Security - Long Reads, News, Articles & Research: Finextra

5 common types of data breaches in the financial sector

Dominique Dierks Content Manager at Finextra

5 common types of data breaches in the financial sector

Global cybercrime is thriving. The 2023 UK Cyber Security Breaches Survey found that over the last 12 months, 32% of businesses have experienced a data breach, with that number climbing to a stunning 69% for large businesses. The financial sector is a popular target for cybercriminals, and ranks second in the global cyber incident damage statisti...

12 April 2024 /security

Why financial institutions must move quicker on quantum

Andersen Cheng Chairman at Post Quantum

Why financial institutions must move quicker on quantum

For most people reading this, a functioning quantum computer will probably still feel quite fictional — an innovation that’s still light years away. There’s also the idea that, well, wouldn’t a functioning quantum computer be a good thing? Won’t a functioning machine, for example, be able to effectively analyse large or unstructured data sets, to ...

13 March 2024 /security

Why don’t Canadians trust data providers?

Scott Hamilton Contributing Editor at Finextra Research

Why don’t Canadians trust data providers?

Data privacy concerns are major worries of more than three-fourths of Canadian citizens. In fact, more than 80% of the respondents to a recent nationwide poll on the topic said they want more control of how their personal data is handled and exposed. The survey was undertaken by public relations firm Hill and Knowlton in conjunction with the Leger...

09 February 2024 /security

Biometrics and data privacy: What regulation is in place?

Sehrish Alikhan Reporter at Finextra

Biometrics and data privacy: What regulation is in place?

Revolut is currently facing a class action lawsuit in Illinois, US alleging that the company unlawfully collected, used, and stored customers’ biometric data. In the current age of instant payments and increasing consumer demands, biometric data has become increasingly significant in facilitating authentication and verification during the payments...

22 January 2024 /security

How to fortify your business against cybersecurity attacks in 2024

Simon West Director of Customer Engagement at Resilience

How to fortify your business against cybersecurity attacks in 2024

As we anticipate the cybersecurity challenges of 2024, it's important to reflect on the shifts and priorities that have shaped the past year. Driven by evolving perspectives on the significance of cyber risk and government-led legislation, organisations have redefined strategies, emphasising the need to encourage communications between business fu...

20 December 2023 /security

How to avoid generative AI hallucinations

Madhvi Mavadiya Head of Content at Finextra

How to avoid generative AI hallucinations

Generative AI has dominated headlines for some time now, especially recently with news of Sam Altman, the CEO of OpenAI and the developer of generative AI platform ChatGPT, being ousted and rehired within a week. But will generative AI be a technology that banks use long term? According to Karan Jain, CEO, NayaOne, it absolutely is. Jain highlight...

01 December 2023 /security

AI Safety Summit: What happened at Bletchley Park?

Madhvi Mavadiya Head of Content at Finextra

AI Safety Summit: What happened at Bletchley Park?

Leaders from across the world gathered in the land of concrete cows and roundabouts for the first ever global summit on artificial intelligence (AI) in early November 2023. Notable attendees such as X founder Elon Musk, UK Prime Minister Rishi Sunak and of course, will.i.am, were welcomed to Bletchley Park in Milton Keynes, Buckinghamshire, once t...

06 November 2023 /security

Prioritising cybersecurity and fraud mitigation in the digital age

Dominique Dierks Content Manager at Finextra

Prioritising cybersecurity and fraud mitigation in the digital age

This is an excerpt from The Future of Digital Banking in North America 2024 report. It’s worthwhile to note that, while embedded finance is opening the doors to more efficient and effective banking, the global interconnectedness and easy facilitation of cross-border payments also exposes new vulnerabilities. The complex web of distribution can be ...

25 October 2023 /security

Madhvi Mavadiya Head of Content at Finextra

How serious is the danger of AI?

Fear around AI continues to dominate headlines, and most recently, the Financial Times published an interview with Securities and Exchange Commission (SEC) head Gary Gensler, who stated that without AI regulation, it is “nearly unavoidable” that the technology will be the catalyst for the next financial crisis. Referencing the challenge that most...

17 October 2023 /security

How to reduce payments risk by identifying sanctioned banks before transacting

Edward Metzger Vice President, Payments Efficiency at Lexis Nexis Risk Solutions

How to reduce payments risk by identifying sanctioned banks before transacting

The war in Ukraine unleashed unprecedented sanctions against Russia, pushing sanctions activity to new heights in the first half of 2022. Lists maintained by the four key regulators – the United Nations (UN), European Union (EU), Office of Foreign Assets Control (OFAC), and the Office of Financial Sanctions Implementation (OFSI - UK) changed const...

27 September 2023 /security

How payments fraud can be fought with trusted collaboration

Isabel Schmidt Co-Head of Payments Products at BNY Mellon

How payments fraud can be fought with trusted collaboration

Fraud remains a mainstay issue across the globe, with financial institutions (FIs) required to adapt to continually evolving tactics to evade detection systems and processes. In the case of payments, the cost of fraud is predicted to hit US$40.62 billion by 2027. With the payments landscape undergoing a radical shift as digital, real-time transact...

31 July 2023 /security

How can banks strike a balance between user experience and security demands?

Paige McNamee Senior Reporter at Finextra

How can banks strike a balance between user experience and security demands?

Financial institutions pay close attention to how they can improve their customer experience to gain a competitive advantage. However, operating in one of the most heavily regulated industries, these institutions face a complex web of security pressures and obligations that can affect their efforts to streamline and digitise the customer experienc...

29 June 2023 /security

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