Financial Institutions Need Technology Partners in the Changing Cybersecurity Landscape
Change continues to accelerate at rapid speed. Now in 2021, a global pandemic, a struggling economy, and a new administration all factor into the increasing risks for the financial services industry.
The business environment changed almost in the blink of an eye, as did consumer behaviors, with a swift shift towards digital banking.
Customers are not the only ones who’ve embraced digital since the pandemic. Threat actors have also been busy. With that, the cybersecurity landscape has expanded and become more complex which requires more risk management efforts and the adoption of innovative technology.
Financial institutions need technology partners to adapt to the new risk universe as the banking industry continues to face emerging threats. With cybercrime expected to cost the global economy $6 trillion annually by 2021, FiVerity has developed a machine learning software platform that detects new and emerging forms of cyber fraud and delivers actionable, proactive threat intelligence. The anti-fraud platform features PII-secure data sharing that combines machine learning and secure identity management in a unique way for credit unions, banks, and other financial services firms to collaborate on cyber fraud detection with each other as well as government agencies and regulators.
To learn more about our platform, request a demo here.
For more on Top Bank Risks for 2021, check out the January/February issue of American Bankers Association’s Banking Journal.