At Sibos 2025 in Frankfurt, experts from multinational banks and fintech firms examined the rise of advanced cyber threats. Cybercriminals are leveraging AI, quantum technologies, and machine learning to enhance their attacks. A panel titled “Navigating the Intersection of Technology and Financial Security” discussed how these disruptive technologies could reshape the fraud landscape.
Moderated by Julia Streets, founder and CEO of Streets Consulting, the panel included notable figures such as Leigh-Ann Russell, CIO and global head of engineering at BNY; Ole Matthiessen, managing director at Deutsche Bank Singapore; Mashrur Arefin, managing director and CEO at City Bank; Lisa Lee, global lead for FSI at Microsoft; and Sudhir Pai, CTO and innovation officer at Capgemini Australia.
Lee initiated the conversation by describing AI as an “augmentation” to cybersecurity teams, emphasizing its role in visualizing risks and streamlining fraud detection. She noted, “AI can model potential threats and help identify indicators of compromise in ways we never imagined.”
Russell highlighted the urgency of cybersecurity, stating, “Every 30 seconds, there is a cyberattack.” She stressed the importance of integrating AI for anomaly detection, noting that BNY has embedded AI across its operations to map customer connections and transactions comprehensively.
Pai pointed out that a well-trained workforce serves as the strongest defense against AI-related threats. He warned that as AI gains traction, it could create new vulnerabilities for employees, differing significantly from interactions with past technologies.
When asked about the threat of quantum technology, Lee remarked that while some technologies may become industry standards, like the metaverse, the widespread adoption of quantum solutions has not yet occurred.
Addressing the notion of legacy, Pai suggested that it is evolving into a mindset, requiring ongoing training and awareness rather than merely a focus on outdated technologies.
Matthiessen discussed resilience, emphasizing the importance of an end-to-end perspective in a hyperconnected world and the rapid recovery capabilities of financial institutions. He argued for a design-centric approach in technology discussions, emphasizing empowerment and innovation.
Arefin echoed Matthiessen’s views, highlighting the industry’s urgency to embrace microservices and learn from the agility of cybercriminals, who can execute operations in seconds compared to the weeks it takes banks to respond.
Russell stressed the need for inter-industry collaboration, reiterating that resilience is a commercial concern. She emphasized the importance of trust and a common framework in recovering from incidents, stating, “Without invested trust, reconnections become impossible.”
In conclusion, each panelist shared insights on the future role of emerging technologies in financial security, converging on the idea that AI and quantum technologies hold significant disruptive potential. They emphasized the importance of proactive industry leadership and continuous learning to foster a culture of adaptation and readiness.