The major Banks around the globe cover a spectrum of clients from start-ups and fin-techs through to global corporate multi-nationals and global industry sectors and include other banks, Insurance and Asset Managers. At each end of the spectrum and in between, there are vastly differing approaches to cyber security. An SME or a start-up may think having anti-viral software is a great start whereas a global institution looks for a full range of fraud and cyber security procedures but are challenged by huge system infrastructure spawned over decades with "bolt-ons" and" work-arounds"-making a protective cyber security wrapper very difficult to achieve. Magnify the problem with on the one side escalating and sophisticated fraudsters and cyber-crime and on the other side the desire to innovate and regulatory pressure to open data up to their clients!

  • So, is it a problem? Here's where stats get scary ............
  • Last year alone, 65% of all large firms detected some form of cyber security breach or attack.
  • 25% of the above experienced a frequency of at least one attempt a month!
  • Cyber incidents cost UK firms alone over £34 billion in 2016
  • Statistically going forward, it WILL happen to EVERYONE!
  • If it happened to you tomorrow, how quickly would it be detected?
  • At B2 we maintain dual active tier IV data centres
  • Highest levels of message encryption
  • Independently audited and tested by PWC

It is important to understand the flow of your data and payments activity more than ever before - especially as it opens through API applications and permissions. Is it secure end to end? Has it been tested? Do you have empirical evidence of those tests? Are the penetration tests on the institutions that move your data stringent enough? Are they future proofing these tests as cybercrime and security evolve? The list and the concerns are endless ......... It is the classic statement "with opportunity - comes risk"!

At B2 Group we work with clients to ensure that the integrity of their data is protected end to end in any solution we provide. We regularly test and future-proof against the ever-apparent risks of evolving and sophisticated cyber fraudsters. Our experience agility and configuration allows us to do this in a concentrated and secure way that larger multi-system institutions would truly struggle to emulate. Owning your data is all well and good -allowing permissions to access it, is also all well and good -but each brings its own heightened level of concern and risk.

Bill Wrest has been advising Global Institutions and Corporates on improving and future-proofing cash management internally and for clients focusing on technology, regulation and potential new products. Formerly Head of Innovation for Non-Bank Financial Institutions at Barclays Corporate and prior to this 30+ years with Bank of America Merrill Lynch Global Product Solutions in London, as a Senior Vice President and relationship manager to a portfolio of Fund Managers, Transfer Agents, and Custody Banks. Bill is Director of Sales and Strategy at the B2 Group.