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Even more so within the context of this article , as any accelerated change or increased complexity in terms of IT and digital technology places strain on those responsible for managing the change .
Digital disruptors and new market entrants rely entirely on technology – cloud-enabled ecosystems , digital banking platforms etc – due to their having no physical branch locations . As a consequence , they often work with several technology partners . Henry Shek , Head of Cyber Security , KPMG China , raised this as a particular risk , noting that while this approach increases speed to customers ,
it “ also adds increasing complexity to cyber risk management , which is still in its infancy ”.
With regards to digital disruption and new technologies in the broader sense , those in KPMG ’ s roundtable found that risk management cybersecurity remains a challenge . In their haste to innovate and retain their competitive edge , financial services players are embracing technologies such as AI , chatbots , real-time data analytics and biometrics for customer identification and management . These bring their own challenges . For example , according to KPMG : “ Cyber criminals are already using new and
MAY 2020