The COVID-19 pandemic is accelerating consumer preference for mobile and online banking. In April 2020 alone, there was a 200% jump in new mobile banking registrations worldwide, and an 85% rise in mobile banking traffic.1 As a result, many retail banks are fast-tracking the adoption of new digital tools, services, and capabilities to support recommended preventative measures, meet growing customer demands, and keep online-centric competitors from siphoning off-market share.
Related Category: Security Operations
Type of Content: Reports
The accelerated pace of digitization in banking comes with challenges, from an expanded network attack surface to a rising volume of targeted attacks, and ever-increasing regulatory pressure. With any successful breach having the potential to ruin even robust financial institutions, CISOs must work with their executive leadership to prioritize a comprehensive cybersecurity strategy aligned to the current push to digitize.
Until recently, retail banks around the world have been slow to adopt digital innovation. Bank executives frequently cite cybersecurity and privacy concerns (80%), outdated data management (68%), and identifying the right partners (73%) as primary barriers to moving to an online banking platform.2 But as COVID-19 accelerates the digital transition for many organizations, cybercriminals are looking to take advantage. Since the early days of the pandemic, banks have seen a 238% surge in cyberattacks.3
Among direct financial losses, lost revenue due to network downtime, brand degradation, legal costs, and regulatory penalties, a single, successful security breach can cause millions of dollars in damages and ultimately ruin even a robust financial organization.
Typical barriers to success include overly complex IT and security infrastructure, a rising tide of sophisticated attacks, new compliance requirements, and a lack of skilled security talent available to help implement and manage cyber defenses. To embrace digital change under these less-than-optimal conditions, financial leaders must make smart decisions with the overall health and resiliency of their institutions in mind. And this begins by embracing cybersecurity at a cultural level across the organization.
Over half (57%) of consumers now say they prefer internet banking (up from 49% pre-COVID-19), and 55% now prefer banking mobile apps (compared with 47% previously).4
The average total cost of a single data breach in 2020 is $3.86 million.5
Even before COVID-19, retail banks were under tremendous pressure to compete with a variety of newcomers, from online-only suitors to major companies like Apple, Amazon, and Facebook launching services designed to displace traditional banking. The rush to catch up in the digital innovation race greatly multiplies all the inherent risks. With increasing technology adoption and a growing number of organizations being targeted each day for theft, damage, or disruption, banks need to reevaluate their cybersecurity as an enabler during this transition— and perhaps the most important one.
While reevaluating security defenses may seem like another daunting task under already stressful conditions, an effective cybersecurity strategy for digital banking systems starts with just four key capabilities:
In a recent global survey, only 40% of respondents said they expect to return to physical bank branches post-COVID-19—indicating that the shift to online is likely to stay.6
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The toothpaste is out of the tube, and higher education will never be the same. The ability to work and learn online from anywhere has been popular with faculty and students. Now that the systems are in place, academic leaders won’t want to see the work and budget that went into overhauling their entire IT framework go to waste.
The digital perimeter for business continues to expand. Work takes place everywhere now, and endpoints have proliferated as enter- prises stand up remote arrangements outside the office.
Today's workplace is flexible, collaborative, and dynamic –allowing anyone to work anywhere, anytime. Employees are working remotely on their own devices, often on insecure networks, accessing sensitive data through new and potentially unsanctioned applications. These are just some of the challenges facing modern organizations as they scale for success in a quickly changing global economy. A 100% cloud and mobile strategy allows companies to remain competitive and empowers greater productivity amongst their internal and external teams–all while decreasing costs and increasing security. Those attributes, in turn, extend to better customer service and experience.
Every team building a new web or mobile application faces a choice: build the entire application in-house or selectively use out-of-the-box services to make the job easier and faster. Many of today’s successful teams have chosen the latter with services like Stripe and Braintree to offload payments and Twilio to offload communications. A third-party customer identity and access management (CIAM) solution is another such service. A digital identity layer comprised of APIs, SDKs, and out-of-the-box customizable components can serve as building blocks to increase speed-to-market, lower development costs, and focus in-house developers on the core features of the application.
A decade ago, most enterprises could get away with addressing vulnerabilities in silos. One team would scan servers and desktop computers on the enterprise network, looking for misconfigurations in systems and vulnerabilities in commercial software applications.
This brief offers school IT managers an overview of deploying highly secure and cost-effective network security. It reviews core requirements, presents key components to consider when selecting a network security solution to meet those requirements, and examines how next-generation firewall (NGFW) technology from SonicWall delivers those key components.
EMEA and North American organisations believe there is significant room for improvement in their network visibility into hybrid and multi-cloud infrastructure, according to a recent survey conducted by Pulse.qa, a division of Gartner and Gigamon, the leading deep observability company. The study conducted at the start of 2022, highlights top concerns among IT and technology leaders as they accelerate their migration toward hybrid and multi-cloud models, with network visibility touted as key to ensuring better performance, security and cost efficiency.
Zero Trust is an increasingly common term that is heard in the security industry. It’s both a mindset for thinking about security as well as a well-architected solution that helps to minimize risk in a fluctuating work environment and ever-evolving attack surface..
Zero trust is an active approach and model that integrates continuous, context- aware analysis and verification of trust, in an effort to help ensure that users and devices on a network are not doing anything malicious.
The basic idea behind zero trust is the assumption that all devices and users are untrustworthy until proven otherwise.
Even after a user or entity is proven to be trustworthy once, zero trust models do not by default trust the same user or device the next time they are seen by the system. Trust in the zero-trust model is never taken for granted, but is based on observation and regular authentication to help limit risks.
Primary education is increasingly dependent on cloud-based apps and mobile connectivity. Meanwhile, cyberthreats are on the rise, and compliance and security requirements are more stringent than ever. Schools must embrace a boundless network security approach. This brief examines critical network security needs for today’s school networks and explores best practices for selecting an effective next-generation firewall platform.
Organizations have had to ensure operational continuity for their businesses during the course of intense economic disruption. But what’s next?
The shift to work from home (WFH) happened for most organizations in a matter of days. In addition to trying to ensure both customer and employee user experiences, and improve security, many businesses have had to deal with frozen budgets and limited resources.
But with every economic disruption comes an opportunity to turn an obstacle into a competitive advantage. And today, this means using digital technologies to interact and transact with customers in faster and less expensive ways.