Constant digital transformation in the banking sector has brought implications to cyber security risks.
The banking sector and the financial industry in general will need to keep security as the forefront of their design process. With their constant digital transformation process, banks are starting to have a security-first mindset.
«Security early at the design phase being integrated into the bank’s architecture, is one key component that we are seeing (as a trend),» said Rashish Pandey, VP of marketing and communications, Asia at cybersecurity service company Fortinet at a media briefing attended by finews.asia.
On the other hand, security is needed as despite the growing technological development in the financial industry, the risk remains the same due to the human element.
Aside from the banking sector, the overall industry will need to have cloud security following the growing trend of hybrid work. Almost all of the respondents have a hybrid or fully remote working model, based on a Fortinet survey.
However, remote work will increase the number of users, devices, and data that are located outside of enterprise networks. Currently, more than 30 percent of devices connecting to networks in Singapore are unmanaged and raising the possibility of security breaches.
«Single-Vendor secure access service edge (SASE) is proving to be a game-changer for many organizations seeking a simplified and consistent security,» Pandey said.
Read More: «Security Must be at the Forefront of Banking Design Process»