Cyber security and the future model
CAPE TOWN - A vast range of topics and case studies was presented by industry leaders at the Cyber Security in Banking Conference.
The event highlighted the latest trends and development in cyber security and provided a comprehensive as well as multi-faceted agenda that is relevant to all banking and financial services professionals in the industry.
The local cloud specialist, One Channel addressed delegates by highlighting the opportunities of using technology in the fight against cybercrime in the banking environment. One Channel CEO, Bernard Ford, not only presented the future model of Cybersecurity but also showed how businesses can prepare for the 4th Industrial Revolution and the implications thereof.
Ford warned that organisations can no longer afford to operate in isolation in the process era of the 4th Industrial Revolution. "We stand on the brink of a technological revolution that will fundamentally alter the way we live, work, and relate to one another." He made an example of the current cyber threat landscape and showed the impact global threats had on Africa.
"WannaCry, the worst cyber-attacks in history, affected more than 230 000 computers in at least 150 countries," Ford said. He added, "It will take a concerted effort from both private and public sectors to fight cyber-crime and improve cyber security so that Africa’s cybersecurity landscape can reach optimally contend with global standards."
According to the statement, financial services institutions need to incorporate a greater agile cyber risk management approach more especially with the industry's high dependence on mobile payments, e-banking, and general cyber-operations. According to Ford, the possibilities of billions of people connected by mobile devices, with unprecedented processing power, storage capacity, and access to knowledge, are unlimited.
"And these possibilities will be multiplied by emerging technology breakthroughs in fields such as Artificial Intelligence (AI), robotics, the Internet of Things (IoT), 3-D printing, nanotechnology, autonomous vehicles and quantum computing," he said. "Technology has made possible new products and services that increase the efficiency and pleasure of our personal lives. Ordering a cab, booking a flight, buying a product, making a payment, listening to music, watching a film, or playing a game - any of these can now be done remotely."
Technological innovation in the future will lead to a supply-side miracle. This will have long-term gains in efficiency and productivity. Communication and transportation costs will drop, global supply chains and logistics will become more effective, and trading cost will diminish, all of which will open new markets and drive the growth of the economy.
The demand side is seeing major shifts, as growing transparency, consumer engagement, and new patterns of consumer behaviour are forcing companies to adapt the way they design, deliver products and services as well as market. He stated that, "It’s no secret that technology has been advancing at a tremendous rate. This means that it is not only more powerful, intuitive and automated, but also more accessible, with companies offering software solutions that are now affordable for small to medium sized businesses - sometimes they’re even free,"
"Acumatica is a post-modern, true-cloud business system that takes advantage of the following trending technologies: blockchain security, IoT, artificial intelligence, multi-cloud and natural language interface to ERP," Ford explained. "The conference certainly equipped the financial sector with strategies and skills for successful operations in the cyber security space. We shared valuable industry insights and knowledge, addressing the latest developments in cyber security as faced by financial institutions, with particular emphasis on cyber resilience, cyber security culture, and the protection of critical financial infrastructure, as well as risk mitigation strategies," he concluded.
- BUSINESS REPORT ONLINE