Wednesday, 1 October 2014

MasterCard Global Risk Management Conference in Ireland

I was very excited to be invited by MasterCard EU (@MasterCardEU) to participate in a discussion panel during the Global Risk Management Conference #GlobalRisk [1] which took place in Ireland this year. Sysnet (@Sysnetgs) published an article regarding the event [2] on their blog. 

A variety of talks and presentations about the security of transactions, fraud, micro-payments, biometrics and trends in CyberCrime made the conference extremely interesting. MasterCard wanted to explore the increasing scope, scale, and complexity of cyber crime impacting the industry. After the recent events regarding breaches, the latest trends, and new attack vectors that criminals are employing, it is an opportunity to discuss and share lessons learned and best practices to impede Cyber Crime.

For all the above reasons, the discussion panel I had the honour to be invited to participate, focused on Real-World Strategies to Avoid Cyber Crime. With Andrew Henwood, CEO of Foregenix being in the panel as well, we had the chance to discuss our concerns regarding CyberSecurity and the threats we see evolving today. 

The discussion focused on PCI DSS compliance and how the rollout of EMV in the US is going to have a profound effect on global fraud levels over the long term. We looked into the implications that Europe needs to be aware of as the US goes through this transition. The discussion ended by looking into what have we learned over the past few years and how that positions us to better defend ourselves. Andrew had a very good point; that at the moment we find ourselves in a transition state where the EMV roll-out in the US and technologies such as P2P, ApplePay & MasterPass are going to make it very difficult for criminals to commit fraud

Of course this should not stop us from thinking forward or divert us from trying to best defend our services by constantly utilizing technological advances. A closing remark from myself would be that we need to keep in mind that our Security professionals and Experts are really good and that Cyber criminals are not better than them. To continue to stay ahead of them, legislation needs to be forward looking and information security policies need to be constantly updated taking under consideration evolving technologies and the state-of-the-art in Information Security. 
Multi factor biometrics and multi-layered security implementation are coming and will be very interesting to see their real world implementation and roll-out in the next years to come. 


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