating operational resilience into existing risk management practices, conducting effective scenario testing, and leveraging technology to enhance resilience capabilities.

In another session, Dr. Jason R.C. Nurse, a reader in cyber security at the University of Kent, presented “Ransomware Harms and the Victim Experience.” The talk aimed to inform ransomware preparedness and response by examining the various harms intentionally leveraged by ransomware operators against victims, as well as the factors that alleviate or aggravate these harms at both organisational and employee levels.

Zero Trust security was a key focus of the day, with in-depth sessions from Mustafa Mustafa, solutions engineer leader at Cisco, and Elliott Morgan, solutions sales specialist for Cybersecurity at Trustmarque exploring this pivotal area.

In a separate session, Ben Woodside, APP policy manager from the Payment Systems Regulator (PSR), discussed the decisions, considerations, and future evolution of the PSR’s APP policy. He reflected on the challenges and opportunities ahead to ensure future success in tackling authorised push payment (APP) fraud.

The conference concluded with a keynote address from Teresa Walsh, chief intelligence officer and Managing Director, EMEA at FS-ISAC. She emphasised the significance of leveraging intelligence and knowledge sharing in trusted communities as a force multiplier to enhance cybersecurity programs, build resilience, and comply with new regulations.

Jonathan Easton, editor of FStech and conference chair, provided his thoughts on the day, highlighting the critical importance of cybersecurity in the financial services sector. He said: "Cybersecurity is the foundation upon which the financial industry must build its digital future. The calibre of speakers and the depth of discussion at Cybersecurity Live 2024 have truly set a new benchmark for our annual conference.

"Days and events like these help equip financial institutions with the knowledge and strategies to navigate the evolving threat landscape and maintain the trust of their customers."

FStech's next conference, RegTech Live, will take place on February 27 in the City of London. If you'd like to be involved in this extraordinary event, please contact nisha.chowdhury@perspectivepublishing.com with the subject line RegTech Live 2024.

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