Financial Institutions
The methods that cybercriminals use to attack the infrastructure of financial institutions are continually evolving, and the monetary damage has been increasing at exponential rates for several years. These institutions face real cybersecurity risks and tremendous challenges with their increasing adoption of Internet-based platforms, and breaching their’s systems has important reputational and economic costs. The finance industry needs cybersecurity safeguard now than ever before.
Cybersecurity trends and new threat vectors for the financial sector
The financial sector, including banks, insurance companies and other financial institutions, experiences 300 percent more cyber attacks than any other industry.
Financial services companies have always been at the forefront of enterprise cybersecurity. Customers trust them to safeguard their money and information. However, they are interacting with financial services in new ways and through new channels. And you can be sure that with every novelty, there arise new cyberthreats.
The recent years have also brought us a number of fraudulent schemes associated with cryptocurrencies in the world, for which, regulators assume that the sums of money involved are less significant, that’s why they use a light-touch approach to regulate it, – and mobile banking, in which Africa is the world leader.
Cybersecurity related to Mobile banking in Africa
In 2020, Africa represented for 11.5% of the total world Internet users and with a 39.6% penetration, the subscription and use of mobile devices grows at an astonishing rate, with over half of the mobile money services operating worldwide located in Sub-Saharan Africa. Accordingly, its banking systems have evolved to include Internet-based transactions using mobile devices and online banking systems offering customers and banks several benefits, but with it has come other challenges of cybersecurity nature, making mobile banking a prime cyber target that criminals exploit to intercept banking details and other personal information.
Our understanding of technology-secure needs of financial services
As we move towards a cashless society and outsourcing, we understanding that data sharing requirements and information security challenges become more complex. Our cybersecurity operations help financial services clients by removing the worries of technology security, and bring them fresh thinking through broad knowledge of talented technology, so they can focus on financial services business.
Summary
In 2021 and the following years, we are going to witness a shift in the approach to financial cybersecurity. On the one hand, banks will need to address the evolving demands of customers and provide them with access to financial services through a variety of channels, including web, mobile, and IoT. On the other hand, every new channel will generate new vulnerabilities – forcing them to drive innovation in the field of cybersecurity.