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30 November 2024

Matt Hyde Meets: Cyber Innovation Hub


Matt Hyde Meets Cyber Innovation Hub

As part of a new interview series, Matt Hyde, Director of Recruit121 and FinTech Awards Wales, talks to a whole host of professionals in and around Wales’ thriving FinTech Sector.

This week Matt caught up with Matthew Turner Head of Operations from Cyber Innovation Hub.

1. Can you provide an overview of the Cyber Innovation Hub and its primary mission in the cyber security landscape?

The Cyber Innovation Hub (CIH) is an innovative initiative in Wales that is aiming to play a critical role in shaping the future of cyber security in the region. Our mission is to transform the Cardiff Capital Region into a leading cyber security cluster, creating a world-class pipeline of new cyber security products, high-growth businesses, and technically-skilled talent.

 

Thanks to the support of the Welsh Government and Cardiff Capital Region, we have a unique opportunity to accelerate the growth of the cyber sector in South Wales. We aim to accelerate the development of cutting-edge cyber technologies and solutions by fostering collaboration between government, industry, and academic partners. We offer tailored bitesize courses and cyber testbeds to allow businesses to test and strengthen their security measures. Additionally, we run a venture-building programme aimed at supporting the creation of new cyber-focused startups that respond directly to the needs of sectors like FinTech

2. How has the Cyber Innovation Hub evolved since its inception, and what have been some key milestones in your journey?

Since its launch, the CIH has become a core component in developing the cyber sector across the CCR. Some of our key milestones include the launch of our testbeds, where organisations can simulate and test their cyber resilience, as well as our venture-building programme that has helped incubate new cyber-focused businesses. Our partnerships with universities, industry leaders and government bodies have also been crucial in driving our impact on industries like FinTech.

 

Our skills programmes are developed to meet the talent shortage in a practical and sustainable way, so we launched a skills gap analysis to help shape our offer. Driven by industry demand expressed during that analysis, we already have a number of cyber upskilling and reskilling short courses now available to book on the Hub website. We welcome interest from individuals and employers in all sectors and we’ll be continuing to develop high impact short courses tailored to real-world requirements, in everything from cyber hygiene, cyber security by design, to the security of industrial control systems and infrastructure, making sure both the learners and their employers get maximum value from each training experience.

3. What types of organizations and industries does the Cyber Innovation Hub primarily support, and how does Fintech fit into this focus?

At CIH, we operate with an open-door policy, inviting organisations and businesses from all sectors to engage with us. We particularly support organisations across various sectors that are vulnerable to cyber threats, such as finance, healthcare, manufacturing, critical national infrastructure, transport, utilities, government, and technology.

 

FinTech is a critical area of focus for us due to its reliance on secure, high-trust digital services. Insights from sectors like FinTech help inform our venture-building programme and our skills programme. Our goal is to provide FinTech companies with the tools and expertise to mitigate risks and improve their security posture. We believe in the power of collaboration and the collective effort needed to navigate the swiftly changing landscape of digital transformation.

4. How does the Cyber Innovation Hub stay ahead of emerging trends and challenges in the cyber security space?

The Cyber Innovation Hub stays at the forefront of the cyber security landscape through several avenues. We actively participate in both UK and international conferences to stay connected with the latest developments. Moreover, we have strong links with Cardiff University and the University of South Wales, which are both recognised by the UK Government, through the National Cyber Security Centre, for their excellence in cyber security research, innovation, and education.

 

Our partnerships with leading industry players like Airbus, CGI, and Thales, further strengthen our ability to stay ahead of trends. We’ve also established collaborative relationships and a governance and advisory structure composed of experts from both the private and public sectors. This esteemed group brings a wealth of knowledge and experience, exchanging invaluable ideas and strategies to keep the Hub at the cutting edge of innovation and cyber security best practices.

 

We also stay closely connected with academic research and industry developments to ensure that our courses and resources reflect the latest trends and challenges. This allows us to anticipate and address emerging threats in sectors like FinTech.

5. What are the most pressing cyber security threats currently facing the Fintech industry?

One of the most pressing threats in the FinTech industry is the rise of sophisticated ransomware attacks and phishing scams. Additionally, the increasing digitisation of financial services has made banks and other FinTechs vulnerable to data breaches and attacks on digital wallets and payment platforms.

 

FinTech companies are particularly at risk of data breaches, ransomware attacks, and payment fraud due to the highly sensitive nature of the financial data they handle. With the rise of AI-driven cyber-attacks and sophisticated phishing techniques, it’s essential that FinTech firms adopt advanced protective measures and help to educate their customers. Another key concern is the risk associated with third-party providers and open banking platforms, where vulnerabilities can be exploited. As these threats evolve, the industry must be vigilant about securing customer data and maintaining the integrity of their systems.

6. How do you see the cyber security landscape evolving in the Fintech sector over the next few years?

The FinTech sector is likely to see heightened regulatory scrutiny, with stronger mandates for data protection and consumer privacy. Additionally, as technologies like blockchain and AI continue to evolve, we expect to see FinTech companies adopting more advanced, automated cyber security solutions to detect and respond to threats in real time and leveraging AI and machine learning for predictive threat detection and response. As the industry continues to digitise, the emphasis will be on integrating cyber security by design into financial services from the outset.

7. What trends or innovations in cyber security are you particularly excited about, and how might they impact Fintech?

I’m particularly excited about the potential of digital twin technology, which are using at CIH. This innovation allows businesses to simulate their environments and test their cyber defences in a safe and controlled way. In the FinTech space, this could significantly improve how companies manage and mitigate risks before they become a reality. Additionally, advancements in zero-trust architectures and behavioural biometrics are promising developments that will further protect sensitive financial data.

 

One exciting trend is the rise of quantum cryptography, which has the potential to revolutionise data protection. The adoption of artificial intelligence and machine learning in cyber security is also transforming how we detect and respond to threats. For the FinTech industry, these innovations can provide stronger encryption methods and predictive threat intelligence to prevent fraud and breaches before they occur.

 

With these advancements in cybersecurity, companies may be able to offer a wider range of secure financial transactions and services.

8. How can Fintech companies best prepare for and adapt to rapidly changing cyber security threats?

To stay ahead of threats, FinTech companies need to prioritise ongoing education and training in cyber security, adopt a proactive threat detection strategy, and ensure they have a robust incident response plan in place. Using simulations, real-time monitoring tools and scenario planning can help companies stay prepared for emerging cyber threats. Collaboration with cyber security experts and participating in programs like CIH’s tailored courses can further enhance their resilience.

 

FinTech companies should adopt best practices, such as encryption, multi-factor authentication, and regular system audits. It’s crucial for companies to stay informed about the latest threat vectors and work closely with cyber security experts to ensure their systems are resilient against attacks.

9. What are some of the biggest challenges that Fintech companies encounter in securing their systems, and how can they overcome these challenges?

One of the biggest challenges is balancing innovation with security. FinTech firms often need to roll out new services quickly to stay competitive, but this can expose them to vulnerabilities. To overcome this, companies should prioritise security from the beginning of product development and adopt agile cyber security strategies that evolve with their services.

 

Another of the major challenges is the integration of multiple platforms and technologies, particularly legacy systems, which can introduce vulnerabilities if not properly managed. Additionally, ensuring compliance with global regulatory standards while keeping pace with innovation is difficult. To overcome these challenges, FinTech companies should focus on adopting secure-by-design principles, investing in regular system audits, and staying aligned with the latest cyber security regulations and recognised standards.  Standards provide a structured framework for managing information security risks and help ensure that companies have appropriate policies and controls in place to protect their systems and data.

10. How does the Cyber Innovation Hub support Fintech companies in building and maintaining robust cyber security measures?

At CIH, we offer tailored training through our bitesize courses, providing FinTech companies with the knowledge and skills to improve their cyber defences. Our testbeds can support businesses in testing their systems under various threat scenarios. We also support the creation of new cyber-focused startups through our venture-building programme, encouraging solutions that specifically address the needs and challenges of industry, including the FinTech sector.

11. What excites you most about working at the intersection of cyber security and Fintech?

The most exciting aspect of this intersection is the constant evolution of both fields. As FinTech companies push the boundaries of innovation, it’s thrilling to see how cyber security solutions must evolve in tandem to protect these new services. The dynamic nature of the threats we face, combined with the rapid advancements in defence technologies, makes this a fascinating area to work in – to see how new technologies are being developed and deployed to meet these challenges. Being part of this dynamic and rapidly evolving space is incredibly rewarding.

12. How did you enjoy the interview and judging process

I thoroughly enjoyed the interview and judging process. It was a fantastic opportunity to engage with the FinTech community and see firsthand the incredible passion and innovation coming out of the cyber teams in the companies that entered. It’s so important to recognise those teams who are doing excellent work in the field.

13. Finally favourite book you have read and why

I’m a bit of a bookworm so difficult to pick out any single book.  An excellent book I read recently was “Crickonomics: The Anatomy of Modern Cricket” by Tim Wigmore and Stefan Szymanski.  Cricket is famous for its use of statistics, but this book uses data to drive insights and conclusions into how the game has developed in particular ways.  It covers topics such as how women have been the great innovators in the game, the influence of public school education on the development and prevalence of batters, and the impact of unusual weather patterns on chances of winning.  The intersection of sport and data is fascinating.


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