Digital transformation in the BFSI industry has not only led to the rapid growth of fintech but is also disrupting the traditional banking system as we know it. While technology offers several opportunities and advantages, it also represents its fair share of security concerns and threats. Emerging channels, such as mobile banking, digital banking platforms, Internet of Things (IoT) etc., are being exploited by cyber criminals. Over the past few years, the BFSI industry in the Middle East has become one of the prime targets for highly sophisticated and targeted attacks.
Digitisation is expected to increase the annual cost of cybercrime to US$ 6 trillion by 2021. In light of the recent ransomware attacks, global spending on security products and services is projected to exceed US$ 1 trillion over the next five years. Although banks are increasing their spending to protect customers and data, security is no longer a one-size-fits-all solution. Security professionals must be equipped with adequate intelligence to stay ahead of ever-evolving technology and changing user behavior.
The second edition of Finsec–The Banking Security Summit will bring together leading decision makers and solution providers to share case studies and address key challenges. Information security professionals will have the opportunity to discover the latest technologies, developments and strategies to protect their organisations against cybercrime. The summit will guide organisations on how to make comprehensive security decisions that will define their bank’s future.