Mark Clancy, DTCC Chief Information Security Officer and CEO, Soltra
Throughout the last decade Europe has made tremendous strides in reducing retail cyber crime because of strong advancements in payment card authentication and other technologies designed for secure payment protection. In particular, Europe’s early adoption of the Europay, Mastercard and Visa standard – better known as EMV – represented a paradigm shift for securing payment transactions and preventing counterfeiting of cards. As a result, cybercrime and fraud largely migrated to countries where EMV was not widely employed, such as the United States.
Today, however, the US is on course for a rapid and widespread adoption of this enhanced method for processing transactions in the wake of high-profile data breaches at US retail giants Target and Home Depot, among many others. This leveling of the playing field, coupled with the US’ adoption of new and innovative initiatives to improve cyber information sharing, is threatening to reverse the course of cybercrime’s migration and place Europe firmly in the crosshairs of cyber criminals once again. To address this risk, EU cybersecurity stakeholders and policymakers must consider steps to improve their collective cyber defense, particularly through the adoption of improved information sharing mechanisms.
Improving the ability of private sector entities and government to share critical cyber threat information is vital to bolstering Europe’s collective cyber defense; the cyber challenge cannot be solved by a single government, sector or firm. A collaborative approach based on open dialogue and trust is essential to achieving real-time identification, detection and mitigation of emerging cyber threats.
The financial services industry has long viewed cybersecurity as a non-competitive area, and as a result has been at the forefront of innovative information sharing solutions, both between the public and private sectors and among private sector entities. These partnerships, such DTCC’s recently launched information sharing platform known as Soltra, have enabled organizations to enhance their cyber defenses by leveraging the capabilities and experience of a broader community while also improving the collective response to a rapidly-evolving universe of cyber threats.
Nevertheless, concerns about privacy, liability and the appropriate role of government need further discussion and EU policymakers must strike the right balance if they are to head-off a new rise in cybercrime in Europe.
This article first appeared in the Eurofi High Level Seminar 2015 newsletter