For this analysis & opinion piece, we provide you with an overview of identity fraud & security, cybercrime, finance teams and banking. Dive into the insights from top fintech experts and have a good start of the week!
How identity fraud is costing fintechs millions each year (Fintech Futures)
Jacob Sever, co-founder and CPO, Sumsub, highlights on the ongoing trend of identity fraud. While this sounds great on the surface – who doesn’t want access to more sophisticated knowledge, after all? – it presents serious challenges as well. One of these challenges comes in the form of identity verification. Read more.
The Ongoing Reciprocal Relationship Between APTs and Cybercriminals (Security Week)
Idan Aharoni, the Co-Founder & CEO of IntelFinder , analyzes the two main villains of the cyber security world: the nation state-backed Advance Persistent Threats (APTs) and cybercriminals, with their comprehensive infrastructure and circles known as the dark web. Both threat actors are independent, each with its own goals, actors and methods. However, over the years there has been quite a lot of cross-pollination between the two. Read more.
How Threat Response is Evolving (Security Week)
Marc Solomon, a Chief Marketing Officer at ThreatQuotient, explains the way adversaries changed their view of an attack to include vectors across an organization and how defenders have had to evolve their approach as well. It is no longer just about finding the one control point or system where the attack is being triggered. Multiple points across the enterprise are involved so you need to be able to connect the dots for a comprehensive understanding of the threat you are facing and know what you must defend. This is why Extended Detection and Response (XDR) is generating great interest right now. Read more.
Sberbank deputy chair: “We’re the number one target for hackers around the globe” (Fintech Futures)
Paul Hindle, editor at FinTech Futures, explores the fact that the threat of cybercrime is a constant for all businesses, with banks and financial institutions being no exception. Research by Accenture predicts that between 2019 and 2023, the banking sector is at risk of losing $347 billion as a result of direct and indirect cyberattacks. VMware notes a 38% increase in cyberattacks against financial institutions in the first few months of the pandemic alone. Read more.
Why finance teams are coming out of the pandemic stronger than before (Fintech Futures)
Dan Miller, EVP of Sage, analyzes the fact that many businesses found that changes they were forced into effectively had a positive impact among departments and employees. This was particularly true for the finance function. Business was hard the past year. Leaders across departments had to adjust processes and adapt to an unfamiliar landscape to stay afloat. Read more.
Back to the future for banks (Fintech Futures)
Dharmesh Mistry, CEO at AskHomey, looks at what the future holds for banks and how banking experiences will change going forward. I guess it’s easy to spot that we have a long history of digitising money and banks. While traditional banks are perceived to be “legacy” or “slow”, many have been at the forefront of innovation, and others have been very fast followers (in the UK, three UK banks launched their internet banking solutions a year after Security First Network Bank: Royal Bank of Scotland, Nationwide and Co-operative Bank). Read more.
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