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The Growing Concern of Cybersecurity in Financial Institutions

about 2 years ago by Luigi Muscat Filletti
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Over the last few years, new, innovative technology has been intersecting the banking and finance industries in Malta with a number of Fintech startups emerging as a result. However, as technology continues to pave the way forward for such  organisations, cybersecurity remains an ongoing concern for all companies within the Financial Services.

The now widespread technologies of Blockchain, AI and Cloud Computing have undoubtedly enhanced the operations of various financial institutions, allowing them to gather, organise and analyse their data at super fast rates to be implemented as part of their business operations through sales, marketing and customer relationship management, amongst other forms. Yet, as such large amounts of data are being collected, companies must also work to ensure that their cybersecurity efforts strongly safeguard their personal, customer and client information.

 

Cybersecurity Today

Currently, cyber-attacks are impacting numerous financial institutions worldwide in the attempt to obtain information from a company’s customer or client database or scam their customers to steal money from their accounts. Cybercriminals may badly affect a company’s reputation and steal valuable information from a company and their customers for their own financial gain. In terms of data privacy, firms should make sure that client and customer information is kept confidential and be considerate about sharing such data with third party organisations who may not entirely respect the regulations.

The possession of such data alone makes companies in the financial services a hot target for cybercriminal activity, as hackers will be attracted to the uncountable volumes of information which can be acquired for the wrong use. One might say that the AI technology of a company would detect potential threats and work against them, yet it is through the machine learning of AI technology that cybercriminals operate themselves. The complex computational power of AI must be monitored and enhanced by professionals in this field in order to make certain that a company’s cybersecurity is not overrun by the wrong forces.

 

Recruiting the Right Talent

Cybersecurity vulnerabilities may be brought up through the interaction of multiple user interfaces between systems which are not designed by the same team of developers, meaning that by recruiting talent in the fields of technology and maintaining a solid team of tech experts to take care of cybersecurity, a company may have its mind at rest over such issues. It therefore goes without saying that by investing in a top performing team of tech professionals, a company is set to better uphold its cybersecurity concerns.

That being said, experts in Artificial Intelligence are becoming more in demand for Fintech companies, as the merging of cloud computing with machine learning is aiding the development of cybersecurity. Software Development job opportunities are also on the increase, as Tech Careers in the Financial Services in Malta are being presented to talented and highly motivated individuals who wish to apply their knowledge to help top companies improve their online-based services.

As Fintech startups proliferate, it is important that they recruit talented and highly skilled professionals in technology to assist in the designing and up-keeping of cybersecurity development, as the reality at present is that the talent pool in this area of tech expertise is not keeping up with the demands of the industry. After all, Fintech organisations are fuelled by the ability to offer efficient financial solutions through the power of the internet, meaning that although the internet provides countless growth opportunities, it also brings along with it a number of potential threats which must be taken into deep consideration.

Through this point, organisations in the financial services looking to up their game through their digital presence must look to recruit individuals with the necessary skills to guide them in promising a safe and secure user experience for their customers.

 

All in all

It is therefore vital that Fintech organisations play close attention to optimising their cybersecurity, and set it a priority as much as driving sales, as ultimately, ensuring a secure way for customers to complete online payment and banking will contribute to great customer relationships and strengthen the company in the long run.