Parker contributed to the FinTech Cybersecurity Consortium
As the financial services sector expands and becomes more fragmented, the exposure to cyberattacks also increases. Imposing a significant risk to society and the economy.
Our Parker Crockford, VP of Growth contributed to the World Economic Forum’s FinTech Cybersecurity Consortium research on identifying a basic cybersecurity “hygiene” common across all Fintechs.
‘Systems of Cyber Resilience: Secure and Trusted Fintech’ provides a better understanding on how collaboration is the path to achieve security in the wider financial system. Arguing the need of a mutually understood and widely accepted base level of cybersecurity controls among financial institutions.
For a Fintech company, it is not always clear which control frameworks will make them secure and compliant within the jurisdictions in which it operates. And building a robust architecture can be expensive and take a significant amount of time.
Therefore, a solution relies on the collaboration of defined financial services providers to create such controls. Where the expertise and funding can be deployed at speed with cybersecurity experts from different sectors and governmental support.
The economy can only benefit from commercial links between Fintechs and established providers in the field. Which in both cases there’s the intent to form but it is restricted due to differences in security maturity levels.
Maria Daniela Perez