Home Business NewsBusinessBanking News Revolut to hire hackers to tackle cyber-security

Revolut to hire hackers to tackle cyber-security

by Sarah Dunsby
18th Feb 19 2:00 pm

Fintech firm Revolut is looking to recruit five experts who will attempt to hack into their IT system, in a bid to bolster their cyber-security.

The IT experts will help identify any areas that may be weak to help fend of fraud, data breaches and real cyber-attacks, as the bank continues with rapid growth.

Paul Heffernan, Revolut’s chief information security officer, told the Press Association, “One of the responsibilities of this team is to come in and just hack all of our own systems for us.

“They will actually be continually testing our security and hacking into our own systems for us and using that knowledge to keep us secure.

“The majority of those people will be in the security operations function and then we are going have some people that work in the threat analysis area, so they will be looking on the dark web and looking at different parts of the internet to identify issues.”

Heffernan who was bought in last September to build a dedicated team of IT experts, said he expects the roles to be filled over the next couple of months.

He is upgrading their IT platforms in order that they will not have to deal with the old IT infrastructure that has hobbled high street banks.

Heffernan added, “Some of the acquisitions that traditional banks have made in fintech suggests that they’re struggling to turn this problem around inside their organisation and it seems that the easiest approach would simply to buy a fintech and move your customers into this solution to fix the issue.

“I think this is a very, very big problem for them to solve because you’re talking about infrastructure that’s been scaled to millions of customers and you just can’t afford down time in that transition.

“We know through a lot of the outages that have happened with card brands and banks that they can’t afford the reputational impact and operation impact.

“I don’t know if we are going to see traditional banks kind of go through the transformation that we would like them to.

“I think what’s probably going to happen is they will buy or try and partner up with those organisations that already have that infrastructure and try and do something this way”.

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