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Cybersecurity and the Financial Sector: The Third-Party Risk Challenge

May 10, 2022

Virtual

FCI Cyber security
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  • With the increased amount of cyber security incidents and the level of vulnerability across the end-to-end supply networks, Information Technology risk management and security turn to be vital for financial and non-financial sector institutions to operate sustainably and to be trusted by customers. Following the successful cybersecurity webinars of December 2021 and February 2022, we are pleased to announce a webinar focusing on Third Party risks in cybersecurity and the financial sector. The webinar aims to discuss in depth the main challenges in the end-to-end cyber security governance, personal data protection, regulatory compliance, new technologies deployment with a focus on securing an effective third-party and vendor risk framework. The webinar will also address fintech-related issues, which are increasingly important as fintech firms participate as third-party service providers and as more financial players expand into the digital spaces. In this regard, two perspectives will be heard from the Bank of Thailand and Monetary Authority of Singapore on setting and implementing third-party standards and best practices in the financial sector with respect to information technology. Furthermore, the webinar will hear from a third-party service provider of products and services to the financial sector to ensure that there are not wittingly or unwittingly used as an entry point to a cyber-attack. A Korean Fintech IT service provider, FNS Value, to financial and non-financial institutions will share the Korean perspective on mitigating third-party risks in cybersecurity and implementing third-party best practices in Korea’s financial and non-financial sector.

  • 10:00-10:05 am KST

    09:00-09:05 pm EDT

    Opening Remarks: Zafer Mustafaoglu (Practice Manager, Financial, Competitiveness and Innovation, East Asia and Pacific, World Bank Group)

    10:05-11:05 am KST
    9:05-10:05 pm EDT

    Panel Discussion

    Moderator: Harish Natarajan (Lead Financial Sector Specialist, Financial Infrastructure, Finance, Competitiveness & Innovation, World Bank Group)

    • Pinyo Treepetcharaporn (Director, Technology Risk Supervision Department, Bank of Thailand)

    •  Chris Yao (Deputy Director, Technology and Cyber Risk Supervision Department, Monetary Authority of Singapore)

    • Thaib Mustafa (Chief Operating Officer, FNS Value, Republic of Korea) Identity & Access Management for Digital Financial Services. Powered by Blockchain Secure Authentication (BSA)

    11:05-11:25 am KST
    10:05-10:25 pm EDT

    		Q&A

    OPENING REMARKS

    Zafer Mustafaoglu, Practice Manager, Financial, Competitiveness and Innovation, East Asia and Pacific [5 minutes]

    PANEL PRESENTATIONS: Setting and Implementing Third-Party Standards and Best Practices in the Financial Sector with respect to information technology. Many financial institutions enter into third-party relationships by outsourcing certain operational functions to a third party or by using a third party to make products and services available that the institution does not originate. As the financial services industry continues to evolve, some financial institutions are also using third parties for information technology related functions that cannot be performed in-house. Speakers from Bank of Thailand and the Monetary Authority of Singapore will share insights from their regulatory perspectives on matters that should be covered in a general framework for the implementation of an effective third-party risk management process when providing information technology services to financial institutions. Following these presentations, we will hear from an Information Technology service provider that will discuss the end-to-end cyber security governance, personal data protection, regulatory compliance, new technologies deployment with a focus on securing an effective third-party and vendor risk framework. How does the third-party service provider of products and services to the financial sector ensure that there are not wittingly or unwittingly used as an entry point to a cyber-attack? 

    Pinyo Treepetcharaporn, Director, Technology Risk Supervision Department, Bank of Thailand [20 minutes]

    Chris Yao, Deputy Director, Technology and Cyber Risk Supervision Department, Monetary Authority of Singapore, [20 minutes]

    Thaib Mustafa, Chief Operating Officer, FNS Value, Korea [20 minutes]

    Q &A [20 minutes]

    Moderator: Harish Natarajan, Lead Financial Sector Specialist, Financial Infrastructure, Finance, Competitiveness & Innovation, World Bank

  • Zafer Mustafaoglu

    Zafer Mustafaoglu, Practice Manager, East Asia and Pacific, Finance, Competitiveness and Innovation, World Bank

    Zafer Mustafaoglu is the Practice Manager for Finance, Competitiveness and Innovation in the East Asia and Pacific Region, covering China, Mongolia, Korea, Laos, Cambodia, Myanmar, and Vietnam. Mr. Mustafaoglu, a Turkish National, joined the World Bank in 2005. His last two positions were Practice Manager for Finance, Competitiveness and Innovation Global Practice in the Latin America and the Caribbean Region and Lead Economist and Program Leader for Argentina, Paraguay and Uruguay. Zafer worked on various operations and research projects at the World Bank, spanning both macro and micro policy. Zafer received his Ph.D. in International Economics from the Middle East Technical University, Turkey, and completed master's degree and research studies in Economics at the University of Essex and Cambridge University, England. Prior to joining the Bank, Zafer worked twelve years for the Turkish Government and he held the Head of Modeling and Economic Analysis Department position at the Prime Ministry State Planning Organization of Turkey.

    Pinyo Treepetcharaporn

    Pinyo Treepetcharaporn, Director, Technology Risk Supervision Department, Bank of Thailand

    Pinyo is the Director of Technology Risk Supervision Department in the Bank of Thailand. The department is responsible for formulating the IT and Cybersecurity regulatory policies as well as supervising and examining financial institutions. He has over 19 years of hands-on experience in information systems security and audit. Prior to joining Bank of Thailand, he had his professional career with EY and Deloitte and lead a number of IT audit, IT security, IT risk assessment, as well as technology and cyber risk services assignments with clients in various industries.

    Chris Yao

    Chris Yao, Deputy Director, Technology and Cyber Risk Supervision Department, Monetary Authority of Singapore

    Chris Yao is a Deputy Director in the Technology and Cyber Risk Supervision Department at the Monetary Authority of Singapore (MAS). His responsibilities include the development of strategies, programmes, standards, and guidelines for regulating and supervising financial institutions in respect of technology risk management and information security practices. He leads a team of specialists who conduct onsite examinations and offsite reviews to monitor the technology risk management capabilities and effectiveness of information security practices prevailing in the financial sector. He is also a member of a Working Group in the MAS responsible for drafting the MAS Notice and Guidelines on Outsourcing and developing MAS’ cloud risk supervision strategy. Chris holds a Master of Computing from the National University of Singapore and is a Certified Information Systems Security Professional (CISSP).

    Thaib Mustafa

    Thaib Mustafa. Director & COO, FNS (M) Sdn. Bhd for and on behalf of FNS Value Private Limited, Republic of Korea

    Thaib Mustafa was appointed as the Director and the COO of FNS (M) Sdn Bhd starting from 1 June 2021. He graduated from the University of Northern Colorado, United States, with a Bachelor of Business Administration (BBA) in Management Information Systems and Business Management. He started his first career in 1989 as a Production Officer at a US-based company in Malaysia. He also served Telekom Malaysia Berhad for 32 years, with his final designation as Product Director of Cybersecurity at TM ONE. He has more than 32 years of business experience in the communication and multimedia industry. He also serves a leading role in supporting the industry for multiple organizations such as a Chairman, Security, Trust and Privacy Working Group at Malaysian Technical Standards Forum Berhad (MTSFB), and Chairman of Malaysian Industry Standard Technical Committee for Information Security (TC5) on Information Security Management Standards Development.

    Harish Natarajan

    Harish Natarajan, Lead Financial Sector Specialist, Payments and Market Infrastructure, World Bank

    Harish leads a global team working on payments and market infrastructures topics in the Finance, Competitiveness, and Innovation Global Practice at the World Bank. His work spans Payments and market infrastructures, Financial Inclusion, Digital ID, Digital Economy and FinTech. He represents the World Bank in several international working groups on these topics. He was a lead contributor to the preparation of the IMF-World Bank Bali Fintech Agenda and is a co-chair of a CPMI-World Bank taskforce on Payment Aspects of Financial Inclusion.

Details

  • Date and Time: May 9 EDT @9-10.30pm/ May 10 KST @10-11.30am/ May 10 Singapore @ 9-10.30am/ May 10 Bangkok @8-9.30am, 2022
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