Amidst growing digitization, concerns about protecting customer information and interest are intensifying. The confluence of technologies is opening up a world of new possibilities. But at the same time it is creating a need for increased checks and controls as fraudsters devise ways to exploit these very same technologies. This is the beginning of the age of AI versus AI.
In 2017, we said that enterprises would need to adopt a more pervasive, adaptive, and integral view of security. The cyber security breach at US credit agency Equifax in 2017, the Uber data breach mounted through the world’s largest open source developer community, and the Mirai botnet attack are just a few examples of the increasing sophistication of malicious attacks. Heading into 2018, we believe enterprises need to pull out all stops and combine the power of AI, machine learning, analytics, big data, biometrics and anti-fraud technologies to combat the multifaceted threats in this increasingly connected world. In case of new investments, enterprises must make security a part of the architectural design itself.
Regulatory push with existing and new regulations such as GDPR (General Data Protection Regulation) is bringing protection of investor interest and individual’s data into sharper focus. Complying with the new rules is not just a business priority for banks but also an IT priority and banks must strive to enable applications to secure themselves instead of relying on external remediation.
2018 is also the year when banking ecosystems will multiply and unprecedented amounts of data will be shared within and between ecosystems. Once the entire banking organization becomes entrenched in the business of sharing data, the business of protection cannot be vested in a single department or authority. Hence in the years to come, security will be everybody’s responsibility in the bank.
But as banks secure themselves against these threats they must not introduce friction in user experience. Security must work to protect customer’s interest without affecting the customer’s experience of interaction with the bank and its services. In 2018, banks may also look at offering identity management and related services to clients. And lastly, banks and enterprises must ensure that security aids their innovation efforts, does not hinder them.
Read the full report here – #ReimagineBanking – 10 Strategic and Technology Trends to Watch Out for in 2018