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A FinTech CISO’s view on challenges and opportunities in InfoSec for 2024

Published

6 days ago

June 21, 2024

Embracing Change: The Future of InfoSec in 2024 by David Scholefield, Chief Information Security Officer at Demica

As we look forward to the security landscape in the latter half of 2024, it’s clear that Chief Information Security Officers (CISOs) will face new challenges and opportunities. The InfoSec field never remains static, and CISOs must stay ahead of the curve to manage evolving cyber threats, legislative changes, and increasing demands from stakeholders.

The Dynamic InfoSec Environment

Cybercriminals, regulatory shifts, and demanding stakeholders are pushing CISOs to maintain heightened vigilance in an increasingly hostile environment. The primary focus for CISOs is to protect the value their organizations create while staying agile to leverage technological advancements.

With the increase in the number and sophistication of cyber threats, balancing protection and opportunity will be more challenging. However, by focusing on a few key strategies, CISOs can achieve significant InfoSec victories by year-end.

InfoSec as a Collaborative Effort

The notion that people are the weakest link in InfoSec is an oversimplification. Blaming colleagues for security missteps overlooks the systemic issues that put them at risk. While awareness training can mitigate some risks, it’s crucial to design work processes that support secure behavior without compromising flexibility and creativity.

Mistakes will happen despite good controls and intentions, so implementing defense in depth is essential to prevent one error from causing significant damage. Blaming individuals for inevitable mistakes is unproductive. Instead, understanding their roles and processes to build appropriate controls is more effective.

Rather than relying solely on training, which lacks evidence of standalone effectiveness, threat modeling the riskiest roles and processes to devise targeted controls can significantly reduce risk. InfoSec should not be centralized in a single department but integrated throughout the organization, with everyone contributing to security efforts.

Preparing for AI’s Impact

Ask any CISO about their biggest challenge, and many will point to complexity. As technology evolves rapidly, the challenge of staying abreast of new developments is daunting. The rise of AI represents a significant shift that will divide organizations into adopters and non-adopters, with the latter quickly falling behind.

AI brings risks related to privacy, intellectual property, ethics, and bias, but it also offers tools for intrusion detection, secure coding advice, and vulnerability management. CISOs must balance managing AI’s risks with leveraging its potential to enhance InfoSec programs and business outcomes.

Compliance as a Strategic Tool

Compliance is often seen as a checkbox exercise rather than a strategic asset. However, adopting standards like ISO/IEC 27001 can drive real improvements by providing expert guidance on InfoSec practices. Genuine compliance implementation can enhance protection and InfoSec outcomes, leveraging decades of expertise.

Compliance standards can also be valuable in assessing suppliers, ensuring they meet rigorous security criteria. By adopting a comprehensive approach to compliance, CISOs can significantly enhance their security programs.

Evolving CISO Roles and Reporting Lines

In 2024, the trend of CISOs reporting directly to the board will accelerate, reflecting the strategic importance of InfoSec. This shift acknowledges the potential conflict of interest when CISOs report to CTOs or CIOs and emphasizes the need for InfoSec to be a strategic consideration in organizational governance.

CISOs should continually assess their reporting lines, providing advice on how changes can enhance their effectiveness and contribute to strategic decision-making. This trend will see CISOs playing a more integral role in shaping organizational direction.

Source: intelligentciso.com

The post A FinTech CISO’s view on challenges and opportunities in InfoSec for 2024 appeared first on HIPTHER Alerts.

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FAOM and BNM Join Forces to Prepare Fintech Firms for Regulatory Sandbox

Published

2 hours ago

June 27, 2024

Peter Tolan

During the Sandbox Open Day at Sasana Kijang, the Fintech Association of Malaysia (FAOM) unveiled its Sandbox Pre-Screening and Mentorship Programme. This initiative is designed to enhance the preparedness of potential participants for Bank Negara Malaysia’s (BNM) Financial Technology Regulatory Sandbox.

The programme, created in collaboration with BNM, offers commercial, strategic, and regulatory advice to potential sandbox candidates, including fintech companies and financial institutions. FAOM utilizes its extensive network of experienced fintech mentors from notable firms like Soft Space, EY, Paynet, Masryef, Izwan & Partners, Zaid Ibrahim & Co., Artem Ventures, Ampersand, Tranglo, SEA Group, Gainsecure, and PwC.

These mentors are equipped to help companies effectively tackle the fintech and regulatory challenges, providing customized guidance across various domains such as payments, insurance, venture capital, e-commerce, technology, public relations, and legal areas. Their goal is to prepare applicants for participation in the sandbox, where they can experiment with innovative financial products and services within a regulated framework.

The mentorship program not only evaluates the readiness of participants but also provides strategic industry insights. It acts as a feedback conduit between participants and BNM to enhance the sandbox’s overall impact.

Those interested in joining the programme can contact FAOM directly or via email for more information.

Wilson Beh, President of FAOM, expressed enthusiasm about the new initiative, stating, “We are thrilled to launch this Sandbox pre-screening and mentorship program in collaboration with BNM. This initiative reflects our commitment to fostering innovation, collaborating closely with regulators, and supporting the growth of Malaysia’s Fintech sector.”

Suhaimi Ali, BNM’s Assistant Governor, remarked on the importance of partnerships in advancing innovation responsibly, highlighting the launch as a significant step forward.

Earlier this year, BNM announced enhancements to its sandbox framework with the introduction of the Green Lane feature in February. This new component allows financial institutions with proven records in risk management, governance, and compliance to expedite testing of innovative solutions by offering them regulatory flexibility.

Source: fintechnews.my

The post FAOM and BNM Join Forces to Prepare Fintech Firms for Regulatory Sandbox appeared first on HIPTHER Alerts.

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OEGH Holdings: OEGH Holdings and related entities settles claims in the UK, Cyprus, Luxembourg, Romania and the BVI with Maxbet

Published

3 hours ago

June 27, 2024

CISION (PR Newswire)

LONDON, June 27, 2024 /PRNewswire/ — This press release has been issued by the following parties: OEGH Holdings S.à r.l.; Maximus Topco S.à r.l.; Maximus Holdco I S.à r.l.; Maximus Bidco I S.à r.l.; Maximus Holdco II S.à r.l.; Maximus Bidco II S.à r.l.; Max Bet Jocuri Electronice Srl; Max Bet Srl; Max Bet Slots Group Srl; Quality Customer Care Solutions Srl; Maxbet Entertainment Group Limited; Vladimir Sadovskii; Toptunes Limited; Maxim Pasik; and ASC Group Limited.

Maximus Bidco I S.à r.l., Maximus Bidco II S.à r.l. (the shareholders of Maxbet in Romania and in Malta) and their related entities and Maxbet Entertainment Group Limited, Vladimir Sadovskii, Toptunes Limited (the previous shareholders of Maxbet in Romania and in Malta), Maxim Pasik and ASC Group Limited have settled all claims between them in the UK, Cyprus, Luxembourg, Romania and the BVI arising out of or in connection with the purchase of the Maxbet businesses in Romania and in Malta in April 2021 and the consultancy services provided by ASC Group Limited to Maximus Bidco I S.à r.l..

The details of the settlement are confidential and the parties will not provide any further information on the matter.

View original content:https://www.prnewswire.co.uk/news-releases/oegh-holdings-oegh-holdings-and-related-entities-settles-claims-in-the-uk-cyprus-luxembourg-romania-and-the-bvi-with-maxbet-302184618.html

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Prime Minister, Minister of Foreign Affairs launches Smaisma Project

Published

4 hours ago

June 27, 2024

CISION (PR Newswire)

DOHA, Qatar, June 27, 2024 /PRNewswire/ — His Excellency the Prime Minister, Minister of Foreign Affairs, Sheikh Mohamed bin Abdulrahman bin Jassim Al Thani, launched today, Smaisma Project, the latest project by the Ministry of Municipality which will be managed by Qatari Diar Real Estate Investment Company. Upon completion, the project is expected to become a new urban landmark in the country, adding to the growing list of unique tourist destinations along Qatar’s coast.

Speaking at the launch, His Excellency Abdullah bin Hamad bin Abdullah Al Attiyah, Minister of Municipality, stressed the importance of collaboration between partners in the public and private sector to continue and reinforce the growth trajectory that Qatar has been witnessing. “As we move steadily towards achieving Qatar National Vision 2030, we are building a future more prosperous and stable for future generations, economically, socially and environmentally. We look forward to enriching the tourism sector with more projects that meet the needs of this vital industry.”

Eng. Ali bin Mohamed Al-Ali, CEO of Qatari Diar Real Estate Investment Company, expressed his pride in the trust awarded to Qatari Diar by the Ministry of Municipality to manage the project, stating, “This latest project has been planned under the umbrella of the Ministry of Municipality and in line with the path of continued economic growth pursued by the State of Qatar. This project will set a new standard for tourism in the region and write a new and exciting chapter in Qatar’s ongoing success story.”

He continued, “The Qatari real estate market is valued at US$485 billion in 2024, and attracts the most foreign direct investments after the energy sector. This industry has witnessed notable growth in the past few years, driven by an increase in demand on residential and retail spaces, growth in visitor numbers, Qatar’s hosting of mega events and development in the business and trade sector.”

The Smaisma Project will span eight million square metres, and extend along seven kilometres of pristine beachfront on Qatar’s eastern coast, in the area known as Smaisma Beach, providing novel tourist and entertainment experiences to the people of Qatar and its visitors.

The project provides promising investment opportunities, with 16 tourism zones available for development by the private sector, including resorts spread out over four zones each with a unique design and character. In addition, the project will feature a large-scale theme park, 18-hole golf course, residential villas, a yacht marina, as well as luxury restaurants and retailers.

Sustainability will be a fundamental pillar of the project, with reliance on smart construction systems, the use of local and recycled materials, as well as the latest in construction technology.

Considered an integrated tourism development, Smaisma Project will open up promising investment opportunities for real estate, development and tourism companies, encouraging foreign direct investments.

Qatari Diar has 50 investment projects under development in 20 countries around the world, combining an investment value of around US$35 billion. The company seeks to provide investment opportunities for both local and foreign real estate developers in many of its projects around the world.

The company has also contributed significantly to the growth of Qatar’s real estate sector though pioneering projects, including Lusail City, one of the largest smart and sustainable cities in Qatar.

Qatari Diar’s vision is to consolidate its position as a real estate investment company with the highest levels of trust, credibility and efficiency, while harnessing its energies and capabilities to provide sustainable development of high quality, careful planning and the use of innovative methods in the world of real estate.

Media Contact: Peiwen Zou; [email protected]; 44103000

Photo – https://mma.prnewswire.com/media/2450154/Qatari_Diar_1.jpg
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