At our recent exclusive briefing hosted by the Financial Times, experts from Red Lion Chambers, HSBC, the Financial Conduct Authority, the Financial Times, the Insurance Fraud Bureau and BAE Systems debated how best to build resilience against changing criminal strategies amidst a changing regulatory environment.
Participants, L to R
Moderated by: Barney Thompson, Legal Correspondent, Financial Times
Jonathan Fisher, QC, Red Lion Chambers
Stephen Dalton, Head of Intelligence, IFB
Jennifer Calvery, Global Head of Financial Crime Threat Mitigation, HSBC
Alison Barker, Director of Specialist Supervision, Financial Conduct Authority
Rob Horton, Head of Financial Crime Solutions, BAE Systems
Regulation, Recruitment, Relationships: building resilience in financial services
- What is the role of financial regulators in protecting the system? Regulatory changes over the last decade have been designed to bolster and stabilise the banking sector – but how are these legislations impacting financial crime?
- How can collaboration between financial institutions, law enforcement agencies and their corporate customers be improved to combat fraud and financial crime? What do new regulations mean for information-sharing between these organisations?
- Have the challenges of compliance to existing complex regulatory requirements – AML and KYC as well as data protection – been met? How?
- What is the national strategy for protecting banks, insurers and other financial services firms from financial crime? How are areas of government working with businesses to ensure that the financial ecosystem has adequate legislative, technical and cultural support? Is it possible to develop one policy framework that can be applied across a range of threat vectors?
At our recent exclusive briefing hosted by the Financial Times, we heard about the current threat landscape from experts at RUSI, Standard Chartered Bank, the FT and our own Threat Intelligence team.
Find out what our panel thought of the current shape of cyber threats, the tactics, techniques and procedures they use, challenges for banks, insurers and other financial services and current attack and fraud scenarios.
Participants, L to R
Moderated by: Caroline Binham, Regulation Correspondent, Financial Times
John Cusack, Global Financial Crime Head, Standard Chartered Bank
Tom Keatinge, Director of the Centre for Financial Crime and Security Studies, RUSI
Robert Hannigan, Special Advisor on Cyber Security, Hiscox and Executive Chairman Europe, BlueVoyant
Saher Naumaan, Threat Intelligence Analyst, BAE Systems
The Current Threat Landscape
- What do cyber threats look like today? Where are they coming from, how are they different, and how do they apply to financial services?
- Tactics, techniques and procedures: what are the latest TTPs used by cyber attackers for monetary gain, and how can the financial industry arm itself against them?
- What kind of fraudulent scenarios are enabled by the current threat landscape, and which are emerging as the biggest challenge for banks, insurers and other financial service firms?
- The geopolitical factor: how will developments like Brexit heighten the risk of financial crime in the UK? How might they impact cross-border attempts at detection and attribution?
Gregory Coleman, an ex-FBI agent whose expertise in white collar crime led him to apprehend the infamous Jordan Belfort, sat down with us for a short discussion around the changing landscape in regulation and compliance within US financial institutions. Institutions have faced a sea of change since the 2008 financial crisis and opinion around that change are divided - what does the future look like for financial regulation in the US?
We discussed this with Greg at one of our US Business Forums, hosted by Scott Kear, Product Marketing Manager for our Financial Crime Compliance Solutions.
Jonathan Luff, co-founder of CyLon, Europe's first dedicated accelerator programme for cyber security startups, continues his conversation with Richard Wilding, director of Futures at BAE Systems Applied Intelligence. He talks about his contribution to The Intelligence Network report and argues that for years the airline industry has used a ‘no-blame’ culture to learn from its mistakes, which has shown that being open with the powers that be, where there are no ramifications for mistakes, is extremely valuable in driving reviews of safety, procedures and risk to ensure the same mistake doesn’t happen again. Is it time to take the same approach to cyber attacks, digital thefts and breaches?
Jonathan Luff, co-founder of CyLon, Europe's first dedicated accelerator programme for cyber security startups, talks to Richard Wilding, director of Futures at BAE Systems Applied Intelligence. Jonathan recently joined the Steering Committee of The Intelligence Network, an initiative powered by a community of like-minded global security professionals and industry influencers who are committed to creating a safer society in the digital world. He talks about his contribution to The Intelligence Network report and expands on his article It’s time to turn information sharing on its head. Jonathan uses the analogy of the black box to represent incident reporting in the airline industry and the lessons the cyber industry can adopt to address cyber attacks, digital thefts and breaches.