Overheard at Credit Week...DAY THREE

Experts shared insights on embedding robust security practices, promoting financial education, and stress testing risk models for resilience.

In the "What if security was part of your DNA?" session, Amy Murphy, Business Information Security Officer at Equifax, took attendees on a journey through cybersecurity’s history, from the 1971 "Creeper" virus to recent high-profile breaches. The key message: Security must be ingrained into an organization’s core.

Equifax CISO for Europe, Phillip Davies, emphasized that businesses face formidable adversaries in the form of well-funded state actors and international crime syndicates. Countering these threats requires a deep understanding of the opposition.

CICM CEO Sue Chapple and DEMSA’s Kevin Still noted that debt cycles tend to recur every five years, underscoring the need for improved financial education from an early age. Equifax’s Sue Owen-Bailey highlighted the challenges of expecting adults to teach topics they may not fully grasp themselves, perpetuating a cycle of financial illiteracy.

As economic uncertainties mount, diligent credit risk management has become paramount. NatWest’s Claire Aikman stressed the importance of rigorous stress testing across various scenarios to ensure resilience.

At Novuna, Lindsay Gustafsson shared that their stress testing now accounts for disruptive events like the Suez Canal blockage and supply chain impacts. Everyday Loans’ Jacob Rukin discussed the widespread adoption of open banking among their customer base, driven by the desire for a seamless experience and access to transactional data insights.

In the utilities and telecoms stream, supported by theme partner Lantern, we heard how - when it comes to dealing with vulnerable customers - building trust is absolutely vital. Additionally, They outlined the importance really understanding the root cause of a consumer’s vulnerability. 

Panelists across the board also called for better support from the regulator, with it suggested that Ofgem are beginning understand some of the issues energy companies are currently facing. 

As the conference concluded, speakers echoed the need for a multi-layered approach – promoting financial literacy, hardening cybersecurity postures, and continually stress-testing risk models – to effectively navigate the turbulent landscape and safeguard against emerging threats.