Customers are demanding real-time and remote access to financial services while institutions are sharing data more freely and more frequently; this consequently creates additional opportunities for cybercriminals. Increased access along with the rise in blockchain technologies increases the number of entry points for cyber attackers.
As interconnectivity increases the attack surface for cyber-hackers into financial systems, institutions need to develop a more detailed understanding of mobile, cloud, Big Data, and security technologies. Authorities should persist in increasing collaboration with industry players to ensure that integrity, security, and privacy are all part of the design, operation, and development process of innovations.