

Banks Brace for Emerging Tech Risks
15 snips Feb 5, 2025
In this insightful discussion, Sandip Wadje, Managing Director at BNP Paribas and an expert in financial technology risks, shares his perspective on the challenges banks face amid rapid technological advances. He explores how financial institutions are balancing innovation with security, particularly with emerging technologies like blockchain and AI. The conversation dives into the pressing cybersecurity risks in the financial sector and underscores the importance of navigating compliance amidst outdated systems, emphasizing a collaborative approach for future resilience.
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Cybersecurity and Geopolitics
- Geopolitical tensions drive cyber threats targeting financial institutions, often through supply chains.
- These threats manifest as ransomware attacks, data breaches, and supply chain incidents impacting daily operations.
Balancing Regulation and Efficiency
- Prepare for evolving regulatory expectations like GDPR, PSD2, and DORA by revisiting roles and processes.
- Leverage emerging technologies like AI to maintain compliance and stay ahead of regulatory changes.
Regulations and Legacy Systems
- Regulations like DORA are beneficial as they highlight vital business processes and dependencies on service providers.
- Blockchain technologies like CBDCs and stablecoins will likely lead to a transition from legacy payment systems rather than direct integration.