Artificial Intelligence & Machine Learning , Finance & Banking , Fraud Management & Cybercrime

Financial Services Summit: Fortifying Cyber Preparedness

The recently ended ISMG Financial Services Summit was dedicated to fortifying cybersecurity preparedness in the financial services industry. Thought leaders guided critical discussions on cybersecurity topics such as critical infrastructure, incident response, supply chain threats and zero trust.

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Industry experts at the summit included Claire Le Gal, senior vice president of cybersecurity and risk products, Mastercard; Fred Harris, global head of risk and compliance for enterprise technology and operations, Citi; John Chan, director of technology for AI/ML, Raymond James; Karamjit Singh, director of artificial intelligence, Mastercard; Sohail Iqbal, CISO, Veracode; and Patrice Boffa, chief customer officer, Arkose Labs.

Security leaders offered guidance on achieving balance during periods of change and emphasized the pivotal role of steady leadership in safeguarding digital landscapes.

"I thought this was a wonderful way to celebrate 10 years of ISMG summits," said Tom Field, senior vice president of editorial at ISMG. "To me, the word 'summit' means people coming together for meaningful dialogue. And that's what we got at this event."

Aravind Swaminathan, a top U.S. personal liability lawyer and global co-chair of cybersecurity and data privacy at Orrick, Herrington & Sutcliffe LLP, led an interactive session on the Joe Sullivan-Uber case and engaged in a mock exercise exploring actions CISOs can take in challenging situations.

The keynote session united top security practitioners from some of the nation's leading financial institutions. Susan Koski, CISO of PNC; Matanda Doss, executive director of cybersecurity and technology controls at JPMorgan Chase; William Beer, managing director, financial services, Accenture; and Paul Leonhirth, global financial services industry lead, Palo Alto Networks offered insights to help financial institutions fortify their defenses and chart a course to greater cybersecurity resilience. This gathering also presented a master class in CISO leadership, addressing the latest developments and threats affecting the financial services industry.

Geoff Brown, former CISO of the city of New York and vice president of global intelligence platforms at Recorded Future, participated in a fireside chat in which he shared his insights into his work related to threat intelligence in Ukraine and the Kingdom of Belgium and best practices that organizations can apply to their own cybersecurity strategies, especially considering the current geopolitical events.

The summit sessions also addressed diverse attack types confronting the financial services industry, the importance of software security solutions, effective cybersecurity asset management, strategies for modernizing data protection with the integration of intelligence, and the imperative task of mitigating risks associated with unmonitored business communication channels.

"From nation-state threats to ransomware, fraud and generative AI, we brought together a unique group of experts to discuss the issues that mean the most to financial institutions heading into 2024. What a privilege to help facilitate this dialogue," Field said.

Incident Response Preparedness

The summit comprehensively explored incident response strategies through an interactive Solution Room exercise in which CISOs and cybersecurity leaders formulated strategies to deal with a global ransomware attack scenario.

Participants were invited to join one of the tables for this collaborative session, moderated by Anna Delaney, director of productions, ISMG. Distinguished secret service agent Cooper Kulich and Tim Gallo, global security architect, Mandiant, led the panel. The exercise was structured into three phases, each presenting unique challenges and crucial decision points relevant to real-life incident response.

"The ISMG New York summit exceeded all expectations! A particular highlight of the event was the Solution Room, which brought together security leaders to tackle real-life ransomware scenarios, offering invaluable insights into incident response, supply chain risks, law enforcement collaboration, and building cyber resilience," Delaney said.

The incident response scenario revolved around a fictional shipping and logistics company and its semiconductor manufacturer supply chain partner. During the exercise, the participants offered their insights into dealing with cyberthreats, thereby honing their incident response preparedness.

"This interactive session was not just insightful but a vital wake-up call and a pivotal step in strengthening our collective cybersecurity defenses in the ever-evolving threat landscape," Delaney said.

Navigating the Technical Landscape of AI

As the digital landscape continues to evolve, the integration of AI and ML technologies into organizations' operations has become increasingly prevalent.

CISOs at the summit sought to fortify their understanding of AI technologies and their implications on cybersecurity. They discussed the technical intricacies of AI systems and explored the pivotal role CISOs play in ensuring a secure and responsible AI implementation within their organizations.

Key Takeaways

• Real-time analytics is especially crucial for enterprises in the financial sector.
• Cybersecurity defenses must keep pace with the evolving tactics of attackers.
• The evolution of DDoS attacks in scale, sophistication and motivation makes them a primary concern for cybersecurity practitioners.

Join us at ISMG's NY Cybersecurity Summit: Fraud, Security and Risk Management on Feb 13, 2024. Discover cutting-edge strategies and insights from industry experts to safeguard your organization against evolving cyberthreats.