June 24, 2019, 4:33 p.m. EDT

Russian Federation : Challenges facing the financial sector discussed at the 2nd International Cybersecurity Congress

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

Jun 24, 2019 (Euclid Infotech Ltd via COMTEX) -- A panel session titled Cybersecurity Strategies: Financial Industry has been held at the 2nd International Cybersecurity Congress (ICC), which is organised by Sberbank and the World Economic Forums Centre for Cybersecurity (WEF C4C) and supported by the Russia Association of Banks and Data Economy ANO.

The discussion was moderated by Deputy Chairman of the Executive Board of Sberbank Stanislav Kuznetsov. The sessions speakers were: Chief Information Security Officer and Senior Vice President of Visa Inc. Sunil Seshadri, President of the Russia Association of Banks Georgy Luntovsky, Chairman of the Management Board of UniCredit Bank Mikhail Alekseev, and CSO & DPO of Eurobank Danijela Zizic. During the session, these leading representatives of financial organisations from different countries discussed common challenges and identified key aspects of interaction in the field of cybersecurity.

Stanislav Kuznetsov, Deputy Chairman of the Executive Board of Sberbank:

Banks are the number one target of cybercriminals. This means that banks experience should be in demand in other sectors of the economy and among government institutions. Over the past 1218 months systemically important banks have carried out so much work to strengthen security. We have reached a pivotal moment banks have become more reliable. They have started to understand the level of risks, and their losses from direct attacks carried out by cybercriminals have fallen sharply. But a new risk has arisen fraudsters have started trying to extract information from bank workers, through direct persuasion, phishing emails, and social engineering.

Sunil Seshadri, Chief Information Security Officer and Senior Vice President of Visa Inc.:

Cybersecurity is a powerful sport which keeps on changing. Cybersecurity must become a key element of corporate strategy, starting from senior management. Cybersecurity culture must be cultivated top-down. At all meetings managers should make it known that cybersecurity is a top priority. It has to be done in all verticals and all sectors.

Georgy Luntovsky, President of the Russia Association of Banks:

The problem is that the banking industry is a mixed bag. On the one hand you have leading banks that possess the financial and intellectual clout to develop technology and deploy modern means of defence. And on the other hand you have banks with basic licences that turned an average profit of around 5 mln roubles last year. These banks cannot confront information security issues in the same way as major banks do. The task of the Russia Association of Banks is to use the capabilities of major banks and the regulator to support smaller banks. At the initiative of developers from BI.ZONE we launched a pilot project to create a platform for sharing information on cyberthreats. This platform brings together commercial banks and other organisations. Basic membership of the platform is free. This is an example of businesses uniting against a threat. Cybersecurity collaboration must become a public good that is consumed equally by small and big banks.

Mikhail Alekseev, Chairman of the Management Board of UniCredit Bank:

We shouldnt forget about the human factor. We know cunning methods of social engineering, where fraudsters contact our clients and pretend to be bank workers. But organisations themselves arent protected against these social engineering methods. Were seeing a tendency where fraudsters attempt to imitate management, i.e. employees receive instructions to transfer money that appear to be from them. Thats why the main thing is working with people. People dont change. The combination 123456 is used for more than 20 mln passwords in the world. No matter how much we inform our clients, people, and despite the fact that they know they may become victims of fraudsters, they sometimes get careless. We need to keep working with colleagues in our sector, as well as with clients and counterparties. The slogan People, be vigilant! continues to be relevant.

Danijela Zizic, CSO & DPO of Eurobank:

Testing is one of the key cybersecurity tasks. You need to check all participants of the process, all applications and processes to understand your level of resilience and what elements of the system are most important.

Stanislav Kuznetsov, Deputy Chairman of the Executive Board of Sberbank:

Cybercrime knows no borders. Attacks can be carried out on any resource from anywhere in the world. But national borders hinder our cooperation and the exchange of information that helps us battle cybercrime. For me, the key task is increasing the level of trust. For me, the word trust is the most important one in cybersecurity and cyberresilience. We are really lacking trust. Between us, everyone one this panel, we have achieved trust. We have made a small contribution to increasing the level of trust in this hall, and therefore, among colleagues in our industry, who are very enthusiastically engaged in the vital business of ensuring cybersecurity.

The ICC is a unique international cross-industry platform for global dialogue between representatives of government agencies, international business leaders and recognised industry experts on the most pertinent and acute issues of cybersecurity in the context of global digitalisation.

The second ICC is a key event of Global Cyber Week, an international week on cybersecurity that is taking place from 1721 June in Moscow. It is the largest industry event in Russia and Eastern Europe. It unites several industry forums which will be attended by representatives of Russian and foreign state institutions, international organisations and companies, as well as independent experts and researchers.

This Story has 0 Comments
Be the first to comment

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.