CYBER SECURITY and Mobile Money: Challenges and Opportunities NOVEMBER 28 TH 2016 PRESENTER: CECIL WILLIAMS

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1 CYBER SECURITY and Mobile Money: Challenges and Opportunities NOVEMBER 28 TH 2016 PRESENTER: CECIL WILLIAMS 1

2 The BIG picture Mobile Money 2

3 "Mobile to overtake fixed Internet access by 2014" Bold prediction from 2008 Mary Meeker, Analyst at Kleiner Perkins Caufield Byers Mobile Device Usage vs. Desktop 3

4 Mobile Device Usage 4

5 Mobile Device Usage 5

6 Global investment in financial technology increased more than twelvefold from $930 million in 2008 to more than $2.97 billion in FinTechs VC Investments estimated $14.5 billion in 2015, 17.8 billion through Q KPMG 6

7 Customer adoption and rise in e-commerce: Increasing convergence and integration between e-commerce and mobile technology have radically changed the shape of the payments. Why Mobile Money? the proliferation of smartphones and tablets, internet/mobile access exponential growth in mobile phone penetration, which now exceeds 100% mpos adoption in the Caribbean October countries October countries (Source: VISA LAC) 7

8 The need for financial inclusion: Driving new technologies and innovations Why Mobile Money? New technology making it economically viable to reach the unbanked or under banked Technology has leapfrogged from branch banking to e-banking and now mobile money Regulation a key enabler for electronic payments huge costs, risks and inefficiencies that come with cash transactions economic growth is directly proportional to the increase in usage of electronic payment methods promotes access to formal credit and savings instruments thereby driving GDP growth 8

9 World Population: 2015: 7,324,782,225 GoHive Why Mobile Money? Mobile Phones in Use: 2015: By end 2015, there are more than 7 billion mobile cellular subscriptions, corresponding to a penetration rate of 97%, up from 738 million in 2000 ICT Data and Statistics Division International Telecommunication Union FinTech innovation promotes inclusion: Innovative technology as a key enabler, regulators are encouraging FinTech firms to make financial services more secure and convenient for customers 9

10 Cyber Security ISO is a specification for an information security management system (ISMS). An ISMS is a framework of policies and procedures that includes all legal, physical and technical controls involved in an organization's information risk management processes. The NIST Cybersecurity Framework (NIST CSF) provides a policy framework of computer security guidance for how private sector organizations can assess and improve their ability to prevent, detect, and respond to cyber attacks. Organizations adopt frameworks to remain relevant, compliant and competitive. Some are mandated e.g. PCI-DSS. 10

11 Extra!! Extra!! Read all about it! Cyber Security DDoS attack on Dyn came from 100,000 infected devices Computerworld - October s show how Clinton campaign chair was apparently hacked AP - October Android banking malware imitating 94 banks apps IBS Intelligence - November Budget Android phones are secretly sending users text messages to China The Verge - November

12 The little Things Cyber Security Mobile Device Protecting Your Device Most successful account breaches nowadays have very little to do with directly exploiting a service in order to gain access to your information. More often than not, the weakest point in the chain is the user. As in, YOU!. Keeping yourself safe requires a simple, yet constant set of steps 12

13 Keeping yourself safe requires a simple, yet constant set of steps: Cyber Security Mobile Device LOOK BEFORE YOU TAP! If a pop-up ad or a false login screen can con you into submitting your credentials, there's no need to "hack" anything because you've purposefully handed that information over. 13

14 Keeping yourself safe requires a simple, yet constant set of steps: Cyber Security Mobile Device DO NOT LEAVE UNKNOWN SOURCES ENABLED! Leaving this particular door open on your phone or tablet is something that should never happen. Turn it on only when installing apps from trusted sources that are not in the Google Play Store. 14

15 Keeping yourself safe requires a simple, yet constant set of steps: Cyber Security Mobile Device AVOID ILLEGITIMATE APPS! Rooting or Jail-Breaking your devices to get cool apps is not so cool. This could expose you to malware and create avenues for crimes such as identity theft and online fraud. 15

16 Keeping yourself safe requires a simple, yet constant set of steps: Cyber Security Mobile Device READ APP PERMISSIONS! The ten seconds it takes you to read over this list and make sure you want whatever app you are installing to have access to your data could easily be what stops you from installing something that you consider malware. DO NOT GRANT PERMISSION IF YOU THINK IT WILL PLACE YOU AT RISK! 16

17 Cyber Security Mobile Device 17

18 QUESTIONS 18