Revolut's Vladimir Krupnov on Security Challenges, Third-Party Risk and FTX

A recent panelist at the FMLS event was Vladimir Krupnov, the Threat Intelligence Lead at the fast-growing challenger bank, Revolut.

After explaining his role at Revolut, Vladimir talked of the start-up Startup A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c A company operating within its first stage of investing is known as a startup. While startups may give the impression that the company must be new, that is not always the case.Many companies can have this designation after nearly three years of existence. Typically, a company exits the startup status after a period between 3 to 5 years or after successful funding rounds where capital is acquired. Startups tend to derive out of the belief that there is a demand for a service or product which is c Read this Term culture at the London-headquartered company and the challenges the rapid growth, now boasting over 25 million customers worldwide, brings.

"The more we get the brand exposure, obviously that attracts other elements, a percentage of which are fraudsters and hackers," he explained.

Vladimir talked of the threats that fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term faces, the biggest threat? "third-party risk," he said confidently, delving into the vulnerabilities of third-party involvement in the "whole vendor life cycle."

When it comes to security and preventing hacks, Vladimir discussed the need for collaboration, stressing that "security is a global issue" and "talking to your competitors, security is outside of the competition."

Vladimir spoke with cautious optimism of communities sharing information: "I see more and more communities and again instruments which allows fintechs to share these data share intelligence to share threat related information but again it's very much ad hoc uh so it's still a bit chaotic though it starts getting more formulated."

London-based Vladimir praised the UK for leading the fight against cybercrime, saying: "the UK is definitely very much forward thinking." and that the Online safety bill "should have a very positive contribution to the general safety."

After discussing the Government's battle between privacy and safety, I pressed Vladimir on his thoughts on the hundreds of millions of dollars drained from FTX in the chaos of its collapse and whether or not it was an inside job. "once it comes to these sort of volumes, the result is always some inside involvement, either intentional or unintentional."

"I'm all lining to an inside job" he concluded.

Catch all the panels, discussions and video interviews from FMLS22 at the Finance Magnates Youtube Channel here.