The notoriously tech-phobic art trade has found itself slap-bang in the middle of this digitally dominated 21st century.
The pandemic, recent craze for NFTs, and a collector-base newly rich in cryptocurrency have all served to shift transactions into the virtual space. And that’s not to mention the seismic digital shift brought about by new AML regulations for the UK art market.
For an industry that’s accustomed to finalising multi-million dollar deals over email, it’s comes as no surprise that there are growing concerns surrounding cybersecurity; as online activity essential to the prosperity of the trade mushrooms, so the risk of cybercrime increases to match it.
In a recent Artnet publication for Artnet News, Ivan Macquisten approached the experts – ArtAML Co-Founder and CTO Dr Chris King among them, to find out how to help prevent your business from being a target of cybercrime, and address the following:
- What are the three commandments of cybersecurity?
- What is the greatest area of risk?
- What are the common traps that clients can fall into and how can they be avoided?
- What would an ideal due diligence process look like?
When asked how to stay ahead of cybercriminals in the art business, Chris made a succinct summarisation:
“AML risk assessment requires active participation – it’s not passive. An approach to cybersecurity should be the same.”