Data security & privacy – Sharing sensitive financial information.mp4

Data security & privacy – Sharing sensitive financial information.vtt

ENGLISH

{{00:00:09}}
We use the same, legal and or,
technical methods to to secure

{{00:00:16}}
data the industry standards.

{{00:00:19}}
We don't specifically deal in data that's
generally not public anyway or personal.

{{00:00:24}}
So we're not at the
riskier end of data at 3AI.

{{00:00:28}}
We're dealing in public financial data,
stuff you can read about in the FTE

{{00:00:32}}
account exchange based data available
on the internet, et cetera, et cetera.

{{00:00:36}}
So a lot of data that we generate.

{{00:00:40}}
It's essentially derived data generated
by artificial intelligence that provides

{{00:00:44}}
insights or analytics, if you like.

{{00:00:49}}
But there are, in the world of financial
data, there's restrictions on the use of

{{00:00:53}}
derived data, which is a bigger topic for
us, so we have to limit how that's used by

{{00:00:58}}
our customers, so they can't specifically
pass our data on beyond, in the same

{{00:01:03}}
way that we have restrictions on us.

{{00:01:07}}
The, where this really bites is
where there's a very deep strategic

{{00:01:15}}
collaboration, so that the strategic
partner is a very big proportion.

{{00:01:21}}
of a growth company's future, or even
more dramatically, where a strategic

{{00:01:26}}
partner becomes an investor in a company,
and then they join the boardroom,

{{00:01:34}}
on a monthly, quarterly basis, and
then they really are proverbially in

{{00:01:38}}
the knickers of the growth company.

{{00:01:41}}
At that point, I've seen many cases where
they get to a point of extreme discomfort.

{{00:01:46}}
For example, if you're looking at doing
strategic partnerships with a competitor,

{{00:01:51}}
or a potential future competitor of the
strategic partner, all of a sudden they

{{00:01:56}}
have a very strong voice at the table.

{{00:02:00}}
The way that companies have managed around
this is to have, for better or for worse,

{{00:02:06}}
a different channel of communication that
doesn't include the strategic partner.

{{00:02:11}}
Sometimes they ask them to recuse
themselves from the room, that's

{{00:02:14}}
maybe more extreme, but has happened.

{{00:02:16}}
But for sure, it's planning for the
guardrails where a strategic partner

{{00:02:22}}
who's very deeply involved certain areas
that they simply cannot get involved in.

{{00:02:28}}
The other related issue that I've
seen come up is where a strategic

{{00:02:33}}
partner is so important for a growth
company that they, begin steering the

{{00:02:39}}
company's course even inadvertently.

{{00:02:42}}
And that's simply a management challenge.

{{00:02:44}}
At the end of the day, any growth company
has got external investors who have

{{00:02:49}}
invested interest in maximizing the value
of the company, not being overwhelmed by

{{00:02:53}}
the requirements of a partner who might be
20 or 25 percent of revenue, but not 95%.

{{00:03:01}}
And the pushback required from a board
and chief executive can sometimes great.

{{00:03:07}}
Where I've seen that work really well
is to have a chairman of a company

{{00:03:12}}
separately positioned, separately
appointed to deal with some of these

{{00:03:18}}
areas of friction and manage it.

{{00:03:21}}
And empowering that person up front.

{{00:03:24}}
As the sort of gatekeeper, making sure
that these very significant issues

{{00:03:29}}
don't flare up has been a real key for
success for quite a lot of companies.

{{00:03:34}}
Otherwise, it can really go
wrong inadvertently, through

{{00:03:38}}
no ill will on anybody's part.

{{00:03:41}}
It's just the sheer weight of importance.

{{00:03:43}}
So we're a regulated business.

{{00:03:47}}
We carry out regulated activity
and as such, we're held

{{00:03:49}}
to high standards already.

{{00:03:51}}
So we, all of the information that we
deal with is on a need to know basis.

{{00:03:57}}
So when we collect customer information,
we make sure that only parties

{{00:04:02}}
that need to know or need to have
that information are exposed to it.

{{00:04:07}}
Where there are regulated parties involved
in the transaction that don't give us

{{00:04:11}}
all of that customer information, we can
form reliance on those parties as well.

{{00:04:15}}
So we don't collect data that we don't
need to collect whether that's from

{{00:04:19}}
an operational perspective or just
from a data protection perspective,

{{00:04:22}}
we'll always try to to minimize that.

{{00:04:24}}
And as I said the policy that generally
goes for regulated businesses is

{{00:04:29}}
on a purely means to no basis.

We use the same, legal and or,
technical methods to to secure

We don't specifically deal in data that's
generally not public anyway or personal.

So we're not at the
riskier end of data at 3AI.

We're dealing in public financial data,
stuff you can read about in the FTE

account exchange based data available
on the internet, et cetera, et cetera.

It's essentially derived data generated
by artificial intelligence that provides

But there are, in the world of financial
data, there's restrictions on the use of

derived data, which is a bigger topic for
us, so we have to limit how that's used by

our customers, so they can't specifically
pass our data on beyond, in the same

The, where this really bites is
where there's a very deep strategic

collaboration, so that the strategic
partner is a very big proportion.

of a growth company's future, or even
more dramatically, where a strategic

partner becomes an investor in a company,
and then they join the boardroom,

on a monthly, quarterly basis, and
then they really are proverbially in

At that point, I've seen many cases where
they get to a point of extreme discomfort.

For example, if you're looking at doing
strategic partnerships with a competitor,

or a potential future competitor of the
strategic partner, all of a sudden they

The way that companies have managed around
this is to have, for better or for worse,

a different channel of communication that
doesn't include the strategic partner.

Sometimes they ask them to recuse
themselves from the room, that's

But for sure, it's planning for the
guardrails where a strategic partner

who's very deeply involved certain areas
that they simply cannot get involved in.

The other related issue that I've
seen come up is where a strategic

partner is so important for a growth
company that they, begin steering the

And that's simply a management challenge.

At the end of the day, any growth company
has got external investors who have

invested interest in maximizing the value
of the company, not being overwhelmed by

the requirements of a partner who might be
20 or 25 percent of revenue, but not 95%.

And the pushback required from a board
and chief executive can sometimes great.

Where I've seen that work really well
is to have a chairman of a company

separately positioned, separately
appointed to deal with some of these

As the sort of gatekeeper, making sure
that these very significant issues

don't flare up has been a real key for
success for quite a lot of companies.

Otherwise, it can really go
wrong inadvertently, through

It's just the sheer weight of importance.

We carry out regulated activity
and as such, we're held

So we, all of the information that we
deal with is on a need to know basis.

So when we collect customer information,
we make sure that only parties

that need to know or need to have
that information are exposed to it.

Where there are regulated parties involved
in the transaction that don't give us

all of that customer information, we can
form reliance on those parties as well.

So we don't collect data that we don't
need to collect whether that's from

an operational perspective or just
from a data protection perspective,

And as I said the policy that generally
goes for regulated businesses is

Fintech Founders explores data security and privacy  when sharing sensitive financial information with our experts Matt Ong, CEO and Founder, Ctrl Alt,
Victor Basta, CEO and founder, DAI Magister and Jacob Ayres-Thomson, Founder, 3AI.
