Digital Shifts in Retail Banking Require an Integrated Security Architecture
The COVID-19 pandemic is accelerating consumer preference for mobile and online banking. In April 2020 alone, there was a 200% jump in new mobile banking registrations worldwide, and an 85% rise in mobile banking traffic.
As a result, many retail banks are fast-tracking adoption of new digital tools, services, and capabilities to support recommended preventative measures, meet growing customer demands, and to keep online-centric competitors from siphoning off market share.
The accelerated pace of digitization in banking comes with challenges, from an expanded network attack surface, to a rising volume of targeted attacks, and to ever-increasing regulatory pressure. With any successful breach having the potential to ruin even robust financial institutions, CISOs must work with their executive leadership to prioritize a comprehensive cybersecurity strategy aligned to the current push to digitize.