Innovation and fintech create cyber problems, says DTCC survey
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Innovation and fintech create cyber problems, says DTCC survey 06 April 2018London Reporter: Jenna Lomax
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More than 80 percent of participants at a recent DTCC Financial Technology Symposium thought innovation and financial technology have made cyber defence and cyber resilience more difficult.
DTCC, which released the results of the audience poll on 2 April, posed questions during the event to solicit feedback on key issues around fintech .
The firm found that only 17 percent of the audience, thought innovation and fintech would make the challenge easier, while a further 1 percent predicted it would have no impact.
DTCC also asked audience members what aspects of implementing blockchain technology did they believe presented the greatest challenges.
Some 35 percent said that unknown costs would present the greatest challenge, followed by 17 percent who thought interoperability and legal and regulatory frameworks would be the biggest concern.
Another poll asked ‘what are the biggest challenges you see in scaling the impact from artificial intelligence (AI)?’
Some 38 percent of the audience said the quality of data was the biggest challenge, while 27 percent said coordinating different siloes would be a challenge.
The audience were also asked ‘In what part of the trade lifecycle do you see the greatest opportunities from AI?’
Risk and finance was seen as the greatest area of opportunity, receiving 35 percent of the vote, while post trade and custody was voted in second place of the poll, with 23 percent of the vote.
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