And we’re kicking off the week with analyses from the most incredible experts in fintech on topics such as security, crypto, payments, open banking, ransomware and more. Have a good read and enjoy the selected materials.
The cyber-resilience shortfall: are banks underprepared for a data breach? (Fintech Futures)
Jon Fielding, managing director EMEA, Apricorn, analyzes the fact that more than a third (36%) of UK financial services organisations have been reported to the Information Commissioner’s Office (ICO) for a data breach since GDPR came into force in May 2018. It’s becoming increasingly apparent that any organisation can (and, arguably, probably will) fall prey to a data breach of some kind. Read more.
CBDCs are now a reality: digital payments security needs to catch up (Fintech Futures)
Vince Graziani, CEO, IDEX Biometrics, elaborated on the idea of a central bank digital currency (CBDC), a blockchain-based digital currency issued by a central bank, which is now a reality with the launch of the Sand Dollar in the Bahamas, the first fully-deployed digital version of a country’s fiat currency. Read more.
Open Banking Capabilities Still Not Full Understood by UK Consumers; (The Fintech Times)
Tyler Smith, author at The Fintech Times, analyzes newly-published data from the international payment service provider and direct bank card acquirer ECOMMPAY, which has highlighted the concerning fact that only 14% of consumers ‘completely understand’ Open Banking; with even fewer businesses grasping how the technology could help them expand their operations. Read more.
The EU is fighting for control over cryptos. Citizens may see it as a potential ‘a power grab’ (Euro News)
Louisa Idel, writer at Euro News, analyzes the current crypto situation in Europe. From Bitcoin becoming legal tender in El Salvador to crypto-friendly legislation in the US state of Wyoming, cryptocurrencies are making their way into the political and economic mainstream. As the global cryptocurrency market – currently already valued at more than $2.5 trillion (€2.11 trillion) continues to grow, diverse institutional actors are waking up to the reality that digital currencies are no longer an obscure technology of the future, but a transformative technology of the present. Read more.
Understanding the Cryptocurrency-Ransomware Connection (Security Week)
Derek Manky, Chief of Security Insights and Global Threat Alliances at Fortinet’s FortiGuard Labs, elaborates on ansomware, an idea that caught on immediately and never lost steam. It’s grown to the point that it now contributes to a thriving cybercrime business, often targeting large sectors, including education, finance, healthcare, the legal sector, and manufacturing. According to Fortinet research, by the end of 2020, there were as many as 17,200 devices reporting ransomware each day. Read more.
Three Ways to Keep Cloud Data Safe From Attackers (Security Week)
Gordon Lawson, CEO of NetAbstraction, explores the fact that due to the ease, flexibility and low cost of securely storing and sharing data between commercial cloud providers, by 2025 cloud deployments are expected to be a $68 billion market. However, current cloud deployments pose significant risks that could be mitigated with minor changes to infrastructure procurement and access. Read more.
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