Monday 22 October 2018

Visa’s chief risk officer warns on over sharing as the Web Summit returns to Dublin

Paddy Cosgrave at MoneyConf. Photo: Adrian Weckler
Paddy Cosgrave at MoneyConf. Photo: Adrian Weckler
Ellie Donnelly

Ellie Donnelly

The Web Summit returned to Dublin on this week with its MoneyConf event.

Opening day two of the event today  to a packed RDS, Web Summit co-founder and chief executive Paddy Cosgrave said it was "great" to be back in Dublin.

Having famously moved the Web Summit event to Lisbon, Mr Cosgrave told the 5,000 plus delegates that the group has always wanted a reason to come back to Dublin and that "MoneyConf is the perfect reason".

Among the speakers yesterday was Sarah Friar, the Country Tyrone native and chief financial officer of Twitter founder Jack Dorsey's $20bn payments company Square.

In her role at Square Ms Friar is setting a pace that has helped the company to beat market expectations and triple its share price.

She told delegates that diversity in companies was not increasing with time, and that companies need to really push to implement this change.

In addition she said that Square was continuing to expand this year, with the company "always looking" for acquisitions.

"We are looking to Europe, we are always looking a the emerging markets, [however] China is a very different beast, it feels like a more tough market for Western companies to break into."  

Among the other notable speakers at the financial technology conference is the cofounder of the cryptocurrency Ethereum, and Kristo Käärmann the chief executive of Transferwise, a peer-to-peer money transfer service.

Meanwhile Ellen Richey, chief risk officer at Visa warned delegates that consumers are today over sharing online and they need to be much more careful with their information.

Speaking about cyber security and data theft, Ms Richey said that hacking could come from anywhere from an individual to a Nation State.

In advice to those present she said that businesses should isolate and aggressively protect parts of your data that could potentially cripple your company if exposed to a hacking.

"You can protect yourself and the standards are out there to tell you what to do," she said.

Throughout the day Blockchain and crypto currency featured prominently, with a number of discussions on the subjects.

The conference is also playing host to a 'Pitch' event, MoneyConf’s start-up competition that brings together promising early-stage start-ups from around the world for a live, on-stage pitching battle.

Under the terms of the Pitch competition, those participating must have received under €3m in funding to date.

During the three day the event, MoneyConf  is facilitating a series of pre-scheduled private meetings between investors and start-ups attending the event.

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