With technology becoming of greater importance to daily life around the world, the threat of cyber-attacks has become a real issue for many companies, both small and large. This is especially true for financial institutions, which have become a frequent target of cyber criminals. Although technology is undoubtedly making banking life easier for millions around the world, cyber threats continue to pose a challenge for innovators in the financial space, especially those threats related to third-party apps, unsecured wifi networks, mobile device malware and user error/naivety.
As we move forward and open banking leads to even more interconnectedness, financial institutions will have to carefully navigate cybersecurity risks by becoming more adaptive, flexible and creative in detecting, defending and counter-attacking cyber criminals. While many financial institutions are turning to outside companies for comprehensive protection measures to do this, they must also eventually work to mitigate these risks by developing their own solutions that are less prone to attacks. By strengthening their own cybersecurity, financial institutions are not only investing in their future, they are also helping to avoid a potential crisis.