Cyber Security is increasingly important in the finance sector, as financial institutions need to protect customer data. Financial organisations handle a huge amount of valuable information, from account details and passwords to credit card numbers and personal identities. With this comes an increased risk of cybercrime and malicious attacks on their networks and systems.
The way we manage our money has changed dramatically. In little more than a decade, we’ve gone from branch-led services to feature-rich apps offering 24/7 access to our money. Open Banking is driving product innovation, fintechs are setting a new benchmark for customer-centric experiences, and AI is taking personalization to a new level. Financial services have never been so accessible and convenient.
As competition ramps up in the financial services sector, agile and efficient application development is critical to delivering the seamless digital experiences today’s customers want. Chances are, if you’re not already moving applications to cloud and containers, you’re considering it. But cloud-native development also brings security and compliance implications you may not have fully thought through.
The Fintech industry deals with financial and personal data of customers on a massive scale. From credit card transactions to identity verification details, companies collect and process huge amounts of sensitive data, making them an attractive target for cybercriminals. To ensure the highest standards of data protection and risk management, constant monitoring and analysis of security data is crucial.
Financial data is a desired target for cybercriminals. Hackers frequently attack financial institutions such as banks, loan services, investment and credit unions, and brokerage firms. Security incidents in the financial sector are extremely expensive (surpassed only by the healthcare industry), with the average total cost of a data breach reaching $4.35 million in 2022.