Fintech Ireland contributed to the following articles in the Irish Times:
Providing security in the electronic age
With traditional authentication methods such as passwords becoming redundant, new systems such as 3D and biometrics are fast developing
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Read on Irish Times here
Building the human firewall
People are more important than technology when it comes to cyber security
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Read on Irish Times here
GDPR: where does it sit in the cyber security mix?
The advent of the EU General Data Protection Regulation could actually make organisations become more cyber secure
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Read on Irish Times here
Cashing in on digital ‘wallets’
As more people move away from cash and cards towards electronic payments using apps and smartphones, their risk of cyber fraud is greatly reduced
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Read on Irish Times here
Providing security in the electronic age
With traditional authentication methods such as passwords becoming redundant, new systems such as 3D and biometrics are fast developing
- Peter Oakes, founder of Fintech Ireland and former director of enforcement at the Central Bank, says there is a strong case for collaboration between incumbent banks and fast-scaling fintech and regtech.
- Of the €153 trillion of value of business-to-business transactions which will occur in 2018, 8.5 per cent (or $13 trillion) will be via non-traditional players such as Ireland’s TransferMate, which is cited in the recent White Paper on Big Money B2B Transfer.
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Read on Irish Times here
Building the human firewall
People are more important than technology when it comes to cyber security
- Peter Oakes of Fintech Ireland agrees. “Very often it’s not the original issue that arose from the breach that’s the problem it’s the cover-up,” he says. And the consequences for companies which are perceived to have been less than forthcoming can be very serious.
- “The markets are very unforgiving,” he notes. “Just look at the downward spiral in tech stocks following the Facebook/ Cambridge Analytica disclosures. Organisations need to have the right protocols in place for what people do following a breach.”
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Read on Irish Times here
GDPR: where does it sit in the cyber security mix?
The advent of the EU General Data Protection Regulation could actually make organisations become more cyber secure
- Peter Oakes points to another area which some people may have overlooked. In the burgeoning fintech space, there is an increasing number of applications which are transmitting people’s personal and banking details between different organisations.
- “When a customer is uploading information it’s not just where and how it’s stored and used that matters, it’s at the point of transmission that it must be safe and secure,” he says. “I’m not sure if I would be comfortable that this is the case with all the applications out there.” Perhaps GDPR will address this issue as well.
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Read on Irish Times here
Cashing in on digital ‘wallets’
As more people move away from cash and cards towards electronic payments using apps and smartphones, their risk of cyber fraud is greatly reduced
- Of the US$153 trillion business-to-business transactions that will take place globally this year, about 8.5 per cent will be made via non-traditional players such as Ireland’s TransferMate, the international payments firm on whose board Oakes sits.
- TransferMate was set up in 2010 and, by using its own online platform and global banking infrastructure, has significantly reduced the cost of sending international payments.
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Read on Irish Times here