FINSERV
“ A continuous parade of headlines about data breaches , leakages , compromises , and other doom and gloom reveals that the software that serves as the foundational layer for our society is brittle and porous ”
the courts ruled that a man using several smart doorbells on the exterior of his house to provide him with better property security , has breached the data rights of his neighbour , who was incidentally filmed by the devices . The courts ruled in her favour and he was forced to sell his home to pay the resulting fine .
In a recent annual report by IBM , the technology giant revealled that the cost of lost data to companies in the USA in 2021 , was a massive US $ 4.24bn . That was the highest yearly figure reported by the study , since it was first issued in 2003 .
Greater connectivity will almost certainly result in greater risk , says Mark White , Senior Manager , Financial Markets and Fintech at
Telehouse . “ Ultimately , more connections means more risks . So , the challenge is how to take advantage of increased connectivity without compromising security or compliance .”
White points out that the digital ecosystem is coming into its own and offering solutions to this most pressing of problems . “ Many are turning to colocation as the answer ; providing the connections to strategic partners fintechs need , while ensuring infrastructure remains secure , resilient , PCI , EBA and FCA compliant .”
Jonathan Knudsen , senior security strategist , Synopsys Software Integrity Group , also sheds some light on the situation .
“ The underlying theme , in financial services and everywhere else , is cybersecurity ,” he says . “ Our appetite for functionality and interconnectivity has far outrun our ability to build , deploy , and operate software securely . A continuous parade of headlines about data breaches , leakages , compromises , and other doom and gloom reveals that the software that serves as the foundational layer for our society is brittle and porous .”
Knudsen says that as more devices go online and more of the day-to-day operations of the human species become