BANKING

Ville Sointu All eyes – from end users to providers – will undoubtedly be on cybersecurity as we enter 2024 . The surge in digital payments brings an elevated risk of fraud , particularly in the backdrop of the industry ’ s rapid integration of cuttingedge technologies like AI that can be used for malicious purposes .

This year , we observed global leaders convene at the G20 summit to voice their concerns over the rising threat of AI-driven cyber attacks , malware , scams , and data manipulation . They called for the development of robust mitigation strategies against advanced persistent threats ( APTs ). This conversation is only the beginning and is poised to become increasingly intricate as technology continues to advance .

Put simply , cybersecurity will undeniably take centre stage in 2024 , prompting a more vigorous drive towards establishing global cooperative frameworks . These frameworks can help curb risk and ensure a financial landscape that is not only transparent and trusted , but also held accountable .

Andy Cease Financial institutions face mounting pressure to adopt digital technologies , from both consumer preferences and a rapidly shifting competitive landscape . Customers increasingly seek seamless mobile and online experiences from their banks , while new fintech disruptors gain ground with digital-first offerings .

However , digitalisation increases the need for banks to focus on cybersecurity , as these processes also expose banks to new cyber risks if they are not approached strategically . Per IBM , data breaches and fraud could cost more than US $ 4m per incident , severely damaging trust and reputation . As banks reshape operations , balancing security and experience is paramount .

Elias Ghanem The growth outlook for blockchain technology remains positive as global companies continue to actively explore potential use cases . However , the cryptocurrency markets stand at a critical juncture amid a prolonged crypto winter .

Financial institutions are actively engaging in pilots related to blockchain technology , with a pronounced focus on enhancing infrastructure for central bank digital currencies ( CBDCs ) and bolstering blockchain interoperability .

Meanwhile , key use cases – such as cross-border transactions , credit scoring and lending , deposit tokens , purposebound money and more – are steadily gaining traction on a global scale . These developments present significant utility

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