PAYMENT SOLUTIONS
Marotte says that , in order to maximise time efficiency and ensure compliance , banks should re-evaluate their digital strategies and make the leap to the cloud , as it poses much less of a risk than legacy platforms do . “ Cloud-based infrastructure makes compliance reporting less time consuming , too , as banks can monitor who has uploaded , viewed , and shared content , which in turn helps them to remain GDPR compliant and in line with data protection regulations ”
He continues : “ In addition , cloud-based infrastructure can save banks time when it comes to onboarding , loan origination , and claim management . And , in future , other technologies such as IoT , blockchain , and more will help to substantiate banks ’ digital offerings , ultimately providing a better customer experience and further safeguarding their data . That said , cloudbased platforms will continue to underpin all of this – and legacy banks , in particular , must prepare for a digital future .”
CYBER ATTACKS ON BANKS
According to the latest
Banking Priorities Survey , cyber attacks are considered one of the biggest threats to banks in 2022 . Information gleaned from the survey respondents show that 24 % of financial experts cited data theft as their priority , followed by compromised devices ( 21 %), synthetic identity fraud ( 17 %), endpoint security ( 10 %), and denial of service ( 7 %). Some of the most serious threats to bank security in recent years include ransomware attacks , the growth of contactless payments , mobile malware attacks and even data breaches of major banking and finance apps .
Security and cloud-based banking technologies Identity verification is one area that has excelled since its inception to counteract the problem . However , the technology hasn ’ t been received well by all parties , as experts on privacy issues have expressed concern regarding the ways in which biometric identification could be exploited . Indeed , China already has a finely-tuned biometric ID system that is plugged into its social credit score platform .
Adam Brown , Managing Security Consultant at the
Synopsys Software Integrity Group , does not consider this problematic and points out that , without new forms of better security , customers are at risk of breach from cyber criminals .
88 August 2022