The constant advances in the technology front have paved the way to many new things. You can now access to anything and everything that felt impossible few years before. For example, who would have thought that we could video chat with a friend who stays two oceans away without paying a single penny, if we exclude the minimum internet charges, of course.
But, with advancements come drawbacks.
With everything available on the cloud, the risks of the leakage or cyber threats have also increased. Hackers are getting pretty sophisticated with their methods, getting into your system without you being aware of it, staying there for a few days or even months. They slowly extract all the crucial data, like credit card information and banking details, leaving you helpless and well, without anything.
Past year witnessed several known and massive cyber crime cases, further highlighting the growing nature of such internet and data risks. It left no industry upturned, hospitality, healthcare, digital, or finance. The current year, 2017, is expected to be no better.
If we dig deep, financial services, with their sensitive and complex nature, have continuously been proven as a low hanging fruit for the cyber criminals. They are laden with truckloads of crucial information and money; ultimate honeypot situation for money-hungry hackers, of course.
This is why there is a lot of focus paid on the different sets of cyber security measures that might help secure our systems and data from the hackers lurking everywhere.
Some of the major cyber security predictions made for the financial services for 2017 are as follows:
Here are a few cyber security predictions we expect to see within the financial services industry in 2017.
Cloud Security is the Key
With the digital transformation shaping up most of the industries, the cloud security issue has once again come into limelight.
The situation is worse for financial services. FSI industries worldwide have been seen taking the assistance of major public cloud service providers. It is understood seeing how they get highly scalable, flexible, and amazing services with the minimum investment involved. Also, who would refuse a new step towards digital age?
While adopting cloud is getting high on our organization priority list, no one can or should ignore the safety risks that come with this advanced system. Crucial information is at risk and the security measures taken aren’t that up to the mark. A tough game, indeed.
2017 is expected to be a bright year for cloud service game, at least on the financial industry front. Thankfully.
Organizations now want to focus on what data they pass to the cloud and how they ensure its safety. They now look for cyber security measures that could provide them with complete visibility into that data- from processing to infringement, if there’s any.
All in all, cloud protection is expected to go through an evolution and we are ready for it!
Two-Factor Authentication (2FA)
Now comes an aspect that definitely played a major role in the data breaches seen last year.
A series of logins and passwords were compromised to conduct fraudulent transactions that put business’ reputation and a lot of money at stake.
2FA, thus, is important and FSI organizations have come to realize that. They are predicted to add this crucial protection layer to further strengthen their cyber security plan.
Two-factor Authentication, or 2FA, adds a special type of authentication method to your already existing password so no one else could access it. Such authentication measures involve OTP (one-time pin) that is sent directly to your mobile, or a question that only you know the answer of. This method is a perfect way to protect crucial information while you conduct sensitive financial transactions.
Securing the Internet of Things (IoT)
IoT or the Internet of Things is getting popular in the current time owing to its fast network and services that come with it.
Many industries today rely completely on IoT, leveraging the in-depth data it provides to drive customers. This trend is particularly apparent in financial services and banking fields.
But with shared and expanded networking comes the risk of data leak and information compromisation. A defined cyber security measure is required to protect the devices connected from an unexpected data breach.
2017’s cyber security predictions project that more focus will be paid on network access and segment traffic, so they restrict who all could access it and divert fraud cases. They are also expected to increase their cyber security budget to make everything possible.
The Government Will Become More Involved
2016 witnessed cyber security issues be presented on a series of important Government conferences, like G20 Summit.
Thus, government involvement is expected to be a major event this year too. FSI organizations all around the globe will be presented with some defined rules and regulations regarding cyber breaches and they will be expected to meet them all in the time-slot provided. Missing out on them could even result in huge penalties and damaged reputation which no company wants.
Smarter Attacks Will Call for Smarter Solution
Hacking attempts are getting more sophisticated with the growing years, to nobody’s surprise. Cyber criminals now have the access to even the most difficult of resources and codes which help them attack bigger and better!
This is why we need smarter solutions.
FSI organizations today need a security architecture that is both firm and in layers. One sure-shot solution is just not enough. They need 360-degree visibility into their data, a seamless integration, and malware and API protection that could keep data breach at bay.
With cyber attacks growing in number and in complexity, tackling them is expected to be a tough nut. We need to prepare well for whatever future may present us with!