The COVID-19 pandemic has led to increased challenges for financial institutions who had to react quickly to the situation, with employees working remotely and increased communication taking place digitally.
This presents increased vulnerability to cybercrime and fraud due to massive increase in potential points of failure across an institutions’ defences. Seventy-seven per cent of responses to a new report by the Association of Certified Fraud Examiners say they have observed an increase in the level of fraud, with one third noting a significant increase.
This underlines the ever-moving target of fraud mitigation and cybersecurity in financial services and beyond. Much as COVID-19 has highlighted the downsides to a globalised economy, cybersecurity threats emanate from the interconnectedness of the financial world. Institutions integrate with companies in other industries, plugging into technologies to leverage their increased digital capabilities.
Counteracting this, it is now common for institutions to use cloud services to take advantage of the increased sophistication of the likes of Microsoft, which is also a sponsor of EBAday 2020.
Join our digital platform for EBAday 2020 on 24-26 November to discuss, debate and hear about the latest products and services that will shape the industry in the years ahead.