Cybercrime and data breaches have increased rapidly and are threatening to hinder global advances in building more inclusive financial sectors. Attacks have occurred throughout the world, particularly in markets with high volumes of digital financial services (DFS) transactions. As developed economies build up their cyber defenses, cyber criminals seem to be shifting their attention to easier targets in emerging DFS markets. They are exploiting the vulnerabilities of DFS transactions that are often carried out on insecure devices and over transmission lines that were not designed to protect the security of financial transactions.
Governments in emerging markets are starting to implement cyber security strategies and are exploring ways to set standards for risk management and how to allocate liability for losses. However, cyber security management and monitoring require new expertise and resources that often are not available in developing countries.
This webinar will discuss the trends, challenges and relevance of cyber security for the development of inclusive financial systems. To address the resource and capacity gap, CGAP is proposing that developing countries consider banding together to form regional cyber security resource centers to help manage risks and respond to cyber-attacks.
About the Speakers:
Silvia Baur-Yazbeck is a financial sector analyst at CGAP. Silvia works on data protection and privacy, government-to-person payments, and technical guidance for CGAP members. At CGAP, she has worked on consumer and behavioral research for responsible financial services, systems, and regulatory frameworks. She works on risks emerging from the digitization of financial services and the growing interconnectedness of financial and other systems. One specific focus of her work is cyber security risk management.
David Medine, a senior financial sector specialist with CGAP, is the lead staff member on data protection and security. He served as chairman of the Privacy and Civil Liberties Oversight Board from 2013 to 2016. Prior to that he served as a senior adviser to the White House National Economic Council. From 1992 to 2000, David was the associate director for Financial Practices at the Federal Trade Commission (FTC) where, he took the lead on Internet privacy, chaired a federal advisory committee on privacy issues, and was part of the team that negotiated a privacy safe harbor agreement with the European Union.