Technology is constantly evolving, creating future innovations no one could have ever imagined. That being said, security generally does not come as quickly as new inventions. This tension is of prime importance to banks, as security issues and attacks could cause a huge loss of business. Statistically, “63% of senior IT leaders in the financial services sector globally said their company had suffered an attack in the past year…14% they weren’t very confident they could return to business as usual within 48 hours if they suffered another attack” (Weatherhead).
In my opinion, banks need to consider security at the forefront of all new business. The loss of customer trust as the result of attack could be irreparable. Security cannot evolve as fast as new innovations, and while banks should be encouraged to remain inventive to remain competitive, they need professionals monitoring cyber security at all times and to be cautious and thoroughly vet new technology. Customer convenience may have to be sacrificed at times, and it might present an issue to convince stakeholders that security should be prioritized, but it ultimately should be the priority.
Source: http://www.fintechbusiness.com/blogs/610-cyber-security-should-be-a-focus-from-the-start
Very relevant post! I also believe as technology continuously develops and becomes more integrated in daily operations, it leaves companies more vulnerable to attacks from outside and inside threats. It is better to invest and continuously maintain security, than suffer a hit on the name of the company.
I agree! Our interview with Rian Aldridge really changed my perspective on security.