CTS2018 Mission – Open Letter
“The Global Financial Sector is Under Cyber Attack”
Our Theme for CTS2018
The cyber task force believes “it takes a network to defeat a network”. We believe by sharing, collaborating and connecting we can effectively disrupt and defeat the “bad guys”.
Each year we choose a particular mission or theme for the Cyber Threat Summit. This year our mission is “Protecting the Global Financial Sector”.
Cyber risks are increasing in sophistication, frequency, and persistence. They are growing more dangerous and diverse, threatening to disrupt our interconnected global financial systems and the organisations that operate and support those entities. Small, medium and large entities across the entire financial sector are being targeted. As customers and users of those systems, we also share a collective responsibility to utilise them in a secure way.
This year the financial sector has already been hit with significant DDoS and phishing campaigns with payloads that have included credential stealing malware, destructive malware and ransomware. The entire financial sector in the UK has been put on notice by the Bank of England to prepare for more cyber-attacks and the resultant impact they may cause.
The risk to the financial sector goes way beyond the UK. Cyber threats are global by nature and the “contagion” or “knock on” effect for collateral damage is a reality. The G7 (Group of Seven) countries, recognising this “interconnected” risk between financial institutions and the supply chain, have now issued specific warnings and guidance for the leadership to adopt.
At the same time, the financial sector is challenged with delivering their corporate strategies and leveraging advanced technologies such as AI, Blockchain, Cryptocurrency and Big Data in order to deliver a “Digital Transformation”.
The geopolitical aspects of many of today’s cyber threats means the reality is financial institutions are in the cross hairs of nation state or nation state supported threat actors. In May, the NCSC (National Cyber Security Centre UK) issued a stark warning to businesses that they should prepare for further Russian attacks based on the deteriorating relationship between the UK and Russia following the Salisbury poisonings.
From a governance perspective, the reality is there is increased cyber related legislation such as the NIS Directive, GDPR and industry regulations are being enforced with greater vigour by regulators. The boards cyber strategy has to account for all these issues and of course factor in related aspects such as Brexit.
All of this whilst there is a demand to deliver a higher level of trust and privacy to customers and business partners. This all adds to the challenge facing the board.
These challenges are growing and at this year’s European Cyber Threat Summit we will outline how business leaders, cyber security professionals and those that support the sector can deal with these aspects.
From a strategic, operational and technical perspective our delegates will learn how to employ cutting edge and innovate solutions with best practice.
“It Takes a Network to Defeat a Network” and at this year’s European Cyber Threat Summit we will bring together a network of industry peers, experts, thought leaders and innovators that can help the global financial sector deal with the cyber challenge.
“The Global Financial Sector is Under Attack. Ten years after the financial crisis, cyber resilience is now the new priority.”
Be part of the solution, join us on Oct 24th in Dublin for the European Cyber Threat Summit 2018.
We hope to see you there.
Paul C Dwyer President ICTTF International Cyber Threat Task Force