With the rise in cyber-attacks at the forefront of the news on a near daily basis, financial institutions such as banks are also exposed to cyber-attacks more than any other industry, but are they aware of the latest emerging risk management and security trends?
Let us explore 5 of some of the latest emerging risk management and security trends in the banking sector.
Cybersecurity or data breaches can cost organizations millions of funds including the loss of trust in the brand by consumers looking to them to protect their critical information. As hackers become more sophisticated, so too should the security measures in place to combat attacks. This includes increased spending on products that engage in constant vulnerability testing, bringing all stakeholders to the table to collaborate on solutions, and introducing innovative technology that helps mitigate fraud.
Regulations have a significant impact on how businesses manage data and security –especially in the financial sector – and data can be both an asset and a potential liability. In the process of being enacted, the Cybercrimes Bill of South Africa was first published on 28 August 2015. The law consolidates cybercrime laws into one place, serving the purpose of stopping cybercrime and improve the security of the country. The Cybercrimes Bill tackles crimes related to data, messages, computers, and networks.
Forward-thinking financial organizations are undergoing a seismic shift away from legacy systems toward new and emerging technologies, such as cloud-based solutions. The cloud can deliver more agility and scalability for growing organizations, which can be ideal in the banking industry as satellite ATMs and new branches are added to a security plan. Cloud-based solutions can deliver a range of advantages including greater security, more resilience, ease of mobile user support, flexibility, reduced costs and greater user experience.
Modern technology has resulted in a society that is always connected. For the security industry, this means it is now possible to remotely monitor many locations from hundreds of miles away. Remote monitoring is a backbone feature of many solutions on the market today, allowing unparalleled flexibility for security directors to act quickly and efficiently in the event of a breach or emergency through a unique advantage for security directors to streamline security system management and maintenance from anywhere at any time.
For a bank or credit union, the emergence of fraud and the amount of money lost to this threat is increasingly significant. Cloud-based solutions, remote monitoring and cybersecurity considerations are all gaining popularity in this vertical and it’s important to note that manufacturers and integrators must offer products and services that are in line with these needs.
We are yet to learn what the year 2019 brings for the financial industry and the types of security measures that will be taken by entities to combat attacks and protect the consumers’ interests in terms safeguarding sensitive information.