There is currently a paradox facing financial services providers as the technological and social revolution demands a new approach to customer service that utilises new tools in an ever more customer friendly manner. However, increasing cyber-crime has resulted in new waves of regulation that ostensibly threaten the ability of firms to roll out such consumer facing processes and tools. Those firms that reap the greatest rewards from the ever evolving technology options are those that successfully maintain the balance between these two opposing forces of access and security
Financial Services firms must prioritise their investments of time and money and accept that their security strategy will no longer be about identifying threats and preventing them, but will be about defining areas of risk and developing mitigation strategies to match these.
Organisational and even wider ecosystem responses, will form one key tenet of future cyber-security, whilst technology will form the other. One without the other is unlikely to prosper. Threats will grow in frequency and sophistication as new vectors of attack are opened including cloud and mobile computing, big-data analytics, the Internet of Things and artificial intelligence. Such technologies, as hinted at earlier, can also counter these risks, yet no single organisation has the necessary capabilities to mitigate all the risks. Partnerships are therefore critical and must include information-sharing, governance, research and education
As technology continues to reshape industries and consumer expectations, financial services providers face the unenviable task of embracing innovation and change far reaching enough to provide competitive differentiation, whilst meeting needs for compliance and security. To do this, both organisational change and an appreciation of technological challenges and opportunities are required. Perhaps the most significant change is required to further the ecosystem resilience by sharing threat information with those with common interests and building standards beyond the walls of their organisation.