The Future of Data Security in Financial Services
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There's a paradox in demands facing financial services providers. On the one hand, the technological and social revolution demands a new approach to customer service that utilises new tools in an ever more customer friendly manner. On the other hand, increasing cyber-crime potential is leading to new waves of regulation that ostensibly threaten the ability of firms to roll out such consumer facing processes and tools. Satisfying both consumer expectations and compliance are not mutually exclusive however. By redefining organisational practices and strategically using technology, the security provided by financial services providers could become a key competitive advantage.
The organisational change needed will see several players move outside their comfort zones. New partnerships, internal processes and an acceptance that prevention alone cannot suffice as a cyber-security strategy are pre-requisites for some of the changes that are required to mitigate an increasingly broad set of cyber-security challenges. This implies an increased emphasis on agility and a new set of rules for the detection and protection of data.
Whilst many of the trends decribed in this paper are already visible, the coming decade is likely to be more disruptive. Financial services providers need to overcome the general industry levels of conservatism – both organisationally and technologically – if they are to adapt to the new world and the demands it places on security policies.