New regulation requires all financial institutions in New York City to conduct thorough risk assessments for application security and other IT issues and implement programs to address those risks.
A recent report revealed that the cost of noncompliance is 2.71 times higher than the cost of aligning with data protection regulations.
The mobile revolution has made it simpler and faster for banking customers to conduct financial transactions, but it has also expanded the attack surface for fraudsters aiming to steal sensitive data.
Derivatives clearing and prime services providers face many new challenges, including intensifying regulatory requirements and legacy systems that can't keep up with evolving business models.
Open Banking: Tremendous Opportunity for Consumers, New Security Challenges for Financial Institutions
New security standards around open banking focus on multifactor authentication and monitoring of transactions but largely ignore device security.
The World Economic Forum enlisted several large companies to help it develop a framework to help improve fintech cybersecurity in the face of intensifying privacy regulations.
According to IBM's "Future of Identity Study," consumers are beginning to prioritize security over convenience, making trust a crucial competitive advantage for financial institutions.
Open banking promises to make financial services apps more convenient, but there's still a lot of confusion about how financial firms will protect customer data from rogue third parties.
New Year, New Account Fraud: Identity Theft May Be Holding Back Your Customer Experience Resolutions
Financial institutions looking to improve the customer experience in 2018 should implement multilayered security solutions to crack down on identity theft and detect new account fraud.
Open banking is changing the way people manage their money, transforming the relationship between customers and financial institutions.