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BigData and Cybersecurity for Digital Finance and conclusions

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BigData and Cybersecurity for Digital Finance and conclusions
Cinzia Rubattino (International research Project Manager, GFT)

Publicado en: Datos y análisis
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BigData and Cybersecurity for Digital Finance and conclusions

  1. 1. © 2019 | GFT Technologies SE and its affiliates. All rights reserved. Cinzia Rubattino, 15th October 2019 Big Data and AI in Finance: BigData and Cybersecurity for Digital Finance - session conclusions
  2. 2. 2 Shaping the future of digital business gft.com Cybercrime Overview  Worldwide and very broad problem  Spreading and becoming more costly. Examples: - The 2017 data breach at Equifax - more than 140 million consumers. - The Swift attack against the Bangladesh Bank robbery in February 2016 led to an illegally transfer of close to US $1 billion
  3. 3. 3 Shaping the future of digital business gft.com Cybercrime costs 06/11/2019 Type here if add info needed for every slide Study from Accenture
  4. 4. 4 Shaping the future of digital business gft.com Financial Institution Specificity 06/11/2019 Reason:  Money, because of that cyber attackers can directly monetize from each single attack.  Reliance on critical infrastructure (including payment systems, trading platforms, central securities depositories and so on).  Highly interconnected networks. Type here if add info needed for every slide Typologies and consequences:  Data breaches: the release of private information, resulting in loss of reputation and money. Third-party services are one of the main cause of this attack.  Business Disruption: system failures that can prevent firm from operating.  Frauds: resulting in financial losses. Targets:  Banks account with the bulk of the attacks of 91%  Insurance companies with 7%.
  5. 5. 5 Shaping the future of digital business gft.com Regulation I – GDPR impact on Big Data 06/11/2019 Type here if add info needed for every slide WHAT •DATA DO YOU HAVE? WHY •DO YOU HAVE IT? WHEN •DO YOU GET IT? WHERE •IS IT STORED? HOW •LONG WILL IT BE STORED? WHO •HAS ACCESS TO IT? DATA GOVERNANCE Classification Catalog Detection of SD DATA PRIVACY Masking SD Trimming SD Anonymization De-Identification DATA PROTECTION Authorization Authentication Access Control Encryption Penetration Testing Breach detection DATA MONITOR & REPORT Integrity Alerting Vulnerability Breach Notification DATA QUALITY vs QUANTITY Minimization Accuracy Visualization
  6. 6. 6 Shaping the future of digital business gft.com Regulation II – Open Banking and PSD2 06/11/2019 Type here if add info needed for every slide Open Banking intends to:  Foster competition in Banking Industry  Improve customer experience by offering more services The Second Payment Services Directive (PSD2) aims to:  Encourage development and use of innovative payments  Enhance consumer protection against fraud  Strengthen liability & accountability  Make cross-border European payment services safer
  7. 7. 7 Shaping the future of digital business gft.com 06/11/2019 Type here if add info needed for every slide STRATEGY GFT HELIX A comprehensive strategy for FI innovation
  8. 8. 8 Shaping the future of digital business gft.com CUSTOMER CENTRICITY  Front-end modern architectures  Design thinking | Digital product design  Customer life journeys (bus. service design)  User experience (UX) COLLABORATION  Open APIs | Internal APIs  Business as a platform  Modular architectures  Ecosystems (rebundling) AUTOMATION  Robotic & intelligent process automation (RPA | IPA)  Bots | Virtual assistants  User & operational analytics | KPIs GAME CHANGERS  Artificial intelligence (AI) | Machine learning (ML)  Natural language processing (NLP)  Distributed ledger technologies (DLT)  Augmented, virtual & mixed reality (AR | VR) CLOUD ENGINEERING  Cloud assessment & preparation  Migration & optimisation  DevOps & CloudOps  Native cloud development REGULATORY, RISK & COMPLIANCE SERVICES  Compliance & risk control / visualisation  Regulatory automation  Business continuity DATA ENGINEERING  Data architecture & reengineering  Data governance & quality  Data lineage & insights  Data lakes PLATFORM ENGINEERING  Agile & DevOps transformation  Core platform optimisation & management  Replatforming | Platform development  Vendor solutions  Microservices INNOVATION TRANSFORMATION GFT Helix: Disruption and efficiency at work 06/11/2019 Type here if add info needed for every slide
  9. 9. 9 Shaping the future of digital business gft.com GFT Innovation Actions GFT is Activity Leader and partner of EIT-Digital initiatives, with strong investments in development and product lunch activities as Business Champion. STAnD (API-ASSISTANT Innovation Action) boosts a software assistant for mobile app developers, aiming to rise Cyber- Security awareness, as a key enabler for GTM strategies and innovation. Another primary objective is the mitigation of threats in API-based mobile apps. The solution provides an effective toolkit and a managed security service, handling GDPR as well. Teichos is a penetration testing tool to support security analysts in verifying the reliability of digital finance server side components to rise cyber- security awareness. Because of the rising complexity of the regulatory environment and standards such as PSD2, financial institutions are more vulnerable. CYBERSECURITY CYBERSECURITY
  10. 10. 10 Shaping the future of digital business gft.com BigDataStack delivers a complete high-performant stack of technologies addressing the emerging needs of data operations and applications. The stack is based on a frontrunner infrastructure management system that drives decisions according to data aspects thus being fully scalable, runtime adaptable and performant for big data operations and data- intensive applications. GFT H2020 projects GFT acts as Coordinator and strategic partner within various H2020 projects, with System Integration, Impact Management and Pilot management roles. FINSEC is a flagship project to develop, demonstrate and launch to the market an integrated, intelligent, collaborative and predictive approach to the security of critical infrastructures in the financial sector. INFINITECH is a joint effort of global leaders in ICT and finance towards lowering the barriers for BigData/IoT/AI driven innovation, boosting regulatory compliance and stimulating additional investments. The project’s results will be validated in the scope of 14 high impact pilots providing a wide sector’s coverage. GFT is Coordinator GFT is Coordinator CYBERSECURITY BIG DATA IoT AEGIS brings together the data, the network & the technologies to create a curated, semantically enhanced, interlinked &multilingual repository for public & personal safety-related big data. BIG DATA BIG DATA INSURANCE INSURANCE
  11. 11. Shaping the future of digital business © 2019 | GFT Technologies SE and its affiliates. All rights reserved. GFT Italy Cinzia Rubattino International Research Project Manager cinzia.rubattino@gft.com Thank you!!!

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