We’re starting the week with new information from the fintech world. We take a closer look at cybersecurity, digital currency, GDPR, credit unions and payments. Enjoy reading!
Security is a Big Data Problem, and It’s Getting Bigger (SecurityWeek)
Marc Solomon, Chief Marketing Officer at ThreatQuotient, elaborates on the fact that, solving security’s big data problem is about prioritized data flow, continuously processing data for analysis and translating and exporting it to create a single security infrastructure. Read more.
Could the Boston Fed and MIT digital currency displace crypto in the US? (Payments Cards and Mobile)
Alex Rolfe, writer at Payments Cards and Mobile, highlights the fact that five countries (South Korea, Sweden, China, the Bahamas and US) have now fully launched a digital currency:Bahamian sand dollar . It was done in order to provide greater flexibility and accessibility for residents that want to participate in financial services via either a mobile phone application The US is furthest behind among the biggest four central banks, the tracker notes. Read more.
The tension between the GDPR & NFTs (LEXOLOGY)
Veronika Wolfbauer, featured expert at LEXOLOGY, highlights the role of the General Data Protection Regulation (GDPR), which aims to protect fundamental privacy rights. It strives to achieve this goal by giving individuals more rights and more control over their personal data. Additionally, it puts more obligations on the data controllers’ shoulders and demands that controllers can always demonstrate compliance. Read more.
The Case for Credit Unions (Andreesseen Horowitz)
Anish Acharya, a General Partner at Andreessen Horowitz, explores the fact that in the last 10 years, as neobanks emerged and consumer financial services came online, the prevailing assumption was that credit unions and community banks would slowly die off. More importantly, he asks a question: How would a locally-focused, relationship-driven, branch-based banking model survive in the age of the internet? Read more.
Is data the new currency for banks? (FintechFutures )
Dharmesh Mistry, CEO at AskHomey, states that banks have huge amounts of customer data. Furthermore, there is a lot that can be deduced from spending data alone. However, the remaining question of whether they have enough or the right data is still in place. There is a lot that can be deduced from spending data alone. Read more.
Humanising Cybersecurity: Why Your Employees are the Best Defense (MEF)
Writers at MEF analyse the importance of remembering the human element of cyber security and share key takeaways as to why this is even more essential in the post-Covid landscape. Covid-19 pandemic was a driver for exponential growth in cyberattacks, considering the fact that most companies had to move to the Cloud and answer the restrictions imposed by governments around the world. Read more.
The payments landscape in the UK after Brexit (Payments Cards and Mobile)
Writers at PCM explore the UK payments industry and the fact that it highly values the work of the European Payments Council (EPC). Its members ensured the UK retained its membership of the Single Euro Payments Area (SEPA), which minimised payment disruption for millions of people and companies across Europe following Brexit. After decades of close collaboration and innovation between the UK and the EU on payments regulation, the UK’s payment landscape is and will continue to be, strongly interlinked with the European landscape. Read more.
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