the SINET Innovation Summit
One recurring theme at SINET's 2017 Innovation Summit was the centrality of trust to all aspects of cyber security: why it matters, how it's lost, how it's gained, how it's maintained. Given the Summit's location and its audience, issues of trust were refracted through a financial prism, but they appeared in various forms throughout the day. The effects of growing demand for privacy (driven most obviously by the European Union's coming GDPR, set to take effect next year), the increasing pervasiveness of the Internet-of-things in consumer durable goods (and how trust in their reliability is likely to be reflected in the market), the uncertain but inevitable emergence of standards of care with respect to cyber security, and the ways in which boards of directors come to rely on specialized security expertise they themselves don't possess, were some of the topics taken up.
The foundation of trust on which the global financial system rests was on clear display in the keynote delivered by Gerald Hassell, Chairman and Chief Executive Officer, BNY Mellon. In an address that revealed a clear appreciation of the implications cyber security has for that system, he noted the sheer volume and value of the transactions that cross his bank's networks daily. BNY Mellon's Government Securities Services unit settles $1.5 trillion daily in Wall Street trades of US Government debt. The figures are staggering; the transactions highly automated. The keynote left no doubt of how crucial security is to the entire system.
Our ongoing coverage of the SINET Innovation Summit may be found here.