Intelligent CIO Europe Issue 15 - Page 60

PROFILE quite a significant impact on us. Obviously, Brexit has had an effect simply because the rules surrounding data housing will potentially change. Although our industry is not likely to be impacted as much as others, the location of physical assets and the regulatory requirements around that may change so we are very focused on planning for different scenarios. Another significant factor is GDPR. We’ve always been a highly-regulated industry, so we are used to working in this kind of environment. The final significant factor that I think has enormous potential globally but which the UK is leading the charge on, is open banking. Open banking is a fascinating concept for us – this is a real game-changer for companies and consumers. This ability to share information across banking institutions more easily is hugely impactful for our industry and for us as a company. 60 INTELLIGENTCIO On whether European businesses are doing well to combat potential cyber-risks understanding of where some of the security risks are that may not have been considered. Security is a huge deal and has an impact on everything. Financial institutions in Europe that I’ve spoken with, particularly in the UK, are all very focused on ensuring they can meet the regulatory requirements. I think there’s some concern out there – I was in Australia several months ago giving a presentation on open banking in the UK compared with open banking in Australia and the common theme I heard in both countries is that we can’t sacrifice security under any circumstances. However, I believe that right now, every organisation I’ve spoken with on this topic understands the critical nature of getting it right and moving at a pace that allows the security components to be handled at the same time as the regulatory requirements. At Experian, security is our top priority and part of our culture. The systems, people and processes that we have in place to protect data are under constant review to ensure they remain best-in-class. Security has to be top of mind at the same time that we need to meet regulatory requirements around open banking. I think that the emphasis is there and as we continue to roll this out in the UK and in places like Australia, we’ll get a better The evolving technology landscape and its ongoing development I think there’s a lot of interesting forces at play currently – we’re seeing a huge push and aggressive migration towards the cloud. We’re now seeing large financial institutions, www.intelligentcio.com