SWIFT has a long history of enabling financial institutions to communicate with each other reliably and securely; thousands of banks use the SWIFT network for interbank messaging. Faced with the twin threats of intensifying cybercrime and growing compliance requirements, banks are scrambling to be secure and compliant while also profitable. SWIFT has developed robust financial-crime solutions that assist its members to comply with the gamut of regulations—from AML to KYC—profitably.
Banks are supposed to put up sturdy walls to protect the sensitive financial information that they closely guard, but sometimes these silos work to the benefit of the fraudsters intent on breaking in and stealing it. When bank teams work together, they present a much stronger unified barrier against cyber-criminals. What five steps do banks need to take to make this collaboration happen?
Cyberattacks have become one of the biggest threats, not only to business but to society at large. Cybercriminals, hacktivists and nation states are now capable of deploying malicious code to bring down everything from corporates to critical infrastructure in an instant.
Anyone working in banking knows that customer expectations are charging ahead at full throttle, fuelled by technology advances. Fortunately banks can use innovations such as AI and IoT to meet customers where they are at, and a recent Fujitsu report shows they are doing—or planning to do—just that. So what can we reasonably expect banking to become as a result of this transformative process?
Corporate governance is moving from back to front stage. Change starts at the top, and a good board of directors is credited with strengthening value creation and stability. What makes a good board? Members should represent their company’s diverse stakeholders and be skilled in a variety of areas that were historically considered the domain of management. For too long, too many boards have fallen short and a reboot is required!
Banking across the globe has been going through a major transformation over the last few years, and this evolution looks set to continue well into 2018, and indeed beyond.
The “club” of companies or banks that haven’t had their data raided by hackers is becoming more and more exclusive, as more and more hackers breach databases that give them access to credit cards, transactions, customer history – anything and everything they can make a quick buck off of.
This year marks 50 years since the introduction of the first ATM, which was put into use by Barclays in its Enfield branch in north London on 27th June 1967. Technology has come a long way since this early version of the self-service systems we use today but one thing hasn’t changed – the need for robust security solutions is critical for ATMs around the world.
There’s strength in unity, it’s often been said, but for the world’s banking system, the opposite might be true. “Due to the interconnectedness of the U.S. financial system, a cyber incident or failure at one interconnected entity may not only impact the safety and soundness of the entity
The European Commission’s General Data Protection Regulation (GDPR) comes into effect on May 25, 2018, and will regulate how businesses collect and process the personal data of all European Union (EU) residents.