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Finance and cybersecurity, a strategic choice

Digital security as a pillar for the evolution of financial services

In the financial sector, the adoption of mobile applications, web and wearable devices has marked a watershed.

Digital services now offer customers quick and secure access to financial management tools, facilitating transactions and investments with just a few clicks. However, this push towards innovation brings with it new cybersecurity challenges. Increasing attack surfaces and the growing sophistication of threats make digital security a must-have priority to protect sensitive data, preserve customer trust and ensure business continuity.

Why should companies in the financial sector invest in cybersecurity for mobile and web applications?

Protecting customer privacy

The protection of sensitive information is an absolute necessity in a sector where trust is the cornerstone of every relationship. Personal data breaches can cause irreparable damage to corporate reputation and undermine customer loyalty.

Integrity of transactions

Ensuring that every financial transaction takes place in a secure environment prevents fraud and tampering, safeguarding both customer and company assets. The adoption of advanced security protocols enables the detection and blocking of suspicious activities in real time.

Adapting to new technologies

The rise of new wearable devices on the market, primarily smartwatches and smart rings, enables the creation of personalized and automated services. However, without a solid security strategy, they can become vulnerable to cyberattacks. Protecting the digital ecosystem is crucial for innovating securely.

The challenges

The cybersecurity and IoT challenges facing the financial sector are multiple and complex

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Strict regulatory compliance

The increasing regulation on data protection (such as DORA, GDPR in Europe, or CCPA in California) requires companies to adopt increasingly stringent security measures. Non-compliance can result in hefty fines and reputational damage.

 

 

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Increasingly refined attacks

Cyberattacks are no longer simple intrusions but complex operations leveraging artificial intelligence and machine learning to bypass traditional defense systems. In 2024, over 60% of financial institutions reported attempted ransomware attacks (Source: IBM X-Force).

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Growth in connected devices

The expansion of IoT in the financial sector exponentially increases the number of devices connected to the network, thereby broadening the attack surface. It is estimated that by 2025, there will be over 75 billion IoT devices in use worldwide (Source: Statista).

How to Address These Challenges

The financial sector can adopt a proactive approach to cybersecurity by implementing the following measures:

Threat Detection Systems
Leveraging predictive analytics technologies enables the identification of potential threats before they materialize into actual attacks. These systems monitor network traffic and analyze anomalous behaviors.

Biometric and Multifactor Authentication
Advanced authentication solutions significantly reduce the risks associated with unauthorized access. Biometric technologies, such as facial recognition or fingerprint scanning, add an extra layer of protection.

Network Segmentation
Separating critical systems from general business networks limits the spread of potential attacks, safeguarding the most sensitive data and minimizing risks.

Regular Penetration Testing
Simulating cyberattacks to identify and fix vulnerabilities in corporate systems helps maintain the infrastructure’s resilience.

Ongoing Employee Training
Cybersecurity is not just a technological issue but also a cultural one. Regularly training employees on phishing, social engineering, and other threats helps create a solid first line of defense.

Investing in cybersecurity offers many tangible benefits

Customer retention

Customers are more likely to choose institutions that demonstrate a commitment to safeguarding their data. Trust is a key factor for success in the financial sector.

Operational efficiency

Reducing the risk of cyberattacks means preventing operational disruptions and ensuring business continuity, thereby avoiding financial losses.

Regulatory compliance

A secure infrastructure facilitates compliance with international regulations, reducing the risk of penalties and enhancing the company’s reputation.