Financial services providers, such as banks, investment firms and credit unions, are entrusted with keeping a range of customer and client data safe. With the high-value nature of this data, there’s no surprise that the financial services sector makes for an attractive target for cyber criminals.
Actions for improving cyber resilience are a key trend in ensuring strengthened cyber security in financial services. While banks and financial firms must invest very heavily in systems and people, there are key trends that the sector must follow to stay cyber secure against financial cyber threats.
Among the cyber security trends in financial services includes secure payment methods, artificial intelligence, better fraud detection and a growing awareness of cyber security for financial services.
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Fintechs Embracing New Cyber Solutions
With ongoing global tensions seemingly escalating in recent months, fintech companies are beginning to embrace new cyber security solutions in a bid to strengthen systems against new threats.
Alongside this, fintech companies are exploring improved ID solutions to better protect their cyber security.
Fortunately, cyber security in fintech is a primary concern, with fintech workers found to be the most cyber aware of all the industries surveyed.
Artificial Intelligence (AI)
AI will become increasingly crucial as the data we utilise continues to grow. Through AI, financial firms can develop new behavioural biometrics solutions to develop authentication methods.
Currently, an estimated 72% of organisations rely on AI to expose cyber attacks. Whilst AI is a recurrent focus for businesses, a focus on training teams and mitigating the risk of human error is vital for secure cyber standing.
In fraud detection, artificial intelligence can help boost security by analysing vast volumes of data much more quickly, while detecting unauthorised and suspicious activity. For fintechs, AI can also strengthen the security of existing systems and fintech transactions.
Secure Payment Methods
Data security in financial services is a key element in remaining cyber compliant, particularly when confidential data and banking information is involved.
With a significant reliance on new payment methods to make paying quicker and easier than ever, we expect to see investments in new secure payment methods, with the use of artificial intelligence and data analytics.
Better Awareness of Cyber Security
Cyber security needs to be a business priority - not just in all business models, but particularly for those in the financial services sector. A continuous trend that we see ever-increasing is the growing need for security requirements for financial services companies. It is vital for financial organisations to adopt cyber security systems and practices.. To remain compliant, better awareness of financial services cyber security is needed.
Cyber attacks in financial services is an increasingly prominent issue, yet many companies are still not taking appropriate security measures. To stay ahead of this cyber crime evolution, a cyber security workforce should be incorporated into companies’ structures; regularly trained to evolve with the fluidity of the industry.
Preparing for Cyber Security Trends in Banking
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