bankingciooutlook

Three Security and Compliance Forecasts for Fintech Sector

Banking CIO Outlook | Wednesday, April 07, 2021

Three Security and Compliance Forecasts for Fintech SectorExisting communication technologies will be drawn into discussions about privacy law and big tech, putting even more pressure on them to maintain protection and enforcement capabilities.

FREMONT, CA: Security and enforcement cannot be overlooked as companies struggle with the challenges of keeping operations going smoothly in the face of prolonged disruption. Increased reliance on digital collaboration tools such as video, chat, and speech, combined with a weak approach to security, can result in difficulties that can hinder businesses. To prevent problems such as regulatory violations, significant fines, and security breaches, the financial industry must examine its processes related to the increased use of collaboration tools that allow work-from-anywhere and ensure that its security and enforcement are top-notch as the new year begins.

Here are three security and compliance anticipation in the fintech sector:

Top 10 Security Solution Companies - 2018In 2021, the use of cloud-based video conferencing and communication software will double, increasing risk and enforcement violations. The great majority of video users would turn on their cameras most, if not all, of the time, resulting in unintentional accidents for video hosts as their cameras record NSFW events or controversial background scenes. As a result, the number of enforcement violations will grow.

Security will be a concern with new communication features like person-to-person payments. Collaboration platforms can incorporate new, dynamic functionality at a breakneck pace, making security monitoring and configuration more complicated. These networks and APIs will be designed to promote new operations, such as sending and receiving payments, which will increase the risky and controlled activities on those platforms, forcing businesses to step up their API and integration protection and compliance.

For the government, collaboration protection would be a top priority. Existing communication technologies will be drawn into discussions about privacy law and big tech, putting even more pressure on them to maintain protection and enforcement capabilities. At least two regulatory agencies will make clear announcements about their regulatory responsibilities to document and track partnership conversations. Furthermore, communication technologies will replace several call center experiences, putting pressure on businesses to address enforcement, privacy, and security concerns.

See Also: Top Financial Security Solution Companies

Weekly Brief

Read Also