Globally, the telecom service providers are under massive pressure to add new revenue streams because of the commoditization of voice and data services and dropping margins. In this regard, several service providers have started offering financial services to leverage their distributor network and existing relationship with the subscribers.
Fintech, short for ‘financial technology, is the application of new technological advancements to products and services in the financial industry. The Fintech industry is rapidly evolving, driven in part by the adoption of new technologies such as artificial intelligence and blockchain-powered assets. Currently, the Fintech market is projected to reach $190 billion by 2026, growing annually by 13.7%.
It’s almost that time of the year to file taxes in Portugal, so John opens the email he received asking him to submit his taxes. It’s from a bank he trusts, so he follows the instructions in the email and proceeds to download the attached PDF. Little did he know that when he clicked the links in the email body, the Lampion trojan was downloaded from an online server.
BFSI (Banking, Financial Service and Insurance) organizations have remained a primary target of cybercriminals over the last several years. Given the amount of sensitive data that the BFSI sector has to deal with, they become an obvious goldmine for hackers and that is why they have to prioritise cybersecurity above all else. As a matter of fact, more than 70% of fintech companies cited information security as their top concern in the Sixth Annual Bank Survey.
The unexpected and rapid switch from the global workforce to the WFH setup caused by the coronavirus pandemic has prompted companies around the world to make extensive infrastructure adjustments to support employees working exclusively from home. According to the new IDC forecast, the number of mobile workers in the US will steadily increase from 78.5 million in 2020 to 93.5 million in 2024 over the next four years.
Cybersecurity incidents aren’t rare for businesses now. In fact, in the first 6 months of 2021, around 1767 data breach incidents rocked the business world and exposed more than 18 billion records. And one of the hardest-hit industry verticals from threatening cyber-attacks is the financial industry.
The proliferation of cyberattacks targeting the financial sector has forced the establishment of several mandatory cybersecurity regulations. Though often considered an unnecessary burden on security teams, regulatory compliance is one of the most effective strategies for keeping financial services accountable for their security posture. Cybersecurity regulations must be malleable to remain relevant in a rapidly evolving threat landscape.
Organized cybercriminals are leaving traditional bank robbers in the dust. Nowadays, the banking sector’s most significant security concerns come in the form of online threats. Banks and other financial institutions process millions of transactions daily, with the majority of the transactions done via digital payment transfer platforms. For that reason, banks have become enticing targets for cybercriminals.
