The recent U.S. Department of the Treasury report highlights potential benefits and challenges associated with a growing trend amongst financial sector firms who are adopting cloud services.
The recent U.S. Department of the Treasury report highlights potential benefits and challenges associated with a growing trend amongst financial sector firms who are adopting cloud services.
The recent instability of a major bank that catered to US tech startups caused concern for several prominent tech companies and venture capitalists, resulting in a decline in banking shares globally. The meltdown and revival of SVB has received much attention, but an important lesson learned is that banks are interconnected and the impact of one will invariably affect others. This is also true when it comes to cybersecurity.
EMV Personalization is a process used to get card data into cards, mobile phones, and wearables. The process includes a variety of complicated cryptographic tasks and activities, ranging from choosing proper cryptographic algorithms to authentication procedures. Ensuring all these steps are carried out accurately and securely is highly critical for card issuing and payments.
Here we explain why additional security mechanisms, beyond the mobile OS security features, are needed to protect mobile banking applications from malware and related threats.
Changing customer behaviour and expectations are driving the transformation of the new banking security architecture. While customers want more digital banking and financial services, they still see a bank's physical presence as a symbol of the institution's credibility and reputation.
As the use of mobile phones for mobile banking and payment applications increases, corresponding security threats are increasing as well. The majority of smart phones use only two operating systems (Android and iOS) and, therefore, they represent prey of choice for criminal groups and malevolent hackers.
In this article, we will explain some of the defense mechanisms and security techniques involved with protecting mobile banking applications.
In response to changing and more dynamic market demands, banks and financial institutions are turning into financial service platforms. They increase the extent of their digital transformations across the hybrid cloud, guided by three motivating factors:
The intent of the eIDAS regulation is to create a portfolio of technical and legal standards that enhance the security, legal validity, and acceptance of electronic transactions used to conduct business online or official business across EU member state borders.
Going forward, it is imperative for existing banks to develop a strategy for sustaining their current operations and expanding in a digitized, cyber-secured full-service model.
