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Moody's Talks - Focus on Finance

Banks Brace for Emerging Tech Risks

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the pressing cybersecurity risks in the financial sector and underscores the importance of navigating compliance amidst outdated systems, emphasizing a collaborative approach for future resilience.
19:11

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

  • Financial institutions must balance innovation with stringent compliance requirements while navigating escalating cybersecurity risks such as ransomware and data breaches.
  • The adoption of emerging technologies like AI and blockchain introduces new risks, necessitating rigorous risk management and collaborative learning among financial institutions.

Deep dives

Cybersecurity Challenges in Financial Institutions

Financial institutions face escalating cybersecurity challenges due to increasing geopolitical tensions, which often lead to targeted attacks on their supply chains. These organizations are especially vulnerable to ransomware attacks and data breaches, where adversaries bypass direct assaults on banks and exploit dependencies within the supply chain. As a result, banks must remain vigilant and comply with stringent regulatory frameworks like the EU’s PSD2 and ORA to protect their operations. Balancing effective compliance with operational efficiency poses significant difficulties, as institutions must navigate the complexities of updating legacy systems while adapting to the evolving cyber threat landscape.

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