Physical Address
304 North Cardinal St.
Dorchester Center, MA 02124
According to the Kaspersky IT Security Economics 2024 report, banking, financial services and insurance (BFSI) organisations spend an average of $1.2 million a year on cybersecurity.
The financial industry is rapidly advancing into a new digital era, more dynamic, intelligent, and interconnected than ever before. However, it brings not only rapid operational processes, highly personalized customer experiences, and limitless scalability but also opens a door for cyber risks to slip through.
Kaspersky experts emphasize the following trends rewriting the rules in the financial sector:
1. Open Banking APIs – The vision of customer-centric innovation is accompanied by a darker reality. Each API serves as both an opportunity and a potential entry point for malicious actors. There is no room for compromise when it comes to security and compliance.
2. Banking-as-a-Service (BaaS) enables rapid deployment of banking services through pre-built infrastructure. However, shared risk is a genuine concern: a breach within one partner’s system can cascade throughout the entire ecosystem, jeopardizing stability and eroding trust.
3. Embedded Finance – Payments and lending functionalities integrated directly into retail applications, delivery platforms, and other services. While seamless and unobtrusive to users, these channels extend beyond traditional security boundaries. Protecting them requires a proactive approach involving continuous monitoring and comprehensive end-to-end security measures.
4. Cloud Migration facilitates faster scaling yet introduces risks such as misconfigurations, unclear responsibilities, and increased exposure. Over 25% of BFSI leaders now rank cloud adoption among their top cybersecurity concerns, underscoring the importance of robust cloud security strategies.
5. Artificial Intelligence already utilized by approximately 75% of financial institutions, with an additional 10% planning to adopt it soon. AI enhances operational efficiency, improves insights, and automates risk assessments. Nonetheless, it also introduces new threats, including manipulated models, synthetic fraud, and AI-driven phishing attacks, which complicate the distinction between genuine and malicious activity.
