Panel 1: IT security & wealth management: threats and opportunities
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Hackers and data breaches are part of the daily news. But bulk of cybercrime is unreported or unnoticed, with behind the scene financial frauds, extortion and theft of personal and business secrets. Wealth management clients are ever more concerned about the confidentiality of their advisory and security of their financial transactions, and this in turn increases friction to client relationship where client will just trust face-to-face meeting for confidential matters. Even the best and most secure apps, expensive devices, authentication methods are vulnerable to confidentiality, integrity and authentication breaches even by mid-level hackers. Will the “call back” transaction verification be enough when voice cloning and deep fakes technologies are constantly improving? Meanwhile, IT giants like are rapidly moving into banking, and increasingly taking control of the client user interface and trust relationship like WeChat or WhatsApp, and being able to offer better security by controlling the underlying software and hardware like Apple.