LISBON, Portugal, Jan. 24, 2024 /PRNewswire/ -- 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.
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.
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.
About NowCM
NowCM is the leading market infrastructure provider and issuer within the primary debt capital markets. It offers a market-leading, cloud-native data platform for creating, negotiating, and managing debt, along with an end-to-end secure, digital workflow platform. These tools enable all participants in the primary bond markets to collaborate in real-time, fostering an open and cooperative environment.
NowCM facilitate access to primary markets for inaugural and infrequent issuers through its Treasury-as-a-Service (TaaS) facility. This entity is regulated by the CSSF in Luxembourg and operates as a "funding subsidiary" using standardised yet flexible documentation and fully automated digital workflows.
NowCM's 360-degree suite of services is completed by a multi-lateral trading facility (MTF) that NowCM owns and operates. It stands as the world's first and only regulated primary marketplace, subject to the supervision of the ACPR and AMF in France.
About WithSecure
WithSecure™, formerly F-Secure Business, is cyber security's reliable partner. IT service providers, MSSPs and businesses – along with the largest financial institutions, manufacturers, and thousands of the world's most advanced communications and technology providers – trust us for outcome-based cyber security that protects and enables their operations.
Our AI-driven protection secures endpoints and cloud collaboration, and our intelligent detection and response are powered by experts who identify business risks by proactively hunting for threats and confronting live attacks. Our consultants partner with enterprises and tech challengers to build resilience through evidence-based security advice. With more than 30 years of experience in building technology that meets business objectives, we've built our portfolio to grow with our partners through flexible commercial models.
WithSecure™ Corporation was founded in 1988, and is listed on NASDAQ OMX Helsinki Ltd.
Connect with NowCM
Website: www.nowcm.eu
LinkedIn: www.linkedin.com/company/nowcm
X (former Twitter): www.twitter.com/NowCM_EU
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