Financial Firms Need to Reorganize to Deal with Todays Cyber Threat forbes/sites/steveculp/2014/12/22/financial-firms-need-to-re-organize-to-deal-with-todays-cyber-threat/?ss=Security Over the past two decades, the financial services industry has dramatically accelerated its rate of product development. The first online banking service was introduced in the U.S. in 1994, and, since then, customers have benefited from product innovations such as contactless card payments, mobile banking apps and person-to-person payments. Unfortunately, each time financial institutions offer new services, they create the potential for new vulnerabilities in their systems – and organized criminals are responding by developing strategies to exploit these new weaknesses. If we were to think of financial institutions as homes, and organized criminals as potential burglars, then each time banks implement a new product or open up a new channel for customer interaction, they are effectively adding a new window or door that could serve as an entry point for criminals.
Posted on: Fri, 26 Dec 2014 12:48:23 +0000
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