Banks will need to tackle customers' changing demands and offer access to financial services through a variety of channels and invest more in addressing cybersecurity threats to keep their customer data safe.
Fremont, CA: Financial losses, regulatory, and reputational impact has driven the need for transformation, and as such, cybersecurity has become an integral part of financial institutions. Because banks and financial firms gather and store many commercial and consumer data daily, it has become a constant target for hackers.
Here are four trends of cybersecurity in banking:
Artificial Intelligence for Fraud Prevention
Artificial intelligence (AI) will be vital in examining customer behavior for fraud detection and prevention by combining different platforms like the card, authentication, digital and open banking with higher intelligence feed. These enhancements in the AI technologies will provide in-depth behavioral analysis and individual profiling of customers across locations, devices, and authentication processes and offer actionable intelligence with informed decisions and precise risk scores.
Embracing IoT and 5G
[vendor_logo_first]There will be an increase in the utilization of Internet of Things (IoT) devices by people, but these also pose risks and increase the network's vulnerability. With the growing collection of personal data processed by these devices, there will be an increased need for security for potential threats. This is why the bank will be taking comprehensive measures to IoT security to merge both traditional and new methods to secure the growing IoT network within the industry.
Meeting the Challenges in Mobile Apps and Web Portals
Cashless payment has gained popularity among consumers, with banks investing in mobile and web-based services to make payments and transfers seamlessly. However, these applications have shown a lack of proper security like unstable data storage, poor authentication, or code tampering.
Financial firms and banks are investing in cybersecurity practices for mobile and web platforms to avoid security risks as consumer trends evolve.
Analyzing Third-Party Services
Financial firms may expose their critical infrastructure to threats if they lose their entry and exit point. Therefore, analyzing third parties and its cybersecurity services is essential for banks. By monitoring their APIs and enhancing their security architecture, they can achieve a better understanding of possible risks when working with third parties.
See also: Top Artificial Intelligence Solution Companies
