Interdisciplinary Research Professor at the University of Glasgow, Andrew Hoskins participated in an expert roundtable on ‘A New Security Paradigm for Financial Institutions’. The event, held online on March 27, 2023, was hosted by the Information Security Institute (Munich, Germany), and was under the auspices of the European Academy of Sciences of Ukraine (EUASU).
The relevance of such a topic stems from the fact that in an era of a booming cybersecurity industry, the prevalence of technological issues and security vulnerabilities in financial institutions is only increasing. Over a long period of time, many companies and organizations have tried to shift security responsibility to software and automate security measures, but the belief that machines can prevent human errors has been debunked, and the expert community has arrived at a general conclusion that in the absence of addressing the human element, technological solutions are incapable of securing financial structures.
The emergence of this public consensus is the result of a series of comprehensive reports, instigated by not only government agencies but also first-class cybersecurity organizations, financial institutions, CISOs, analytical and expert companies. And the main conclusion boils down to the need to address a pivotal security issue, specifically, the human factor.
During his presentation, Professor Andrew Hoskins emphasized that one of the major security risks faced by companies comes from their “employees and ex-employees, who generate and carry with them an astonishing range and quantity of data, with the potential to be associated with or connected to their employer over the longer term”.
In a unique and historic roundtable discussion, ten scientists hailing from five countries have taken the initiative to move from theoretical reflection to practical solutions for tackling the human factor problem. Andrew Hoskins, for his part, emphasized the distinct threat posed by data brokers that must be considered in program design.
The event concluded with an agreement to develop a program aimed at minimizing human factors, and to establish the requirements for its implementation within the upcoming months.
Thus, participants at the event agreed that addressing the human factor is of paramount importance to the security of not only financial structures, but also any business structures and organizations that are exposed to the human factor. The move towards practical solutions marks a significant step in the evolution of the security sector and financial institutions, with the focus now on minimizing human factors as a key factor in ensuring safe and secure financial structures. It is worth highlighting that a forthcoming program will be of utmost importance, as no company or organization today is able to eliminate security vulnerabilities that stem from the human factor.