The competition asks participants to examine new methods of protection for banking channels to combat the increasing sophistication of cyber threats.
The SWIFT Institute Student Challenge 2017 will focus on attempts to secure the increasing number of communication channels that banks are now using. Canadian mobile banking has seen strong growth in 2016, with 34 percent of bank customers using mobile as a channel, up from 27 percent in 2015 and 20 percent in 2014. Passwords, two-factor authentication, physical and digital tokens are all currently used as methods of protection, yet with cyberattacks growing ever-more sophisticated new safeguards are required.
Submissions are in the form of an on-line written report no longer than 1,000 words that will be judged by senior members of the financial industry and a number of senior SWIFT staff.
Each of the ten finalist teams will be invited to send two members to present their ideas at the world’s premier annual financial industry conference, Sibos, taking place in Toronto in October 2017. The SWIFT Institute will support two members of each of the top ten finalist teams with a presentation coaching and mentoring workshop ahead of the showcase. The winning applicant will be awarded a cash prize of 20K CAD.
Applications to the 2017 SWIFT Institute Challenge will be accepted until 30 June 2017.
The successful applicants will be announced in July, they will be given a coaching workshop on 15 October, and will ultimately present at Sibos between 16-19 October.
Applicants will be judged on the innovative attributes of their solutions, and their practical application to the banking sector and its customers.
For full details and to enter click here