Hong Kong Hackfest to help secure FinTech startups
25 April 2018 – Multi-award winning Australian cybersecurity firm Entersoft Australia Pty Ltd, the Australian Trade and Investment Commission (Austrade), Austcyber, Campfire Collaborative Spaces, PwC have announced the FinTech Hackfest - a 24-hour long hackathon to help FinTechs secure their products.
The evening will see 10 FinTech startups getting hacked into by a team of 10 White Hat Hackers in a test environment. The startups range across several categories in FinTech including payments, wealth management, lending, communications, research, bank collaborations, insure-tech, HR and SaaS. A first-of-its-kind initiative, the Hackfest aims to make Hong Kong FinTech products secure within 24 hours. White hat hackers from Entersoft, PwC and other certified communities will be at the event, testing the startups’ cybersecurity allowing them to see first-hand potential vulnerabilities.
95 percent of companies in Hong Kong are unprepared for cyberattacks according to the survey conducted by Quann and IDC. Companies often fail to invest in much-needed sophisticated layers of security due to a lack of awareness about risk.
The FinTech Hackfest is supported by the Australian Trade and Investment Commission. According to Sam Guthrie, Senior Trade and Investment Commissioner, Australian Trade and Investment Commission, “The objective of the Hackfest is to help early stage FinTech companies get the security of their applications in place, create awareness about the importance of Application security, and demonstrate Australian capabilities in cybersecurity.”
Mohan Gandhi, CEO, Entersoft Security, a leading Application Security company in Australia cited cybersecurity as a growing concern, with no market more directly impacted by its rise than FinTech. “Financial data is a premium target for hackers, offering clear financial incentive for their malicious attacks. And, as hackers become increasingly sophisticated, FinTech organisations are more and more at risk especially early stage funded Fintechs. In 2017 alone, Fintechs lost over 1.5 B USD to hackers”
This event also has support from global cyber security leader PwC. Kok Tin Gan, Partner of Cyber Security and Privacy from PwC Hong Kong will be sharing his cyber security insights during the event. “According to PwC's 21st annual Global CEO Survey, cyber threat is among the top 6 risks that are keeping global CEOs up at night. In Australia, 48% of CEOs are concerned about cyber threats to their organisations’ growth prospects. Closer to home, in mainland China and Hong Kong, 90% of the CEOs in China have listed cyber threats, speed of technological changes, availability of key skillsets and changing consumer behaviour as top business threats. Companies need to step up investments in order to identify attack traps and put in defenses mechanisms to combat against cyber threats," said Mr Gan.
The Hackfest will be held at Campfire, Quarry Bay, Hong Kong on 1st and 2nd June. “We're proud to support such a unique event and host so many talented and creative minds in one room, for so long! At Campfire we are constantly exploring new ways of working, living, learning and play. Our mission is to create space for ambition to thrive, and this event is a great example of that." said Ben Jones, COO, Campfire Collaborative Spaces - Asia’s fastest growing network of shared spaces.
AustCyber, the Australian Cyber Security Growth Network, CEO Michelle Price said the Hackfest was a good opportunity to highlight the value of partnerships. “We are pleased to see EnterSoft, PwC and other cyber security businesses from Australia collaborate and leverage capabilities to solve challenges in FinTech – which are often shared globally.” Belinda Newham from AustCyber said she’s looking forward to attending the event “AustCyber seizes any opportunity to support and promote Australian cyber security capabilities – especially on the global stage. The Hackfest is the perfect showcase of these capabilities and I can’t wait to see how the solutions unfold.”
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