October 14, 2017 / 3:44 PM / 5 months ago

Regulators need to develop global cyber security standards -JPM's Pinto

* Cyber security laws, supervision need to change -Pinto

* Payments services next “battleground” for banks -Barclay’s CEO

WASHINGTON, Oct 14 (Reuters) - Governments need to develop global cyber security standards and increase information sharing on cyber threats, Daniel Pinto, chief executive of JPMorgan’s corporate and investment bank, said on Saturday.

Pinto, speaking during a panel at the Institute of International Finance meeting in Washington, said globbal banks have to comply with a hodgepodge of cyber security standards across different countries, increasing costs and risks.

Pinto said cyber security laws and the way banks are supervised on cyber security had to change.

“Each country has a different standard but we have a global problem ... When you go to point where you have to have different standards in every place, you put yourself in a vulnerable position,” he said.

His comments highlight growing concerns among financial market participants and regulators about the risks cyber attacks pose to the financial system following a series of recent incidents.

Last month, credit reporting firm Equifax disclosed a massive breach had exposed data on more than 140 million customers, while the U.S. Securities and Exchange Commission also said last month its corporate filing system had been breached.

On Friday, the Financial Stability Board, which comprises central banks, released a stock take of different countries’ cyber security regulations and guidelines for financial services, noting some countries had as many as 10 different sets of rules and that these typically varied widely across jurisdictions.

Barclays CEO Jes Staley, speaking to the same panel, said cyber risk and payments services were big issues for banks.

New fintech payment providers, as well as the established tech giants such as Amazon and Facebook, were becoming major competitive challengers to financial firms, he said.

“All the banks are very focused on the payments space,” Staley said. “That may be where the battleground for finance is fought over the next 15 years.” (Reporting by Michelle Price; Editing by Bill Trott)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below