May 9, 2022

Lygon Connect episode #1: Cybersecurity

For the first episode of the Lygon Connect podcast, we take a look at cybersecurity.
PodcastsResearch

Lygon's ASEAN General Manager, Francis Ocampo, and the Chairman of the SFA’s Cybersecurity Subcommittee, Michael Lew, discussed how managing digital transformation and cybersecurity sit hand in hand.

Lygon's ASEAN General Manager, Francis Ocampo, and the Chairman of the SFA’s Cybersecurity Subcommittee, Michael Lew, discussed how managing digital transformation and cybersecurity sit hand in hand.

Digital risk management

Risk management is a critical part of any organisations strategic development. Whilst it is true that the switch to digital processes can help mitigate many risks, sometimes they can also present new challenges.

During the first episode of the Lygon Connect podcast, Francis discussed this trade-off with Michael and asked for some learnings to help businesses manage these new, digital risks.

Michael was keen to share some knowledge on this topic, and he was adamant that the answer to these challenges was data mapping.

Michael said: “Organisations should be mapping their data, and should also identify what is the most important part of their business, their 'crown jewel.' From there, they should manage, protect and encrypt this valuable data.” Michael also praised the benefits of Blockchain for data encryption and storage.  “Blockchain is a very good solution for this purpose (encryption of data embedded in the protocol itself), because it is immutable and there is a level of audit trail and transparency.”

Cybersecurity

The conversation then moved to cybersecurity and the ways start-ups can consider adopting best practice during their development.

Michael shared some insight into the most effective way of adopting best practice for start-ups, proposing a 'DevSecOps' (Development, Security, Operations) approach. 

The transparency (on a Blockchain) comes from the fact activity and transactions are recorded on the Blockchain. 

This again can be incredibly useful to have a full audit trail of prior activities and transactions.

Michael referred to this as an approach that is different to the traditional process of a product build followed by rigorous testing. This is usually because of the lack of time and funds most start-ups have at their disposal.



This approach encompasses all facets of the business to regularly assess cybersecurity criteria during development, “shortening the lifecycle and strengthening the security element” of the product. Michael also spoke about some exciting news from the SFA. 

He shared that they are working on “finding an appropriate baseline of acceptable cybersecurity practices,” so they can provide guidelines and targets to new Fintechs and start-ups planning to launch in Singapore.

Conclusion

To hear more from one of Singapore’s leading experts in Cybersecurity, this episode is now on Spotify and Apple Podcasts.

Francis Ocampo

GM - ASEAN

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