NowCM, the leading digital solutions and infrastructure provider for the primary debt capital markets, has announced its partnership with WithSecure to fortify its primary capital markets platform with state-of-the-art, bank-grade cybersecurity defences.
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The financial industry remains a high-priority target for cybercriminals, necessitating adherence to stringent regulatory compliance requirements such as NIS2 or DORA. The global surge in cyber incidents, compounded by geopolitical tensions and other factors, has prompted financial institutions to make substantial investments in cybersecurity. Mary Callahan Erdoes, leader of JPMorgan’s asset and wealth management division, highlighted the evolving tactics of fraudsters and the escalating challenge of staying one step ahead of cyber threats during her address at the World Economic Forum in Davos on January 17. She underscored JPMorgan’s significant annual technology spending increase dedicated to bolstering cyber defence, exemplifying an unwavering commitment to enhancing cybersecurity initiatives. [Source: Bloomberg – JPMorgan Says Hacker Attempts Have Increased This Year, 17 January 2024].
Since its establishment in 2015, NowCM (formerly known as eppf) has consistently been recognized of being the pioneering and sole digital solutions and infrastructure provider for the primary debt capital markets authorised and supervised by major regulators. This framework ensures a secure environment for the real-time issuance of commercial paper and bonds on the NowCM platform. As part of its ongoing commitment to its long-term strategy of becoming the global omni-channel and golden source for bond issuance and data, NowCM has taken a strategic step forward this year by appointing an exceptionally experienced and independent Chief Information Security Officer (CISO), Ondrej Doubek. Mr. Doubek, who joins from the renowned European cybersecurity technology and service company WithSecure™, brings with him a wealth of expertise and resources. By harnessing the vast capabilities of WithSecure™, NowCM is poised to maintain its leadership position, effectively navigate the ever-evolving threat landscape, and elevate its cybersecurity maturity to new heights.
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Robert Koller, CEO and Founder of NowCM, says: “Our clients and we view ourselves as a financial markets infrastructure and to achieve this position, we have consistently prioritized essential prerequisites. These prerequisites encompass amongst others maintaining a fully regulated status and state-of-the-art security measures. From our inception nearly a decade ago, we have been unwavering in our commitment to achieving ‘institutional-grade’ standards. This unwavering commitment is exemplified by our unparalleled team of experts, full ISO certification, a substantial legal department dedicated to safeguarding our clients’ transactions, and our ongoing efforts to bolster security, as demonstrated by our recent collaboration with industry leader, WithSecure™.”
In his role as CISO at NowCM Ondrej Doubek commented on the dynamic nature of cyber security, stating, “Cybersecurity is a constantly moving target, and cyber maturity is more of a philosophy than a fixed goal. The threat landscape is in a perpetual state of change, and a company’s internal processes are continually evolving. This necessitates a vigilant approach to adapting defensive capabilities and striving for robust cyber resilience.”
NowCM’s strategic investment in cybersecurity reflects a commitment not only to addressing current challenges but also to proactively anticipating and mitigating future threats in the ever-evolving financial landscape. By harnessing the expertise of WithSecure, NowCM is well-positioned to establish new industry standards, signalling its evolution into a major financial markets infrastructure player in the primary debt capital markets. This move showcases NowCM’s dedication to implementing cybersecurity practices that align with those of established market leaders, including its numerous banking and issuer clients.
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