Datasheet Connected Finance
Enabling business resilience through secure digital transformation
By Insight Editor / 25 Oct 2021 / Topics: Cybersecurity Software
The financial services industry is experiencing rapid digital change. Now is the time to transform and protect your organization. With innovative solutions from Insight and Dell Technologies, you’ll seamlessly embrace digital transformation, secure your financial organization and become cyber resilient.
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Discover security solutions you can bank on. Embrace transformation with Insight and Dell Technologies.
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Connected Finance
Enabling business resilience through delivering secure digital transformation
To become “cyber resilient”, financial institutions should not only plan how to prevent and detect cyber attacks, but also how to respond, recover and learn from them.
The great disruption
Technology is feeding a broad spectrum of market forces which are converging to reinvent and revolutionize the banking experience. We expect machine learning and behavioral analytics to become the primary drivers of customer engagements.
Market forces
- Political climate
- Regulatory forces
- Economic dynamics
- Workplace transformation
- Emerging tech
Taking a holistic approach to managing cyber risk
Which game-changing technologies take priority?
A typical financial institution faces an average of 85 targeted cyber attacks every year, a third of which are successful.
Source: Basel Committee on Banking Supervision
UniCredit, Italy’s biggest bank, in October 2019 revealed that a file containing details of 3 million Italian customers had been illegally copied.
Retail banks that digitize their customer journey can see:
- 5% to 20% boost in revenue from improved service
- Increases in customer satisfaction of10% to 15%
- Network cost reductions of 15% to 35%
Source: Atos, Banking: Toward next-generation financial services ecosystems
Security challenges facing banking, financial services and insurance organisations
Financial institutions are faced with an increasing need to move from cyber security policies to cyber resilience. From erecting barriers that prevent incidents, and detecting them when they occur, cyber resilience benefits financial institutions across four key areas.
- How to respond to incidents (plugging breaches, informing customers).
- Notifying the authorities.
- Implementing disaster recovery and business continuity plans.
- How to learn from the experience, to minimise the risk of recurrence and to maximise the effectiveness of the response and recovery effort.
“A more global approach to cyber resilience exercises is needed” — François Villeroy de Galhau, Governor of the Banque de France, the country’s central bank. (The G7 cyber security conference hosted by the French in May 2019)
Safe and sound
Cyber attacks are perceived as the global risk of highest concern to financial institutions. Security no longer only pertains to the CISO & CIO, it’s about controlling how financial teams access, process and protect data, without disrupting productivity.
- 12% of American bank CIOs list keeping up with regulation & compliance as their number one priority.*
- 80% rise in the number of cyber attacks against financial institutions within the last year.**
- 300 financial institutions were attacked by this amount more than any other type of company or industry in the last year.**
*Source: American Banker ** Source: Financial Conduct Authority (FCA)
HFDC Bank chose Dell Technologies to enable 24x7 monitoring and protection against Trojan phishing and other online attacks. Leading to:
- Response times to phishing attacks being reduced to just 5 hours.
- Phishing attacks being reduced by a massive 60%.
- Almost zero successful fraud attacks.
Financial institutions should take a more holistic approach to cyber risk. They should assume that however good their security is, cyber breaches will happen. They should therefore plan how to respond to and recover from breaches, and learn from the experience.
Read More About Dell Technologies Security Transformation Here
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