By Rachel Tucker / 16 Dec 2022 / Topics: Cybersecurity
It’s no longer sufficient to have cybersecurity response technology in the event of an attack — financial institutions need advanced threat detection and monitoring tools to deter attacks before they occur. Online, mobile and at-home banking become more popular by the day, making it vital for financial institutions to equip themselves to defend against sophisticated cyberthreats.
In this article, we’ll take a look at prevalent security concerns facing the financial industry today, as well as top technology tools to protect your institution.
Cybersecurity risks are rapidly increasing. Financial institutions must take additional effort to stay on top of growing fraud risks, data breaches and regulatory changes.
Artificial intelligence (AI) and the Internet of Things (IoT) are taking the financial sector by storm. An increase in connectivity across devices, people and systems creates powerful business opportunities, but it also increases the cyberattack surface area.
AI risk management tools give you a better understanding of cybersecurity dangers and can help you more effectively mitigate risk. With the right AI tools, you’ll harness the ability to detect, monitor and deter attacks before they begin.
Financial institutions can leverage blockchain technology to prevent data breaches, cyberattacks and fraudulent activities on their network. A blockchain is a secure, decentralized data record that can store many information types, including transaction, ownership or location histories.
Blockchain can eliminate the authentication process as a potential attack spot, because with the use of this technology, companies can authenticate devices and users without the need for passwords. Also, each transaction is timestamped and digitally signed so it can’t be reversed or tampered with. Blockchain technology offers a new dimension of conducting safe financial transactions.
As regulations continue to evolve, compliance is an ongoing challenge for financial institutions. Leveraging the technical expertise of dedicated security experts helps your business stay on top of shifting compliance regulations, freeing employee time to focus on company growth and customer experience.
A technology partner can ensure that your technology is aligned to strong cybersecurity and regulatory best practices, providing a clear understanding of who owns and can access internal data.
A bad breach can lead to extensive financial loss, negative brand reputation and the loss of customer trust. At Insight, our experts will help you embrace the evolving cybersecurity landscape with advanced protection technology.
In this time of rapid digital evolution, Insight is uniquely poised to secure your financial organization. Our deep partner relationships enable us to offer leading banking technology and we’ll help you adopt solutions that tackle the many challenges facing financial organizations — including AI/big data, cybersecurity, customer experience innovations and more.
Financial services organizations can benefit from augmenting their cybersecurity ecosystems, especially in the areas of:
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