A new report, published by AMD in partnership with 451 Research found that while financial organisations are further along in terms of digital transformation than the broader market, 82% indicate that major or moderate changes are still needed within the next 3-5 years to stay competitive. There’s a lot more to be done, and financial services and insurance (FSI) enterprises must carefully plan while managing risk.
Both retail and business customers expect better and deeper engagement across digital banking and insurance channels at the same time FSI organisations are facing expanding regulatory mandates. Staying agile and keeping up with these new demands is becoming increasingly difficult when applications are being pushed outside of their usual domains, creating new opportunities for attack.
Digital transformation has many facets, but it’s well known that with enhanced, data-driven perspectives, businesses can improve customer outcomes, increase operational efficiency and compete more effectively. However, bringing data into new use cases can be risky, if not managed well, and that it is particularly true for FSI organisations. In fact, the research found that data security is the second fastest growing security spending category (after network security) for a set of vendor-based security tools.
Building in new security capabilities as part of the digital transformation effort can cut down some of the complex risks that FSI businesses face daily and protect data while it’s being put to work. Thankfully, a new class of silicon-based data protections can shield data from observation within the processor which can dramatically reduce the risk of data snooping, even at the motherboard level — meaning that even privileged administrators won’t have access. It also opens the door to greater infrastructure agility by improving security in on-premises environments, as well as in hosted services and clouds where these new processors are in use.
The use cases of better data protection technologies are only just starting to be understood. For example, fraud or money laundering can be detected while preserving the privacy of customers. Additionally, credit and risk assessments and financial trading analyses can be performed without parties disclosing sensitive data to competitors. The opportunities are extensive.
AMD warns FSI to plan while managing risk
