According to estimates from leading analytics firm GlobalData, increased demand for cybersecurity will lead global security revenues in the retail banking sector to rise from $7.9bn in 2019 to $9.8bn by 2024.
As the world’s payment environment becomes more cashless, the growth in digital payment transaction value increases. In GlobalData’s view, this translates to a growing opportunity for providers of cybersecurity products and services. To fend off cybercriminals, banking and payment providers are looking to utilise newer and more advanced security infrastructure and services.
Cyberattacks are becoming more sophisticated thanks to artificial intelligence (AI) and self-learning malware. Phishing attacks meanwhile prey on vulnerable and naïve customers, and for cybercriminals, ransomware is the most lucrative type of attack.
In addition to keeping consumer data safe, providers themselves are at risk of attacks from cybercriminals. GlobalData argues therefore that in the modern payment market, it is vital that banking incumbents and fintech disruptors maintain a robust cybersecurity strategy for 2022.
Being foolproof is one thing. For the strongest cybersecurity strategies, financial entities will need to be futureproof as well. Verdict therefore presents banking cybersecurity predictions for 2022, talking to various experts from companies such as Akamai, Fourthline and KPMG UK about biometrics, deepfakes and more.
Cyberattacks are becoming more sophisticated thanks to artificial intelligence (AI) and self-learning malware. Phishing attacks meanwhile prey on vulnerable and naïve customers, and for cybercriminals, ransomware is the most lucrative type of attack.
In addition to keeping consumer data safe, providers themselves are at risk of attacks from cybercriminals. GlobalData argues therefore that in the modern payment market, it is vital that banking incumbents and fintech disruptors maintain a robust cybersecurity strategy for 2022.
Being foolproof is one thing. For the strongest cybersecurity strategies, financial entities will need to be futureproof as well. Verdict therefore presents banking cybersecurity predictions for 2022, talking to various experts from companies such as Akamai, Fourthline and KPMG UK about biometrics, deepfakes and more.
