CYBERSECURITY OPTIMIZATION AND TRAINING FOR ENHANCED RESILIENCE IN FINANCE

 

Background

We are living in the era of digitalization where digital applications across all business sectors are increasing. Unfortunately, cyber-attacks are alarmingly on the rise as well, which sets new challenges for the management of secure internal and external data flows.

The human factor plays a key role in cyber-attacks and new tools. Awareness and training for employees are needed due to the increased dependence on digital applications and the rise in cyber-attacks.

These are but some of the challenges that SOTER will address over the course of two years.

Objectives

SOTER project aims to increase the cybersecurity and cyber resilience levels in the finance sector, by providing a comprehensive set of tools whose development and implementation fall under a holistic approach, taking into account cutting edge technology mixed with the human factor.

Over the course of two years, SOTER will:

  • Create a comprehensive platform that can be used by financial institutions to properly handle user data through secure user authentication and sufficiently encrypted data storage
  • Provide training to support the understanding of the SOTER platform, but also raise cybersecurity awareness in general
  • Offer a solution suitable for other business sectors, beyond the financial one, such as insurance, retail and utilities

Our Role

Trilateral Research’s main work within SOTER focuses on mapping and understanding human factors in effective cyber-security and conducting an integrated data protection and ethical impact assessment of SOTER technologies to ensure that the developed tools meet requirements around responsible research practice as well as EU legal and ethical principles, including privacy.

Trilateral Research is also leading the development and implementation of the project’s dissemination and communication plans to raise awareness of SOTER and its findings, while increasing the impact of the project.

 

Outputs

SOTER will develop a biometric based authentication and identification digital on-boarding platform in conjunction with a suite of training materials, designed to enhance information security, data privacy, and cybersecurity practice within the critical finance services sector.

SOTER will take a holistic research approach, combining technological development with human factor-based cybersecurity training for raising awareness of finance sector employees about the importance of their daily work against cyber-attacks.

 

Impact

SOTER will:

  • Enhance cybersecurity resilience in the finance sector
  • Reduce the cyberattack effects, vulnerabilities and potential cybersecurity breaches and data leaks provoked by the human factor
  • Contribute to the implementation of the relevant EU legislation concerning the finance sector (e.g., NIS Directive, eIDAS Regulation, PSD2 Directive, GDPR) by developing tools that are legally compliant with these regulations, following a privacy by design methodology, and raising awareness on how to comply with such regulations
  • Raise public awareness of the dangers of cyber-attacks and the measures to be taken to prevent them

For more information and updates visit the project website and follow us on Twitter and LinkedIn.

 

Please contact our team for more information:

Robin Renwick, Research Analyst at Trilateral Research

 

 

 

This project has received funding from the European Union’s Horizon 2020 research and innovation programme under grant agreement No 833923

‘Risk Assessment Report and Methodology’

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